U.S. President Donald Trump has formally launched a scheme offering fast-tracked U.S. visas to foreigners who can pay at least $1 million — or companies willing to spend $2 million to sponsor a worker they want to bring into the country.

The “Trump Gold Card,” first announced earlier this year, grants a U.S. visa to applicants who can show they provide a substantial benefit to the country.

It promises accelerated residency at a time when Washington is intensifying its immigration crackdown, raising work-visa fees and stepping up deportations of undocumented migrants.

"Basically it's a Green Card, but much better. Much more powerful, a much stronger path," Trump told reporters at the White House. "A path is a big deal. Have to be great people." 

Commerce Secretary Howard Lutnick said some 10,000 people have already signed up for the gold card during a pre-registration period and he expected many more to do so.

"I would expect over time that we'd sell, you know, thousands of these cards and raise, you know, billions, billions of dollars," Lutnick told Reuters in a brief interview.

Lutnick said the gold card program would bring people into the United States who would benefit the economy.

He compared that to "average" Green Card holders, whom he said earned less money than average Americans and were more likely to be on or have family members on public assistance. He did not provide evidence for that assertion.

Once materials are submitted, processing may take only weeks and includes an interview.

"The Trump Gold Card is a visa; therefore, national security and significant criminal risks are a basis for revocation." according to the oficial site.

The programme has already drawn criticism for appearing to undercut America’s traditional reputation as a refuge for the hardworking poor.

The official website also flags an upcoming “Trump Platinum Card,” costing $5 million and allowing holders to spend up to 270 days a year in the U.S. without being subject to U.S. taxes on non-U.S. income.
 

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