A high-end version of the traditional green card will be offered for $5 million, the US president has said

US President Donald Trump announced on Tuesday plans to offer a 'gold card' visa with a pathway to citizenship at the hefty price of $5 million. The measure is expected to attract more foreign investment into the country.

The announcement comes after the Trump administration launched a crackdown on immigration into the US by attempting to end birthright citizenship and closing the border with Mexico for asylum seekers.

"We're going to be putting a price on that card of about $5 million and that's going to give you green card privileges plus," the president told journalists at the White House, stressing that the 'gold card' will be a route to citizenship attracting wealthy people to the country.

Trump also voiced expectations that potential applicants would "be spending a lot of money and paying a lot of taxes and employing a lot of people," predicting that the program will be "extremely successful."

US Commerce Secretary Howard Lutnick said the administration is planning to replace the current EB-5 Immigrant Investor Program - which, he said, is "full of nonsense, make-believe and fraud" - with the "Trump Gold Card." He added that applicants for the new card would be vetted.

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The current EB-5 immigrant investor visa provides a residence permit to foreigners who invest either a minimum of $1.05 million in a new business creating jobs or $800,000 in a business in a rural area, high unemployment area, or an infrastructure project.

Shortly after assuming office on January 20, the president signed a number of executive orders introducing tougher immigration controls. They include enhancing vetting for visa applicants, limiting birthright citizenship, directing the armed forces to guard the southern border, and erecting additional barriers. He also repealed 78 executive orders signed by his predecessor, Joe Biden, including five directives related to immigration.