US President Donald Trump said it is a “shame” that students from countries including India and China must leave the United States after graduating, as he launched the Trump Gold Card, a new visa pathway offering residency and a route to citizenship.

Announcing the programme at a White House roundtable on Wednesday, Trump said the Gold Card would allow companies to hire and retain graduates from top American universities. He was joined by IBM CEO Arvind Krishna and Dell Technologies CEO Michael Dell.

The Gold Card, described by Trump as a “much better” alternative to the green card, is based on an individual’s ability to provide a substantial benefit to the US. Companies can “buy” a card to retain graduates they wish to employ, Trump said, adding that executives, including Apple CEO Tim Cook, had raised concerns about uncertainty in hiring foreign students.

Trump said companies previously sent employees to Canada and other countries due to visa limits, and argued the Gold Card would address this problem while generating revenue for the US.

Under the programme, individuals may pay USD 1 million and corporations USD 2 million for a Gold Card, Commerce Secretary Howard Lutnick said. Applicants will undergo full vetting, and after five years of residence may become eligible for citizenship. Companies can replace the sponsored employee with another candidate once the initial holder achieves citizenship.

The programme operates within the existing visa framework. Lutnick said the initiative aims to bring in “the best people”, contrasting it with green card holders, whom he said earn less than the average American and are more likely to receive federal assistance.

The Gold Card website, trumpcard.gov, went live on Wednesday, advertising “US residency in record time” following a USD 15,000 Department of Homeland Security processing fee and background approval.

Trump said the programme would offer companies certainty in retaining skilled workers and provide a long-term solution for foreign graduates seeking to remain in the US.

Inputs from PTI

Also Read: Trump administration caps foreign student intake at US universities to 15%