GREEN CARD FOR THE RICH

PRESIDENT Donald Trump has unveiled plans to offer $5 million "gold card" resident permits to foreign nationals - a programme that would also provide a pathway to US citizenship.

- JAYANTH JACOB

In simple terms, a "green card for the rich," Trump announced that the programme would be launched in two weeks, attracting "very high-level individuals," and suggested that the funds raised could help reduce the national deficit. This high-cost visa would replace the existing EB-5 immigrant investor visa, meant for foreign investors creating jobs in the US.

A breakdown of what's changed in the process for wealthy individuals to obtain US residency and eventually citizenship:

What was EB-5 immigrant investor visa?

Launched in 1990, residency (green card) and eventual citizenship granted to foreign nationals who invested at least $1.05 million in a new business that created jobs. The investment requirement is reduced to $800,000 if the business is located in a rural area, with high unemployment, or is involved in an infrastructure project.

Was there a cap on the visa?

10,000 visas annually with 3,000 reserved for investments in high-unemployment areas.

Why it is being changed?

US Commerce Secretary Howard Lutnick said it was exploited and priced too low.