US President Donald Trump’s $1 million Gold Card visa program was expected to bring in more than $1 trillion; however, it has only been granted to one person in the past year.
Trump announced a new visa program last year for people wanting to expedite their immigration to the United States. The president at the time described it as “the green card on steroids.”
Commerce Secretary Howard Lutnick said the government sold $1.3 billion worth of it within days of its launch. It was about raising a trillion dollars, balancing the budget and attracting the world’s richest talent to American shores.
However, all of these claims were denied by Lutnick himself during his hearing before a congressional committee on Thursday. He told the committee that since the program launched in December, exactly one person has been approved.
However, he said there were hundreds of applicants awaiting approval for the program, adding that the administration had wanted to make sure it had done everything perfectly before approving anyone.
Lutnick has failed to clarify his claim of $1.3 billion in sales from the program while one candidate has been approved so far.
When asked by a congresswoman how the government spends application fees, Lutnick replied: “That will be determined by the administration, for the good of the United States of America.” »
How does the Gold Card work?
A foreign national pays at least $1 million, plus $15,000 in application fees, in exchange for the right to live and work legally in the United States.
The concept itself is not new as dozens of countries around the world, including the United Kingdom, Spain, Greece, Australia and Canada, offer a version of the golden visa to wealthy investors.
