US President Donald Trump has unveiled plans for selling a “gold card” visa for $5m.

This will offer wealthy buyers permanent residency in the US and a path to citizenship.

At the first cabinet meeting of his current term, Mr Trump told reporters that the visas would function similarly to green cards, which allow immigrants of varying incomes to live and work permanently in the US, but would go to “high-level people”.

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

BBC News says dozens of countries around the world offer some sort of citizenship by investment programme, including several in Europe such as Portugal, which gives “golden visas”, or permanent residency for foreigners who invest €500,000 into a qualifying fund.