Trump’s ‘gold card’ visa starting at $1 million granted to just 1 person so far, White House says
President Donald Trump’s “gold card” visa, which allows a foreigner to pay at least $1 million to live and work legally in the United States, has been approved for just one person, Commerce Secretary Howard Lutnick said Thursday — appearing to fall a bit short of an earlier assertion.
After its launch in December, Lutnick said the government sold $1.3 billion “worth” in just a few days, while Trump held up the golden ticket and declared, “basically, it’s the green card on steroids.”
Lutnick did not address the apparent discrepancy in an exchange with a female lawmaker during Thursday’s committee hearing.
Trump floated the idea last year, initially suggesting a cost of $5 million and arguing it would attract foreign talent to U.S. shores and fill federal coffers. It is intended to replace the EB-5 program, a decades-old program that offered U.S. visas to people who invested about $1 million in a business with at least 10 employees.
Although only one person was approved, “there are hundreds in the queue,” Lutnick said, appearing pleased with the program’s results, at a congressional committee hearing Thursday.
“They just installed it and they wanted to make sure they did it perfectly,” he said.
A year ago, Lutnick told a cabinet meeting that the gold card would generate $1 trillion in revenue and help “balance the budget.” The national debt stands at $31.3 trillion, and external projections from the Committee for a Responsible Federal Budget project that the annual budget deficit this fiscal year will be about $2 trillion.
The Commerce Secretary noted that each applicant pays a $15,000 fee, on top of their $1 million, which allows for “rigorous vetting” of applicants to the program that ultimately provides a path to U.S. citizenship. It also allows companies to spend $2 million on a foreign-born employee, as well as a 1% annual maintenance fee.
It features a glitzy government website with the phrase “Unlock Life in America” above a depiction of a golden card: Trump’s stern face, next to a bald eagle, the Statue of Liberty and his scribbled signature. The website also touts the upcoming $5 million “Trump Platinum Card,” which offers up to 270 days in America tax-free on non-U.S. income.
While Trump has created a presidential identity in part around deporting immigrants without legal status, he has repeatedly supported skilled immigration to the United States, which the gold card program could facilitate.
When asked how the proceeds would be spent, Lutnick said, “That will be determined by the administration, and its terms are for the good of the United States of America.” »
The idea is relatively common around the world, with dozens of countries offering versions of “golden visas” to wealthy individuals, including the United Kingdom, Spain, Greece, Malta, Australia, Canada and Italy.
