The Trump administration's "Gold Card" visa program, which offers U.S. residency to foreigners who pay a $1 million fee plus a $15,000 processing fee, has approved just one applicant since its launch in December 2023.
Key Takeaways
The Trump administration's $1 million 'Gold Card' visa program has approved one applicant since its launch in December. Commerce Secretary Howard Lutnick announced this during a House subcommittee hearing, noting that hundreds more applications are pending review.
- Only one Gold Card visa approved so far
- Program offers U.S. residency for a $1 million fee plus $15,000 processing fee
- Hundreds of applicants in queue awaiting approval
- Funds to be used for 'the betterment' of the United States
- Program aims to replace the EB-5 visa initiative
Commerce Secretary Howard Lutnick revealed this information during a House subcommittee hearing on Thursday. He emphasized that the program's rigorous vetting process ensures thorough background checks before approval. "They have approved, recently, one person, and there are hundreds in the queue," Lutnick said. "They wanted to make sure they did it perfectly."
The Gold Card visa program was announced by President Donald Trump last year as an expedited path for wealthy foreigners to secure legal residency in the U.S. The initiative aims to generate government revenue and replace the EB-5 program, a decades-old initiative that offered U.S. visas to people who invested about $1 million in a company with at least 10 employees.
When asked how the proceeds from the Gold Card visa will be spent, Lutnick stated that the funds would be directed toward "the betterment" of the United States. The administration has not yet disclosed specific details on how these funds will be allocated.
How this summary was created
This summary synthesizes reporting from 3 independent publishers using AI. All sources are cited and linked below. NewsBalance is a news aggregator and media literacy tool, not a news publisher. AI-generated content may contain errors or inaccuracies — always verify important information with the original sources.