Trump's gold card programme goes live, offering US visas starting at USD 1 million per person

It is meant to replace EB-5 visas, which Congress created in 1990 to generate foreign investment and had been available to people who spent about USD 1 million on a company that employed at least 10 people.

Trump sees the new version as a way for the US to attract and retain top talent, all while generating revenue for federal coffers.

He has been promoting the gold card programme for months, and once suggested that each card would cost USD 5 million, though he more recently revised that to the USD 1 million and USD 2 million pricing scheme.

The president said all funds taken in as part of the programme will "go to the US government" and predicted that billions would flow into an account run by the Treasury Department "where we can do things positive for the country."

The new programme is actually a green card, effectively offering permanent legal residency with the chance for citizenship.

"Basically, it's a green card but much better," Trump said. "Much more powerful, a much stronger path."

The president made no mention of requirements for job creation for applying corporations or on overall caps on the programme, which exist under the current EB-5 programme.

Instead, he said he had heard complaints from business leaders who had been unable to recruit outstanding graduates from US universities because they were from other countries and lacked permission to stay.

"You can't hire people from the best colleges because you don't know whether or not you can keep the person," Trump said.

Trump has built his political career around clamping down on the US-Mexico border and championing hard-line immigration policies.

His second administration spent its first 10-plus months launching mass deportation pushes and sweeping immigration crackdowns that have targeted cities including Los Angeles and Charlotte.

But he has also drawn criticism from leading voices of his "Make America Great Again" movement for repeatedly suggesting that skilled immigrants should be allowed into the US, something the gold card programme could facilitate.

Commerce Secretary Howard Lutnick said the programme will include USD 15,000 for applicant vetting and that the thorough process used to scrutinise backgrounds would "make sure these people absolutely qualify to be in America."

Companies will be able to receive multiple cards, but will be limited to one individual per card, he said.

Lutnick also said the current green card holders earn less money than the average American, and that Trump wanted to change that.

"So, same visas, but now just full of the best people," Lutnick said.

Investors' visas are common around the world, with dozens of countries offering versions of "golden visas" to wealthy individuals, including the United Kingdom, Spain, Greece, Malta, Australia, Canada and Italy.

Trump said the programme means the US is "getting somebody great coming into our country because we think these will be some tremendous people" and singled out top US college graduates from China, India and France as among those who will possibly be receiving gold cards.

"The companies are going to be very happy," he said.

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