Washington DC - President Donald Trump on Friday signed an executive order creating a "gold card" residency program for a fee of $1 million for individuals and $2 million for sponsorships by corporations.

"I think it's going to be tremendously successful," Trump told journalists.

According to the official website for the venture (trumpcard.gov), which features the tagline "unlock life in America," the Trump Gold Card grants "Exclusive privileges" for individuals and businesses alike.

"For a processing fee and, after DHS vetting, a $1 million contribution, receive U.S. residency in record time with the Trump Gold Card," the website explains.

Donald Trump Trump says Turkey's Erdogan will visit the White House to discuss long-time fighter-jet rift

There is also the option of purchasing the Trump Platinum Card if you have a few extra million dollars lying around and aren't particularly eager to pay taxes.

"Sign up now and secure your place on the waiting list for the Trump Platinum Card," the site description reads.

"For a processing fee and, after DHS vetting, a $5 million contribution, you will have the ability to spend up to 270 days in the United States without being subject to U.S. taxes on non-U.S. income."

The Trump Gold Card would not technically grant citizenship to its purchasers, but rather "lawful permanent resident status as an EB-1 or EB-2 visa holder."

Regardless, it's likely to be a hugely controversial talking point for potentially favoring the rich and powerful in a time when US immigration is such a hot-button issue.