President Donald Trump has launched a scheme offering fast-tracked US visas to wealthy foreigners who can pay at least $1m (£750,000).

The card will give buyers a “direct path to Citizenship for all qualified and vetted people. SO EXCITING! Our Great American Companies can finally keep their invaluable Talent,” Trump said on social media on Wednesday.

The Trump Gold Card, which was first announced earlier this year, is a US visa awarded to those who can demonstrate they will provide a “substantial benefit” to the country, according to the scheme’s official website.

It comes as Washington intensifies its immigration crackdown, including raising work visa fees and deporting undocumented migrants.

The Gold Card scheme promises US residency in “record time” and will require a $1m fee which is “evidence that the individual will substantially benefit the United States”, the programme’s website said.

Businesses sponsoring employees are required to pay $2m, along with additional fees. A “platinum” version of the card that offers special tax breaks will also be available soon for $5m, the website said.

Extra fees to the government may be charged depending on each applicant’s circumstances, the site said. Individuals are also required to pay a non-refundable $15,000 processing fee before their application is reviewed.

The gold card scheme has faced criticism since it was first announced in February, with some Democrats saying that it would unfairly favour wealthy individuals.

When Trump first unveiled the plan he described the visas as similar to green cards, which allow immigrants of various income levels to live and work permanently in the US. Green card holders typically become eligible for citizenship after five years.

But the Gold Card is aimed specifically at “high-level” professionals, Trump said, emphasising, “we want people that are productive”.

“The people that can pay $5m, they’re going to create jobs,” Trump said. “It’s going to sell like crazy. It’s a bargain.”

The scheme comes as the Trump administration has devoted significant resources to deporting immigrants.

The US has also paused immigration applications by individuals from the 19 countries, mostly in Africa and in the Middle East, which are subject to the president’s travel ban.

The government has also halted all decisions on asylum applications and said it would review thousands of cases that were approved under the administration of President Joe Biden.

In September, Trump also signed an order to charge a $100,000 fee for applicants of the H-1B visa programme for skilled foreign workers.

The decision caused panic among overseas student in the US and technology firms. The White House later clarified that the fee would apply only to new applicants who are currently abroad.