US President Trump launches $1 million "Gold Card" visa scheme

US President Donald Trump's administration on Wednesday launched a "Trump Gold Card" that grants rich foreign applicants the right to live in the US in exchange for a USD1 million payment.

Trump had initially unveiled the plan several months earlier.

The programme is presented by the Trump administration as a way to attract highly qualified and pre-vetted workers for US companies.

Trump has promised significant revenue for the federal budget. According to earlier figures from the Commerce Department, the gold card is expected to generate over USD100 billion, while an even more expensive "platinum" programme could bring in around USD1 trillion.

The government has not specified over what period those sums might be collected.

The gold-coloured card features an image of the president next to the Statue of Liberty.

The application website refers to a waiting list for a "Trump Platinum Card." Wealthy applicants who pay USD5 million for that card will be allowed to spend up to 270 days a year in the US without paying US taxes on income earned abroad.

Trump wrote on the platform Truth Social: "So exciting! Our Great American Companies can finally keep their invaluable talent."

For a fee of USD2 million, companies will be able to purchase a residence permit for an employee "in record time," after which the individual must pass a security screening.

The government says cardholders could be eligible for citizenship after several years.

Officials say the system is similar to the well-known Green Card, which allows foreigners to live and work permanently in the US.

As an example of how the Gold Card might be used, the administration said companies could retain foreign students after graduation rather than requiring them to return home.