Daily SumUp

The US president, Donald Trump, is set to introduce a “gold card” visa that would allow wealthy foreigners to buy permanent US residency – and a path to citizenship – for US$5 million (£3.9 million).

Speaking at the Oval Office on February 25, Trump said: “I think it’s going to be very treasured. I think it’s going to do very well. And we’re going to start selling, hopefully, in about two weeks.”

US commerce secretary Howard Lutnick has touted the plan as a way to raise revenue to bring down US national debt, which currently stands at over US$36 trillion. As Trump put it when answering questions from reporters at the White House: “We’ll be able to sell maybe a million of these cards, maybe more than that. And if you add up the numbers, they’re pretty good. As an example, a million cards would be worth US$5 trillion.”