Wealthy foreigners can now pay a massive U$1Million for a fast-tracked US visa under a new scheme introduced by President Donald Trump.

Dubbed the Gold card, it gives buyers a “direct path to US Citizenship for all qualified and vetted people,” President Trump said on Thursday.

The Gold Card scheme promises US residency in “record time”.

With such a big fee of U$1M, it is “evidence that the individual will substantially benefit the United States”, the programme’s website said.

Businesses sponsoring employees are required to pay U$2m, along with additional fees.

A “platinum” version of the card that offers special tax breaks will also be available soon for U$5m, the website added.

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 U$15,000 processing fee before their application is reviewed.

The gold card scheme was first announced in February.

The Gold Card is aimed specifically at “high-level” professionals, Trump said, emphasising, “we want people that are productive”.

“The people that can pay U$5m, they’re going to create jobs,” Trump said. “It’s going to sell like crazy. It’s a bargain.”