New York/Washington (PTI): US President Donald Trump has signed an executive order entitled ‘The Gold Card’, aimed at setting up a new visa pathway for foreigners of extraordinary ability who are committed to supporting the United States.

Under the Gold Card programme, signed on Friday, individuals who can pay USD 1  million to the US Treasury, or USD 2 million if a corporation is sponsoring them, will get access to expedited visa treatment and a path to a Green Card in the country.

“We're taking in hundreds of billions of dollars. The Gold Card will be taking in hundreds of billions of dollars, and companies will be able to keep some people they need. They need people of expertise, great expertise,” Trump said. 

Trump emphasised the gold card will be a “fantastic thing” and “we're going to take that money and we're going to reduce taxes, we're going to reduce debt”.

“To apply, an applicant must pay a nonrefundable processing fee. Once an applicant’s processing fee is received, the process for visa adjudication will take place, assuming applicants submit additional documents in a timely manner," the official website of the programme said.

The website said that if approved, an individual “must make a gift of USD 1 million, which has been determined to provide sufficient evidence that the individual will substantially benefit the United States.”

The applicants must be “eligible for lawful permanent resident status, admissible to the United States, and a visa must be available,” the website added.

“The Order directs the Secretary of Commerce to deposit the gifts into the Treasury and use them to promote commerce and American industry,” a White House statement said.

The Gold Card prioritises entry for high-value contributors to American society, including successful entrepreneurs, investors, and businessmen, it said.

“Early in his second term, President Trump proposed Gold Cards, a vision he is now delivering to attract wealthy investors and entrepreneurs,” it added.  

The programme will generate revenue and provide certainty to immigrants who can make significant contributions to the American economy, the statement added.