The gold card scheme has faced criticism since it was first announced in February, with some Democrats saying that it would unfairly favour wealthy individuals.
When Trump first unveiled the plan he described the visas as similar to green cards, which allow immigrants of various income levels to live and work permanently in the US. Green card holders typically become eligible for citizenship after five years.
But the Gold Card is aimed specifically at “high-level” professionals, Trump said, emphasising, “we want people that are productive”.
“The people that can pay $5m, they’re going to create jobs,” Trump said. “It’s going to sell like crazy. It’s a bargain.”
The scheme comes as the Trump administration has devoted significant resources to deporting immigrants.
The US has also paused immigration applications by individuals from the 19 countries, mostly in Africa and in the Middle East, which are subject to the president’s travel ban.
The government has also halted all decisions on asylum applications and said it would review thousands of cases that were approved under the administration of President Joe Biden.
In September, Trump also signed an order to charge a $100,000 fee for applicants of the H-1B visa programme for skilled foreign workers.
The decision caused panic among overseas student in the US and technology firms. The White House later clarified that the fee would apply only to new applicants who are currently abroad. BBC
