Commerce Secretary Howard Lutnick disclosed Thursday that President Donald Trump’s new “gold card” visa initiative, requiring foreign nationals to invest a minimum of $1 million for U.S. residency and work authorization, has successfully processed only a single applicant since its December debut.
When the program first launched, Lutnick announced that the administration had generated $1.3 billion in sales within mere days, while Trump displayed the golden certificate and declared it “essentially it’s the green card on steroids.”
During Thursday’s congressional committee hearing, Lutnick did not explain the seeming contradiction between the reported sales figures and actual approvals when questioned by a representative.
The president had promoted this concept throughout the previous year, originally proposing a $5 million price point, claiming it would attract international talent to America while boosting government revenue. The initiative serves as a replacement for the existing EB-5 program, which has operated for decades by providing U.S. visas to individuals investing approximately $1 million in businesses employing at least 10 people.
While acknowledging only one approval to date, Lutnick expressed satisfaction with the program’s progress, stating “there are hundreds in the queue that they are going through.”
“They’ve just set it up, and they wanted to make sure they did it perfectly,” he explained.
Previously, Lutnick claimed during a cabinet meeting that the gold card initiative would generate $1 trillion in revenue and assist in balancing the federal budget. However, current public debt stands at $31.3 trillion, with the Committee for a Responsible Federal Budget projecting this year’s deficit at roughly $2 trillion.
The commerce secretary detailed that each candidate must pay a $15,000 processing fee in addition to their million-dollar investment, enabling thorough background checks for participants in the program that ultimately provides a pathway to American citizenship. Companies can alternatively invest $2 million for foreign-born workers, plus an annual 1% maintenance charge.
The program features an elaborate government website displaying “Unlock life in America” above an image of the gold card, showcasing Trump’s portrait alongside a bald eagle, the Statue of Liberty, and his signature. The site also promotes the forthcoming $5 million “Trump Platinum Card,” allowing up to 270 days in America without taxation on foreign income.
Although Trump has built much of his political brand around removing undocumented immigrants, he has consistently advocated for skilled immigration to the United States, which this gold card program aims to encourage.
Regarding how the revenue will be utilized, Lutnick stated: “That will be determined by the administration, and its terms are for the betterment of the United States of America.”
Similar programs exist worldwide, with numerous nations including the United Kingdom, Spain, Greece, Malta, Australia, Canada and Italy offering various forms of investment-based visas to wealthy individuals.
