Commerce Secretary Howard Lutnick provided an update regarding the “gold card” visa program, introduced under the Trump administration, during a congressional committee hearing on Thursday. The program, which allows foreign nationals to gain legal residency in the United States by investing at least $1 million, has currently approved only one applicant. This figure contrasts with earlier claims suggesting a more rapid uptake.
### Initial Enthusiasm and Current Outcomes
The gold card visa program was launched in December, with Lutnick initially stating that the government had seen sales worth $1.3 billion within a few days. At that time, former President Donald Trump presented the initiative as a revolutionary option for foreign investors, dubbing it “the green card on steroids.” However, during Thursday’s hearing, Lutnick did not respond to questions regarding the apparent lag in actual approvals.
Only one individual has successfully navigated the approval process so far; however, Lutnick highlighted that “hundreds are in the queue.” He emphasized the government’s commitment to ensuring the program is implemented correctly.
### Financial Projections and Revenue Generation
At a cabinet meeting last year, Lutnick projected that the gold card initiative could raise an estimated $1 trillion in revenue, helping to address the country’s budgetary concerns. The national debt currently stands at approximately $31.3 trillion, and projections indicate this fiscal year could see a budget deficit of about $2 trillion. The Commerce Secretary noted that in addition to the $1 million investment, applicants are required to pay a $15,000 application fee, which is intended to support a thorough vetting process for prospective candidates.
Moreover, the program allows corporations to invest $2 million to sponsor a foreign employee, while imposing an annual 1% maintenance fee on these investments.
### Program Specifics and Public Reception
The gold card program aims to replace the prior EB-5 program, which granted visas in exchange for a $1 million investment in U.S. businesses that create at least 10 jobs. The program draws comparisons to similar initiatives in various nations, including the United Kingdom, Spain, and Canada, among others, where wealthy individuals can obtain residency through significant financial contributions.
The official government website for the gold card features an eye-catching layout with the message “Unlock life in America,” and visually promotes the program with imagery that includes a representation of Trump, the bald eagle, and the Statue of Liberty. Additionally, it highlights an upcoming “Trump Platinum Card,” priced at $5 million, which would reportedly allow holders to reside in the U.S. for up to 270 days annually without being taxed on non-U.S. income.
### Immigration Policy Context
While Trump’s administration has often been characterized by a focus on strict immigration enforcement, including efforts to deport undocumented immigrants, the gold card initiative reflects a push for skilled immigration. The potential to attract talent through investment aligns with broader trends in immigration policy aimed at bolstering the U.S. economy by welcoming skilled labor.
When questioned about how the funds raised through the gold card program would be allocated, Lutnick indicated that this detail would depend on the administration’s directives, asserting that the proceeds would be used for the “betterment of the United States of America.”
As the gold card program continues to develop, it remains to be seen how successful it will be in attracting foreign investment and whether the administration can fulfill its ambitious financial projections.
Source: Original Reporting
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