Donald Trump launched a new program that will allow wealthy foreign individuals to buy a US “golden visa” for $1m, and trailed a “platinum” version for $5m.

“A direct path to Citizenship for all qualified and vetted people. SO EXCITING! Our Great American Companies can finally keep their invaluable Talent,” Trump wrote on Wednesday on social media.

An official government webpage promises US residency “in record time” with the new “Trump Gold Card” – once applicants have paid a $15,000 processing fee to the Department of Homeland Security (DHS), passed a background check and paid up $1m.

Per a September executive order, individuals are required to pay $1m, while businesses sponsoring employees are required to pay $2m. Firms then need to pay a 1% annual maintenance fee of $20,000, and a 5% transfer fee of $100,000 each time they want to switch the visa from one employee to another.

The program comes as the Trump administration devotes significant resources to deporting millions of undocumented immigrants. The gold card program has already faced heavy criticism by seemingly contradicting the US’s traditional reputation as a refuge for the hardworking poor.

A “Trump Platinum Card” is also “coming soon”, according to the official website. This card will allow holders to spend up to 270 days in the US without being subject to US taxes on non-US income. It will cost $5m.

According to Trump, proceeds from the new program will go to “an account where we can do things positive for the country” and that it will generate “many billions of dollars”.

Trump signed an executive order in September announcing the official launch of the gold card. When the program was first reported in February, the price for a visa was $5m. The discounted price tag may give the card a competitive edge compared with similar “pay to jump the line” programs in other countries. For example, New Zealand’s new golden visa program costs nearly $3m, but managed to attract strong interest from wealthy Americans following Trump’s re-election.

“Essentially, we’re having people come in, people that, in many cases, I guess, are very successful or whatever,” the president said back in September. “They’re going to spend a lot of money to come in. They’re going to pay, as opposed to walking over the borders.”

DHS secretary Kristi Noem praised the program on X, saying “under this historic initiative, qualified individuals and corporations, who contribute $1 million and $2 million respectively, will receive expedited EB-1 or EB-2 green cards following rigorous vetting”.