Only 1 person has been approved for Trump's "Golden Visa" so far! The US government's $1 trillion goal last year fell flat.

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U.S. Secretary of Commerce Howard Lutnick revealed at a House subcommittee hearing that the Trump administration's "Gold Card Visa" program has approved only one person to date. When the program launched last December, Howard Lutnick claimed it had attracted $1.3 billion within days, with a long-term goal of raising $1 trillion to "balance the budget," but the actual progress has fallen significantly short of expectations. (Context: Breaking: U.S. Department of Justice reportedly to drop charges against Fed Chair Powell as early as Friday; judge previously slammed the case as "political harassment to pressure rate cuts.") (Background: $701 million in cryptocurrency seized! U.S. Department of Justice cracks down on "Southeast Asian pig butchering scams," seized funds may bolster Trump's Bitcoin reserve.) Trump's "Gold Card Visa" is a U.S. residency and work permit costing at least $1 million, which Trump himself has called a "Green Card on steroids." After its launch last December, Secretary of Commerce Howard Lutnick boasted in a cabinet meeting that he would use it to raise $1 trillion for the U.S. treasury. However, he admitted at a House hearing on April 24 that, so far, only one person has received this Gold Card. Was the $1.3 billion in applications a scam? Howard Lutnick had announced alongside Trump late last year that the Gold Card program "sold $1.3 billion within days of launch," but there is a clear discrepancy between this figure and the actual number of approvals. He did not address this gap at the hearing, stating only that "hundreds of people are currently in the review queue" and emphasizing that the application process was established in conjunction with the Department of Homeland Security, adding, "They want to ensure everything is perfect." In addition to the $1 million individual version, the program includes a $2 million corporate version (for foreign employees, plus a 1% annual fee) and a $5 million "Trump Platinum Card," the latter of which allows holders to stay in the U.S. for up to 270 days per year and exempts them from U.S. taxes on foreign-sourced income. Each application incurs an additional $15,000 processing fee. When asked about the intended use of the funds raised, Howard Lutnick stated, "It will be decided by the executive branch; the terms are for the benefit of the United States." However, given the current pace of one approval, this program—intended to replace the EB-5 visa—is unlikely to become a significant source of revenue for the U.S. treasury in the short term. Or perhaps, the funds submitted by applicants may simply be "consumed" by the U.S. Citizenship and Immigration Services.

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Published:2026-04-25 05:21:46

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