President Donald Trump says he’s open to attracting one kind of immigrant — people with money.

Trump and Commerce Secretary Howard Lutnick told reporters Tuesday that the administration plans to offer a “gold card” that would confer legal residency to foreigners at a cost of about $5 million. They said it would replace an existing U.S. visa program for overseas investors that’s long been mired in controversy.

The president and Lutnick outlined a program that would also allow corporations to purchase U.S. residency, commonly known as a “green card,” for high-skilled or highly educated employees, suggesting it might replace some kinds of work visa.

“It’s going to be giving you green card privileges plus,” Trump said. “It’s gonna be a route to citizenship, and wealthy people will be coming into our country.”

Details were not provided by the two as they discussed the idea in a White House appearance alongside Secretary of Health and Human Services Robert F. Kennedy. Also unmentioned was any action by Congress, which created the investor visa, known as an EB-5, in 1990 and reauthorized it for five more years in 2022.

“Generally speaking, it will be people with money and people that create jobs,” Trump said.

Lutnick said the new gold car would replace the “ridiculous” EB-5 program, which was intended to stimulate the U.S. economy by issuing green cards in exchange for investments that create jobs. The program requires a minimum investment of about $1 million or $500,000 in certain rural areas or places with high unemployment. Congress mandated additional oversight in its reauthorization to address persistent complaints of fraud and abuse.

The commerce secretary said applicants would be vetted under the new program.

“We are going to make sure they are wonderful, world class global citizens,” he said. “They can come to America, the president can give them a green card. They can invest in America.“