Only one person has received approval so far for President Donald Trump’s ‘gold card’ visa, under which a foreigner can pay at least $1 million to live and work in the US legally, Commerce Secretary Howard Lutnick said on Thursday.
This appeared to fall a bit short of the earlier claim — After its launch in December, Lutnick said that the government had sold $1.3 billion “worth” in just several days.
Trump has called this gilded ticket “essentially it’s the on steroids”.
Despite having created a presidential identity partially around deporting immigrants without legal status, 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 though only one person has been approved, “there are hundreds in the queue that they are going through.”
He reportedly appeared pleased with the program’s results at a congressional committee hearing on Thursday. “They’ve just set it up, and they wanted to make sure they did it perfectly,” he said.
A year ago, Lutnick said that the gold card would raise $1 trillion in revenue and help “balance the budget.” The publicly held debt is $31.3 trillion, and outside projections by the Committee for a Responsible Federal Budget are that this fiscal year’s annual budget deficit will be roughly $2 trillion.
He noted that each applicant pays a $15,000 fee, on top of their million bucks, which allows for “rigorous vetting” of those applying to the program that eventually opens a path to . It also allows corporations to spend $2 million for a foreign-born employee, along with a 1% annual maintenance fee.
When 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 the ‘gold card’ visa?
Trump pushed the idea of a last year, initially suggesting a cost of $5 million, and arguing that it would entice foreign talent to US shores and fill out federal coffers.
It’s meant to replace the EB-5 program, a decades-old program that offered US visas to people who invested about $1 million in a company with at least 10 employees.
The ‘gold visa’ boasts a glitzy government website with the phrase “Unlock life in America” above a depiction of a gold card: Trump’s stern visage, aside a bald eagle, the Statue of Liberty, and his squiggled signature.
The website also touts 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 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.
