India, May 23 -- President Donald Trump's new "gold card" visa program, which will allow wealthy individuals to get permanent US residency in exchange for a $5 million investment, is set to open applications within a week. The announcement was made on Wednesday (May 21) at Axios's 'Building the Future' event in Washington DC.

Commerce Secretary Howard Lutnick revealed that a website called 'trumpcard.gov' will go up in about a week with further details and those interested in the program can start registering for the same. The policy is aimed at boosting the level of investment in the country to help pay off its federal debt which currently totals over $36 trillion.

The plan, first introduced by Trump in February of this year, plans to ...