President Donald Trump has unveiled a new scheme offering fast-tracked US visas to wealthy foreigners willing to pay at least $1million (£750,000) to buy their way into America.
The Trump Gold Card, which was first announced earlier this year, is a US visa awarded to those who can demonstrate they will provide a "substantial benefit" to the country.
Speaking as he revealed the card to the nation, the US President said: "This is the green card on steroids. It is a pathway, it is an amazing thing.
"Millions of people poured into our country through the border and not anymore. Nobody is coming in now. Under the Biden administration, around 25 million people came in.
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"Many came from prisons and mental institutions. Drug dealers and all sorts of people came in, people who should not be here.
"They came from jails all over the world: Venezuela, the Congo, everywhere."
"Now, when people come in, they have to pay $1 million. And we’ve seen a tremendous surge.
"You’re going to be happier than anybody because when you go to Harvard, the Wharton School of Finance, and all the great schools, you want to hire the best people but you find out they can’t stay in our country for more than 24 hours after graduating.
"These people finish top of their class at the best schools, companies want to hire them, but they can’t stay.
"So they go to Canada or other countries, often Canada, even though they work for the companies behind me here.
Donald Trump unveiled his brand new gold card
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"Now, companies can buy a card and use it for people coming into our country so they can stay, instead of being immediately sent away after graduating.
"Someone graduates top of their class at the best school, wants to work for a great American company and now they can.
"The company will pay a little bit, but that’s okay. They’ll be able to keep the talent."
Under the scheme, companies sponsoring workers will have to pay $2million, plus a range of additional charges.
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A higher-tier “platinum” option, which includes preferential tax treatment, is also set to be introduced, priced at $5million.
The website says further payments to the Government may apply depending on individual circumstances, while all applicants must first pay a non-refundable $15,000 processing fee before their case is even considered.
When unveiling the proposal, Mr Trump likened the visas to green cards, which allow immigrants of all income levels to live and work permanently in the United States, with holders typically eligible for citizenship after five years.
Donald Trump addressed the nation this evening
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However, he said the new Gold Card would be targeted specifically at what he described as “high-level” professionals, stressing that he wanted migrants who are “productive”.
Mr Trump's administration has pursued a broad crackdown on immigration, deporting hundreds of thousands of people who were in the country illegally and also taking measures to discourage legal immigration.
The gold card program is the Trump version of a counter balance to that, designed to make money for the U.S. Treasury in the same way the president, a former New York businessman and reality television host, has said his tariff program has successfully done.
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