Only one person has so far received approval for President Donald Trump’s “gold card” visa, which allows a foreigner to pay at least $1 million to live and work legally in the U.S., Commerce Secretary Howard Lutnick said Thursday.
That seemed to fall a bit short of an earlier claim — after its launch in December, Lutnick said the government had sold “worth” $1.3 billion in just a few days.
Trump called the gilded ticket “basically a green card on steroids.”
Despite building a presidential identity in part around deporting undocumented immigrants, Trump has repeatedly supported skilled immigration to the US, which the gold card program could facilitate.
What did Lutnick say?
Without addressing the apparent discrepancy at Thursday’s committee hearing, Lutnick said that while only one person was approved, “there are hundreds in the queue that they’re going through.”
He reportedly appeared satisfied with the program’s results at a congressional committee hearing on Thursday. “They just set it up and they wanted to make sure they did it perfectly,” he said.
A year ago, Lutnick said the gold card would raise $1 trillion in revenue and help “balance the budget.” The publicly held debt is $31.3 trillion, and external projections by the Committee for a Responsible Federal Budget are that the annual budget deficit this fiscal year will be roughly $2 trillion.
He noted that each applicant pays a $15,000 fee, on top of his million dollars, which allows for “rigorous vetting” of those applying to the program, which eventually opens the way to U.S. citizenship. It also allows companies to spend $2 million per foreign-born employee, along with a 1% annual maintenance fee.
Asked how the proceeds will be spent, Lutnick said, “That will be determined by the administration and its terms are for the betterment of the United States of America.”
What is a “Gold Card” visa?
Trump floated the idea of a “gold card” visa last year, initially proposing a $5 million price tag, arguing it would attract foreign talent to American 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 company with at least 10 employees.
The “Golden Visa” boasts a glossy government website with the phrase “Unlock Life in America” above an image of the gold card: Trump’s stern visage, flanked by a bald eagle, the Statue of Liberty and his contorted signature.
The site also offers the upcoming $5 million “Trump Platinum Card,” which offers up to 270 days in America without being taxed on non-US income.
The idea is fairly common around the world, with dozens of countries offering versions of “golden visas” to wealthy individuals, including the UK, Spain, Greece, Malta, Australia, Canada and Italy.
