Trump proposes offering $5 million "gold card" to wealthy immigrants. Here's how it would work.

President Trump on Tuesday unveiled a new pathway to residency: a "gold card" aimed at wealthy foreigners willing to pay millions for the right to live in the U.S.

That term is a play on the green card, more officially known as a permanent residency card, which allows non-citizens to live and work permanently in the U.S. Green cards are most frequently awarded to foreigners who marry U.S. citizens or to those who receive one through their employer, with the latter process taking an average of three years to complete, according to the Cato Institute.

The new program comes as the Trump administration moves to change the country's rules for who can legally live, work and gain citizenship in the U.S. That includes tightening restrictions on many types of immigration in the U.S. and pushing to end birthright citizenship, the constitutionally protected right to citizenship to anyone born on U.S. soil.