Washington: A controversial “gold card” visa programme proposed by Donald Trump has reportedly approved just one applicant so far, despite earlier claims of strong initial uptake, according to US Commerce Secretary Howard Lutnick.
The scheme, which allows wealthy foreigners to legally live and work in the United States by investing at least USD 1 million, was introduced as a replacement for the long-standing EB-5 Immigrant Investor Program.
Early claims versus current reality
Shortly after its launch in December, Lutnick had stated that the programme generated USD 1.3 billion “worth” of interest within days. However, his latest remarks during a congressional committee hearing suggest that approvals have been far more limited, with only one applicant cleared so far.
Addressing lawmakers, Lutnick said that while only a single approval has been granted, “hundreds” of applications are currently under review. He attributed the slow pace to the administration’s focus on ensuring a thorough and precise rollout.
High-cost pathway to US residency
The gold card visa is positioned as a premium alternative to traditional immigration routes. Applicants are required to invest a minimum of USD 1 million, along with an additional USD 15,000 processing fee for what officials describe as “rigorous vetting”.
The programme also allows corporations to sponsor foreign-born employees by paying USD 2 million, along with a 1 per cent annual maintenance fee. Successful applicants are offered a pathway to US residency and eventual citizenship.
Trump had earlier described the initiative as “a green card on steroids”, pitching it as a way to attract global talent and generate substantial revenue for the US government.
Ambitious revenue targets questioned
The administration had projected that the programme could generate up to USD 1 trillion in revenue, potentially contributing to reducing the country’s fiscal deficit. However, the slow approval rate has raised questions about whether such targets are achievable.
With the US facing a national debt exceeding USD 31 trillion and an annual deficit estimated at around USD 2 trillion, experts remain cautious about the programme’s potential impact on public finances.
Global trend of investor visas
The concept of investor-based immigration is not unique to the United States. Several countries, including the United Kingdom, Spain, Greece, Malta, Australia, Canada, and Italy, offer similar “golden visa” programmes aimed at attracting high-net-worth individuals.
These schemes typically provide residency or citizenship in exchange for investments in real estate, businesses, or government bonds.
Mixed signals on immigration policy
The gold card initiative reflects a broader dual approach to immigration policy under Trump, combining strict measures against illegal immigration with support for skilled and investment-based entry routes.
While the programme aims to attract affluent individuals and boost economic growth, its long-term success will depend on demand, regulatory clarity, and public perception.
Conclusion
Despite ambitious projections and initial hype, the gold card visa programme appears to be off to a slow start, with only one approval so far. As authorities continue to process applications, its effectiveness as a revenue-generating and talent-attracting initiative remains to be seen.