Many world nations offer similar pay-to-stay programs, but instances of fraud have led to criticism of the schemes.

The proposal, which would replace the current EB-5 investment-for-residency program, requires an act of Congress

President Donald Trump said the US would be selling what he described as a “gold card” to wealthy foreigners, giving them the right to live and work in the US and offering a path to citizenship in exchange for a $5 million fee.

President Donald Trump proposed major changes to the American visa program Tuesday evening, suggesting he will soon begin selling $5 million “gold cards” to wealthy foreigners in exchange for U.S. residency.

Trump and Commerce Secretary Howard Lutnick told reporters Tuesday that the administration plans to offer a “gold card” that would confer legal residency to foreigners at a cost of about $5 million. They said it would replace an existing U.S. visa program for overseas investors that’s long been mired in controversy.

WASHINGTON — President Trump announced Tuesday that the US government will soon begin selling $5 million “gold cards” that convey both green-card residency status and a path to American citizenship to foreigners — predicting 1 million cards will be sold and saying the initiative could quickly pay down the national debt.

U.S. President Donald Trump's $5 million so-called 'gold card' visa program is unlikely to trigger a major inflow of wealthy global investors seeking U.S. citizenship because of concerns over higher taxes,