President Trump is touting his administration's new "gold card" visa as a fast track for foreigners who are willing and able to pay $1 million for the right to immigrate to the U.S.

Applications for the new visa went live on Wednesday afternoon, with the government website for the gold card saying the process can be completed in a matter of weeks after applicants file their paperwork.

Mr. Trump unveiled the gold card initiative in February, promoting it as an expedited path for wealthy foreigners to secure legal residency and as a way to generate government revenue. The term riffs on the "green card," which grants permanent residency status to noncitizens so they can live and work in the U.S. indefinitely.

"All funds go to the United States government — it could be a tremendous am

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