United States President Donald Trump on Wednesday launched the ‘Gold Card’ visa, which allows foreign nationals to obtain permanent-resident status by donating $1 million to the US Treasury.

The card also allows companies to retain foreign talent through corporate sponsorship, by buying a card. The site of the ‘Gold Card’ has been made live, with White House now taking online applications for the new path to citizenship. Announcing the launch of the card, Trump said it is “somewhat like a green card, but with big advantages over a green card.”

Regarding the corporate part of the Gold Card, Trump said, “Companies are going to be able to go to the Wharton School of Finance, Stern Business School, Harvard, MIT, wherever you may get your students, any school, and you're able to buy a card and keep that person in the United States.”