New Delhi, Feb. 27 -- US President Donald Trump on Tuesday announced the idea of launching a "gold card", which could replace the EB-5 visa program and the green card issued through it for immigrants.

Talking to reporters at the Oval Office, Donald Trump said that the gold card visa will allow foreign investors to invest large sums of money and create or preserve US jobs to become permanent residents.

"We are going to be selling a gold card. We are going to be putting a price on that card of about $5 million," Trump said.

"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," he added.

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