President Donald Trump said he is launching a program that would offer residency and a path to citizenship to investors who pay $5 million, creating a new pathway for legal immigration as he launches a sweeping crackdown on undocumented immigrants.

Trump said the program, known as the "gold card," would be launched within two weeks, adding that he did not think his administration would need congressional approval. It was not immediately clear what the full scope of the program would be or how it would be implemented.

"We're going to sell the gold card," Trump said Tuesday as he signed the executive order in the Oval Office alongside Commerce Secretary Lutnick.

"We're going to put a price tag on this card of about $5 million, and it's going to give you green card privileges," he added, referring to the green card currently issued to permanent U.S. residents.