A new immigration pathway championed by Donald Trump is off to a far quieter start than initially suggested.
The so-called “gold card” visa, pitched as a fast track for wealthy foreigners willing to spend at least $1 million to live and work in the United States, has so far resulted in just one approved applicant. That update came Thursday from Commerce Secretary Howard Lutnick during a congressional committee hearing.
The figure contrasts sharply with earlier enthusiasm surrounding the program. When it debuted in December, Lutnick had claimed the government generated $1.3 billion “worth” of interest within days. At the time, Trump publicly showcased the metallic-looking permit, describing it as “essentially it’s the green card on steroids.”
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Pressed during Thursday’s hearing, Lutnick did not reconcile the gap between those early figures and the current tally.
The initiative itself has evolved over time. Trump first floated the concept last year with a proposed $5 million price tag, arguing it would draw global talent while boosting federal revenue. It is intended to replace the longstanding EB-5 Immigrant Investor Program, which grants residency to individuals who invest roughly $1 million in businesses that create at least 10 jobs.
Despite the slow rollout, Lutnick indicated that interest remains in the pipeline. “Though only one person has been approved, ‘there are hundreds in the queue that they are going through,’” he said, adding that officials are taking their time to ensure the system is properly set up. “They’ve just set it up, and they wanted to make sure they did it perfectly.”
Earlier projections tied to the program were far more ambitious. Speaking at a cabinet meeting a year ago, Lutnick suggested the gold card could generate as much as $1 trillion and help “balance the budget.” That optimism stands against current fiscal realities, with U.S. public debt exceeding $31 trillion and annual deficits still running in the trillions, according to independent estimates from groups such as the Committee for a Responsible Federal Budget.
Under the framework, applicants pay a $15,000 processing fee in addition to the minimum investment, a charge Lutnick said supports “rigorous vetting” before any path to citizenship is opened. Companies can also participate by spending $2 million to sponsor foreign employees, alongside a 1 percent annual maintenance cost.
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The branding of the program leans heavily into spectacle. Its official website features the slogan “Unlock life in America” above a stylized gold card bearing Trump’s image, alongside symbols like the bald eagle and the Statue of Liberty. It also teases a higher-tier $5 million “Trump Platinum Card,” which would allow holders to spend up to 270 days in the country without paying tax on income earned outside the U.S.
The policy sits alongside Trump’s broader immigration stance. While his political messaging has often focused on removing undocumented migrants, he has consistently backed legal pathways for high-skilled or high-net-worth individuals, a space this initiative is designed to occupy.
Asked how funds from the program would be used, Lutnick offered little detail. “That will be determined by the administration, and its terms are for the betterment of the United States of America,” he said, according to a report by the AP.
Variations of this model are already in place globally. Countries such as the United Kingdom, Spain, Greece, Malta, Australia, Canada and Italy all run some form of “golden visa” schemes aimed at attracting wealthy investors.
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