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Just one person has been approved for Trump’s “Gold Card” visa program, Commerce Secretary Howard Lutnick revealed during a congressional committee hearing on Thursday. This announcement appears to contradict earlier claims about the program’s initial success.
The Gold Card initiative, launched in December 2023, allows wealthy foreign nationals to legally live and work in the United States by investing at least $1 million. When introducing the program, former President Donald Trump described it as “essentially a green card on steroids,” while Lutnick claimed the government had sold “$1.3 billion worth” of these visas within days of the launch.
During Thursday’s hearing, Lutnick did not address this apparent discrepancy when questioned by a congresswoman. Instead, he expressed satisfaction with the program’s progress, noting that “hundreds” of applications remain in the queue awaiting approval.
“They’ve just set it up, and they wanted to make sure they did it perfectly,” Lutnick explained about the thorough vetting process for applicants.
The Gold Card program was designed to replace the longstanding EB-5 visa program, which has offered U.S. residency to foreign investors who put approximately $1 million into American companies that employ at least ten workers. Trump initially suggested setting the Gold Card investment threshold at $5 million before settling on the current $1 million requirement.
According to Lutnick, applicants must pay a $15,000 application fee on top of their million-dollar investment, which funds the “rigorous vetting” process. The program also offers corporations an option to sponsor foreign-born employees for $2 million, plus a 1% annual maintenance fee.
The program’s ambitions were boldly stated by Lutnick a year ago, when he claimed at a cabinet meeting that the Gold Card would generate $1 trillion in revenue and help “balance the budget.” This projection seems increasingly unlikely given the current approval rate and the scale of U.S. federal debt, which stands at $31.3 trillion. The Committee for a Responsible Federal Budget projects this fiscal year’s annual deficit at approximately $2 trillion.
The Gold Card program is marketed with considerable flair, featuring a glossy government website that promises to “Unlock life in America.” The site showcases an image of the actual gold card, adorned with Trump’s portrait, a bald eagle, the Statue of Liberty, and the former president’s signature. The website also promotes an upcoming “$5 million Trump Platinum Card,” which would allow wealthy foreigners to spend up to 270 days in America without being taxed on non-U.S. income.
When asked how the proceeds from the program would be allocated, Lutnick remained vague, stating: “That will be determined by the administration, and its terms are for the betterment of the United States of America.”
The concept of offering residency or citizenship through investment is not unique to the United States. Dozens of countries worldwide have implemented similar “golden visa” programs, including the United Kingdom, Spain, Greece, Malta, Australia, Canada, and Italy. These programs typically attract wealthy individuals seeking mobility, security, or new business opportunities.
The Gold Card initiative represents an interesting contrast in Trump’s immigration stance. While he has built much of his political identity around promises to deport immigrants without legal status, he has consistently voiced support for skilled immigration to the United States – a position this program appears designed to facilitate, albeit exclusively for the wealthy.
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10 Comments
Interesting to see the rollout of the new ‘Gold Card’ visa program. One million dollars seems a very high bar for entry, though it may attract a certain caliber of investor. Curious to see how it compares to the prior EB-5 program in terms of impact and effectiveness.
Agreed, the high investment threshold could limit the program’s reach. Still, it may draw in serious, high-net-worth applicants that can contribute significantly to the US economy.
This seems like a niche program aimed at ultra-high-net-worth individuals. While it may provide some economic benefits, I’m not sure it will have a major impact overall. The bar is set very high, and it remains to be seen if it will gain significant interest from foreign investors.
The ‘Gold Card’ visa program seems geared towards attracting a very specific, high-net-worth demographic of foreign investors. While it may provide some economic benefits, I’m curious to see if it will have a meaningful impact overall given the restrictive investment threshold. Time will tell if it gains broader appeal.
Agreed, the $1 million bar is quite high. It may end up catering to a small, elite group of applicants rather than drawing in a more diverse pool of foreign investors. The slow initial uptake suggests there may be challenges in making the program work as intended.
The ‘Gold Card’ visa is an interesting concept, though the $1 million investment requirement is substantial. I imagine it will primarily attract a small pool of very wealthy foreign nationals looking to gain US residency. It will be worth monitoring the program’s uptake and impact over time.
Agreed, the high investment bar means this is likely to be a niche program. But for those who can afford it, it could provide a fast track to US residency, which may appeal to some.
Just one approved applicant so far? That’s a surprisingly low number, given the initial buzz around the ‘Gold Card’ visa program. The high $1 million investment requirement may be limiting interest or creating application bottlenecks. It will be interesting to see if the program gains more traction over time.
Just one approved applicant so far? That seems quite low, given the initial hype around the program. I wonder if the vetting process is overly burdensome or if there are other barriers deterring potential investors. It will be interesting to see if the program gains more traction over time.
The slow start is a bit puzzling, but thorough vetting is understandable given the high investment required. Perhaps the program will pick up steam as more details become known and confidence builds.