The Gold Card scheme promises US residency in “record time” and will require a $1m fee which is “evidence that the individual will substantially benefit the United States”, the programme’s website said.

Businesses sponsoring employees are required to pay $2m, along with additional fees. A “platinum” version of the card that offers special tax breaks will also be available soon for $5m, the website said.

Extra fees to the government may be charged depending on each applicant’s circumstances, the site said. Individuals are also required to pay a non-refundable $15,000 processing fee before their application is reviewed.