Trump signs "gold card" residency order, cuts price to $1 million

• But it's unclear if existing law allows visas to be sold in this way — and it's a substantially higher price than similar "golden visa" programs that have met with limited success elsewhere.

Driving the news: The "Trump Gold Card" will now cost $1 million for individuals and $2 million for business sponsors.

• The corporate card will let companies sponsor an employee. It will also let them switch that sponsorship to a different person without paying a new fee.
• The new "Trump Platinum Card" will carry the original $5 million price tag, and will let holders spend up to 270 days in the U.S. a year without being subject to tax on non-U.S. income.

Zoom in: The newly redesigned trumpcard.gov website lets people sign up and begin the application with a "nonrefundable processing fee."

• Per the website, approved applicants will receive "lawful permanent resident status" as an EB-1 or EB-2 visa holder.

The intrigue: Those visas are typically reserved for those with "extraordinary ability" or with professional degrees.

What to watch: How much demand the program attracts.

• Trump had previously suggested the U.S. could sell as many as 1 million of the cards at the $5 million price; Lutnick's new estimate suggests a tenth of that or less.

Editor's note: This story has been updated with details throughout.