President Donald Trump floated a new idea on Tuesday, sharing that the U.S. may soon sell “gold cards” to wealthy foreigners, giving them green cards for a fee of $5 million.

President Donald Trump announced the United States will sell "a gold card" to foreigners allowing them to live and work in America.

For the foreigner who has everything -- except American citizenship -- President Donald Trump has unveiled a glittering new option. Trump on Tuesday teased the creation of a new program that would allow wealthy foreign nationals -- or companies that want to bring in foreign nationals -- the option of a path to citizenship for $5 million,

For Indian investors stuck in long employment-based green card backlogs, EB-5 had been an attractive alternative. Now, many are re-evaluating their options, fearing the program’s potential replacement.

The EB-5 was designed as a job creation tool, whereas the Gold Card would send applicants' money directly to the Treasury as a form of deficit reduction.

The president took time during his State of the Union address to tout what he called a “more sophisticated” green card.

The US president, Donald Trump, is set to introduce a “gold card” visa that would allow wealthy foreigners to buy permanent US residency – and a path to citizenship – for US$5 million (£3.9 million).