President Donald Trump's "gold card" visa program, which grants U.S. residency to foreigners who invest at least $1 million, has approved only one applicant since its December launch, Commerce Secretary Howard Lutnick announced Thursday. The program, touted as a revenue generator and replacement for the EB-5 visa initiative, has faced scrutiny over its slow adoption and initial claims of rapid success.
Part 1: Immediate Action & Core Facts
Lutnick disclosed the approval of one applicant during a House subcommittee hearing, noting "hundreds" are in the queue. The program, overseen by the Department of Homeland Security (DHS), requires a $1 million donation plus a $15,000 processing fee. Lutnick emphasized rigorous vetting but did not address discrepancies with earlier claims of $1.3 billion in initial investments.
Part 2: Deeper Dive & Context
Program Origins and Goals
Trump introduced the program last year, initially proposing a $5 million threshold. It aims to attract foreign talent and bolster federal revenue, with Lutnick previously suggesting it could raise $1 trillion. However, the U.S. debt stands at $31.3 trillion, and projections estimate a $2 trillion fiscal deficit this year.
Application Process and Scrutiny
Applications opened in December, with DHS overseeing the process. Lutnick described the vetting as "the most serious in government history," though details about the approved applicant remain undisclosed. Rep. Grace Meng (D-NY) questioned how the $1 million donations would be used, with Lutnick stating the administration would determine allocations.
Comparisons to EB-5 Program
The gold card visa replaces the EB-5 program, which required $1 million investments in businesses with at least 10 employees. Trump framed the new program as a "green card on steroids," but its slow start contrasts with initial promises of rapid approvals and revenue.
Political and Public Reactions
Critics have highlighted the program's limited impact, while supporters cite its potential for economic growth. Lutnick defended the rollout, stating officials wanted to "do it perfectly." The Commerce Department did not immediately respond to requests for further comment.