President Donald Trump has announced the official launch of his long-promised "gold card" program, which offers legal status and a pathway to US citizenship for individuals willing to pay $1 million and corporations shelling out $2 million per foreign-born employee.

The program, reports news outlet NDTV, is meant to replace the existing EB-5 visas , went live on Wednesday as Trump revealed the details surrounded by business leaders in the White House's Roosevelt Room.

The president sees the new version of the visa as a means for the US to attract and retain top talent while generating significant revenue for the country.

Trump has been promoting the gold card program for months, initially suggesting a $5 million price tag before revising it to the current $1 million and $2 million p

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