President Donald Trump's administration has launched a new, accelerated visa processing scheme for foreigners willing to pay a $1 million (€855,000) "contribution" for US residency.

The "gold card" is being presented as an upgrade on the so-called Green Card, which grants immigrants permanent residency in the US.

What did Trump say about the new gold card?

"Basically, it's a Green Card, but much better. Much more powerful, a much stronger path," Trump told reporters at the White House on Wednesday.

"A path is a big deal. Have to be great people," the president said, who has sharply cut access to other ways of migrating to the US.

In a post on his Truth Social platform, Trump said the gold card would provide a "direct path to Citizenship for all qualified and vetted people."

"Our Great American Companies can finally keep their invaluable Talent," Trump added.

'Platinum card' for visa promised

Trump first announced the plan earlier this year. On Wednesday, the trumpcard.gov website launched, allowing applicants to pay a $15,000 fee to the Department of Homeland Security for expedited processing.

"For a $15,000 DHS processing fee and, after background approval, a contribution of $1 million, receive US residency in record time with the Trump Gold Card," the website reads.

Commerce Secretary Howard Lutnick said 10,000 people have already pre-registered and predicted the program could raise billions of dollars. Businesses can apply for a "corporate gold card" for $2 million to sponsor employees.

According to the website, a "Trump Platinum Card," priced at $5 million, will allow holders to stay in the US for up to 270 days without paying taxes on foreign income.

US migration restrictions tighten

The move comes as the Trump administration continues its crackdown on immigration, with Immigration and Customs Enforcement (ICE) raids, tens of thousands of people being detained and people in the country illegally being deported.

It has also paused immigration applications for people from more than a dozen countries, mostly in Africa and the Middle East.

The US government is now introducing new procedures for visa-free travelers, including requiring tourists to give border agents access to their social media accounts before they are allowed into the country.

The administration is pressing some universities to reduce foreign enrollment. But officials say the gold card offers companies a way to retain foreign students after graduation.

With the new card, "you'll be able to buy a card and keep that person in the United States," Trump said.

Edited by: Karl Saxton