US President Donald Trump has launched the "Trump Gold Card", which will allow individuals and corporations to receive residency in the country.

The facility will be available for purchase with a starting fee of $1 million.

Also Read: New immigration crackdown: Trump to impose $100,000 fee per year for H1B visas; Indian techies likely to be impacted

Sharing details about the programme, the White House said in a statement: "The program facilitates expedited immigrant visas for aliens donating $1 million individually or $2 million if paid for by a corporation or similar entity on behalf of an individual."

In his Truth Social post, Donald Trump wrote: "Today we are proud to announce THE TRUMP GOLD CARD. The Card will be available for $1 Million Dollars for individuals, and $2 Million Dollars for Corporations."

"For far too long, we have had millions of Illegal Aliens pouring into our Country, and our Immigration System was broken. It is beyond time that the American People, and American Taxpayers, are benefitting from our LEGAL Immigration System," he said.

Trump said he expects the new initiative will quickly generate $100 billion.

He said this money will be used for reducing taxes, pro-growth projects, and paying down debt.

As per the official website, the applicants will receive lawful permanent resident status as an EB-1 or EB-2 visa holder.

The website said the national security and other risks are the basis for the revocation of the visa.

Trump to impose $100,000 fee per year for H1B visas

In another major step that is likely to impact foreign tech employees, Donald Trump has signed a petition that will impose an annual $100,000 application fee for H-1B visas.

“We need great workers, and this pretty much ensures that that’s what’s going to happen,” Trump said from the Oval Office as quoted by CNN.

In a statement issued sharing details about the proclamation, White House said: "The H-1B nonimmigrant visa program was created to bring temporary workers into the United States to perform additive, high-skilled functions, but it has been deliberately exploited to replace, rather than supplement, American workers with lower-paid, lower-skilled labour."

What is H-1B visa?

As per the US Department of Labor website, the H-1B program applies to employers seeking to hire non-immigrant aliens as workers in speciality occupations or as fashion models of distinguished merit and ability.

"The intent of the H-1B provisions is to help employers who cannot otherwise obtain needed business skills and abilities from the U.S. workforce by authorizing the temporary employment of qualified individuals who are not otherwise authorized to work in the United States,"  reads the website.