Musk aims for launch of Trump's 'gold card' visa for wealthy foreigners next week

During an April 10 meeting at the White House, Musk briefed U.S. President Donald Trump about the progress, according to Palm Beach Post.

Trump expressed enthusiasm about the launch, describing the gold card as an innovative approach for wealthy foreign nationals to gain U.S. citizenship by investing $5 million.

Previously announced in February, the gold card aims to provide green card privileges and pave the way for eventual American citizenship.

The traditional green card, highly coveted for offering permanent residence in the U.S., typically involves a complex and lengthy application process.

The "Trump gold card" program will replace the EB-5 visa program, established in 1990, which granted green cards to foreign investors who contributed $1 million. The Trump administration has criticized the EB-5 system for susceptibility to exploitation.

"The EB-5 program ... it was full of nonsense, make-believe and fraud, and it was a way to get a green card that was low-price. So the president said, rather than having this sort of ridiculous EB-5 program, we're going to end the EB-5 program," said U.S. Secretary of Commerce Howard Lutnick, Reuters reported.