The “gold card” visa program, introduced by President Donald Trump, allows foreigners to invest at least $1 million to legally live and work in the U.S. Commerce Secretary Howard Lutnick announced Thursday that only one approval has been granted so far, which falls short of previous expectations.
Since its launch in December, Lutnick stated the program had generated $1.3 billion in sales within days. Trump, showcasing the gold card, described it as “essentially the green card on steroids.”
During a committee hearing on Thursday, Lutnick did not address discrepancies raised by a congresswoman.
The gold card initiative was proposed by Trump last year, initially suggesting a cost of $5 million, and intended to attract foreign talent and boost federal revenue. It aims to replace the EB-5 program, which provided U.S. visas for investments of $1 million in companies with at least 10 employees.
Although only one approval has been issued, Lutnick mentioned “hundreds in the queue” during a congressional hearing, expressing satisfaction with the program’s progress.
“Theyâve just set it up, and they wanted to make sure they did it perfectly,â he remarked.
A year prior, Lutnick projected the gold card could raise $1 trillion and contribute to “balancing the budget.” With a national debt of $31.3 trillion, the Committee for a Responsible Federal Budget estimates the fiscal year’s budget deficit to be around $2 trillion.
Each gold card applicant pays a $15,000 fee in addition to the $1 million investment, facilitating “rigorous vetting” and a path to U.S. citizenship. Corporations can also invest $2 million for foreign employees, with a 1% annual maintenance fee.
The program’s website features the slogan âUnlock life in Americaâ alongside images of the gold card, Trump, a bald eagle, the Statue of Liberty, and his signature. The site also promotes the forthcoming $5 million âTrump Platinum Card,â allowing 270 days in the U.S. without tax on non-U.S. income.
While Trump has championed deportations of undocumented immigrants, he has consistently supported skilled immigration, which the gold card program could encourage.
When questioned about how the funds will be allocated, Lutnick responded, “That will be determined by the administration, and its terms are for the betterment of the United States of America.”
Such “golden visas” are popular globally, with countries like the United Kingdom, Spain, Greece, Malta, Australia, Canada, and Italy offering similar programs to affluent individuals.
