In a bold move to attract global millionaires, President Donald Trump has unveiled an extravagant new visa program aimed at the world's wealthy elite. This initiative promises residency in the United States, but with a price tag that could reach up to a staggering $5 million.

"They’re going to spend a lot of money to come in," Trump declared in the Oval Office on September 19 while signing the executive order. He boasted that the program could generate billions in revenue, potentially aiding in tax reduction and debt repayment.

The eye-catching "Trump Gold Card" starts at $1 million, giving affluent individuals a pathway to US residency following a typical vetting process. For those willing to invest even more, the upcoming "Platinum Card" offers a $5 million option, allowing holders to live in the US for up to 270 days tax-free on non-US income.

Moreover, businesses can secure residency for employees at a fee of $2 million each, with the flexibility to transfer the card among workers — a boon for corporations looking to hire skilled labor.

As details emerge, the program’s logistics remain unclear, with an application section on the website asking for basic information like name and email. However, immigration experts caution that Congressional approval will likely be necessary for this ambitious venture.

Commerce Secretary Howard Lutnick has estimated that the initiative could net the government over $100 billion. Trump had previously teased the idea in February, framing it as a method to attract investment and stimulate job creation in the US.

This gold rush for the wealthy is part of Trump's broader immigration strategy, which also includes a tight grip on undocumented migrants and an ambitious plan to expand pathways to citizenship for high earners.

While Trump envisions one million participants, analysts believe the actual number of eligible super-rich candidates may be significantly smaller.

The announcement comes amidst plans to revamp the H-1B visa process, potentially increasing costs for technology firms that rely on foreign talent. Trump claims the tech industry will benefit from the new visa initiatives, allowing greater access to skilled workers.

As speculation mounts around the future of these premium visas, it’s clear that this initiative is poised to make waves in the realm of US immigration policy.