NEW DELHI: US President Donald Trump has unveiled plans to offer $5 million "gold card" resident permits to foreign nationals — a programme that would also provide a pathway to US citizenship.

In simple terms, a "green card for the rich," Trump announced that the program would launch in two weeks, attracting "very high-level individuals." He suggested that the funds raised could help reduce the national deficit.

This high-cost visa would replace the existing EB-5 immigrant investor visa, which is designed for foreign investors creating jobs in the U.S.

Here's a breakdown of what's changed in the process for wealthy individuals to obtain U.S. residency and eventually citizenship.

What was the EB-5 immigrant investor visa?

Launched in 1990, this offered residency (green card) and eventual citizenship to foreign nationals who invested at least $1.05 million in a new business that created jobs. The investment requirement is reduced to $800,000 if the business is located in a rural area, an area with high unemployment, or is involved in an infrastructure project

Was there a cap on this visa?

The EB-5 program was capped at 10,000 visas annually with 3,000 reserved for investments in high-unemployment areas.

Why is it being changed?

US Commerce Secretary Howard Lutnick said it was being exploited and priced too low. “The EB-5 program was full of nonsense, make-believe, and fraud, offering a low-cost way to get a green card. So, the president decided that instead of continuing this ridiculous EB-5 program, we’re going to end it," he said.

In recent times, challenges in tracing the origins of applicants' funds, along with concerns about potential perceptions of favouritism, were cited against this visa programme.

Who could qualify for a ‘gold visa’?

“They’ll be wealthy and they’ll be successful, and they’ll be spending a lot of money and paying a lot of taxes and employing a lot of people, and we think it’s going to be extremely successful," said Trump.

What is the vetting process?

All applicants will undergo rigorous vetting to ensure they are "wonderful, world-class global citizens," said Lutnick.

Is there any cap on the visa?

There seems to be no definitive limit on the programme, with Trump proposing that the government could sell as many as 10 million visas to help reduce the national deficit.

10 million visas should bring $50 trillion in revenues.

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