President Trump on Wednesday announced the launch of the “Trump Gold Card,” offering a pathway to U.S. citizenship for foreigners who pay $1 million to expedite their visa applications.

“Basically, it’s a green card but much better,” Trump said at an event with business leaders at the White House. “Much more powerful, a much stronger path.”

A website for the program, TrumpCard.gov, launched on Wednesday afternoon.

The cards themselves feature Trump’s official portrait flanked by the Statue of Liberty and an eagle, alongside the president’s signature.

How does it work?

To apply, applicants must pay a nonrefundable $15,000 processing fee to be vetted by the Department of Homeland Security, according to the website. After “background approval,” the site promises those who contribute $1 million will “receive U.S. residency in record time.” As lawful permanent residents, cardholders will be eligible for citizenship through naturalization after five years.

“A $1 million gift upon completion of the individual’s vetting is evidence that the individual will substantially benefit the United States,” the website states. “An individual may also need to pay small, additional fees to the U.S. Department of State depending on his or her circumstances.”

U.S. companies can pay $2 million for a “Trump Corporate Gold Card” to sponsor a foreign worker they want to bring into the country.

The site also includes a link for foreign nationals to join the waiting list for the “Trump Platinum Card.”

For a $5 million contribution, platinum cardholders “will have the ability to spend up to 270 days in the United States without being subject to U.S. taxes on non-U.S. income.”

The approval process is expected to take "weeks," according to the website, adding that "a small number of countries may have wait times of up to a year or more based on visa availability.”

Trump said that all funds generated by the Trump Gold Card, which he estimated would be “probably billions of dollars,” will be deposited in the U.S. treasury.

How we got here

The Trump Gold Card has been months in the making, and part of his administration’s broader crackdown on immigration.

Trump first announced the initiative in February, suggesting each card would cost $5 million.

In September, Trump signed an executive order to establish a “gold card” program that would “facilitate the entry of aliens who have demonstrated their ability and desire to advance the interests of the United States by voluntarily providing a significant financial gift to the Nation.”

The same month, Trump announced that he would impose a $100,000 fee on new applications for H-1B visas, which many technology companies use to attract skilled foreign workers.

Trump said Wednesday that he had heard from business leaders, including Apple CEO Tim Cook, who expressed difficulty in retaining workers from top colleges who are not granted visas to stay in the U.S.

Similar “golden visa” programs exist in other countries, including the United Kingdom, Canada and Italy. Critics of such programs say they create a two-tiered immigration system that benefits wealthy individuals at the expense of other applicants.

Trump officials say prioritizing the wealthy is intentional.

“We’re the only great country that lets other people just come in without vetting them and deciding whether they’re really going to help the economy of America,” Commerce Secretary Howard Lutnick, who is overseeing the Trump Gold Card program, said Thursday on CNBC.

“Let’s bring in the top of the best,” Lutnick said. “Let’s help them grow America and build America. Why should we take people who are below average? It just doesn’t make any sense.”

The backdrop

The rollout of the “Trump Gold Card” comes amid sweeping changes to legal immigration ordered by Trump in the wake of last month’s deadly shooting of two National Guard members in Washington, D.C. The suspected shooter, Rahmanaullah Lakanwal, is a 29-year-old Afghan national who previously worked with U.S. forces in Afghanistan.

Trump said he planned to suspend immigration from “all Third World countries” the day of the shooting, and ordered the U.S. government to re-examine all green card applications from 19 “countries of concern,” including Afghanistan and Somalia.

During a speech in Pennsylvania earlier this week, Trump recounted derogatory comments about immigration he made behind closed doors during his first term in 2018.

"Our country was going to hell," Trump recalled onstage Tuesday. "And we had a meeting, and I say, 'Why is it we only take people from s***hole countries, right? Why can’t we have some people from Norway, Sweden, just a few? Let us have a few from Denmark. Do you mind sending us a few people? Do you mind?'"