India, Feb. 27 -- Donald Trump has announced the introduction of a new 'gold card' program, allowing wealthy immigrants to purchase a pathway to US citizenship for $5 million. The initiative is set to replace the existing EB-5 Immigrant Investor Program, which has been a staple of employment-based immigration since 1990.

"We are going to be selling a gold card," Trump said as he signed executive orders alongside Commerce Secretary Howard Lutnick in the Oval Office on Tuesday. "We are going to be putting a price on that card of about $5 million."

"It's going to give you green card privileges, plus it's going to be a route to (American) citizenship, and wealthy people would be coming into our country by buying this card."

The president e...