Trump $1 Million 'Gold Card' Visa Has Approved Only One Applicant So Far
Commerce Secretary Howard Lutnick told Congress this week in Washington that the $1 million "Gold Card" investor visa has approved only one applicant since the program launched in December, casting doubt on its revenue promises.
Lutnick's update directly contradicts his earlier podcast claim that 1,000 cards sold and $1.3 billion raised in days; he did not explain the discrepancy at the hearing. Applicants must pay a $15,000 processing fee on top of the $1 million investment, and corporations can buy a $2 million corporate card plus a 1 percent annual maintenance fee for an employee. Lutnick told lawmakers he still projects the program could raise as much as $1 trillion to help balance the federal budget.
The episode traces back to President Trump's February 2025 proposal that would replace the EB-5 investor visa and his September 2025 executive order that set the price at $1 million per individual. The program went live on a government website in December, complete with Trump's image and plans for a $5 million "Platinum" tier. By contrast, 11,930 people received conditional lawful permanent resident status through EB-5 in fiscal 2023, and 4,848 new EB-5 petitions arrived in fiscal 2024. Two months before Lutnick's testimony, a coalition of immigrant groups and the American Association of University Professors sued to block the program, saying it favors wealthy applicants and bypasses Congress.
Early administration messaging touted instant sales and huge revenue, but reporting has shifted after Lutnick's congressional testimony showing virtually no approvals. ABC, AP and other outlets published updates that contrasted the original sales claims with the one-approval reality.
Reaction on social media ranged from calls to wait and see to sharp skepticism about the program's viability after one approved applicant. How quickly approvals increase will shape whether the program raises meaningful funds or remains an underwhelming policy experiment.
📊 Relevant Data
In fiscal year 2023, 11,930 individuals received conditional lawful permanent resident status through the EB-5 immigrant investor program.
Overview of the EB-5 Immigrant Investor Program — Congressional Research Service
In fiscal year 2024, USCIS received 4,848 new EB-5 immigrant investor petitions.
Overview of the EB-5 Immigrant Investor Program — Congressional Research Service
📌 Key Facts
- Commerce Secretary Howard Lutnick told Congress under oath that the $1 million "Gold Card" visa program, launched in December, has approved exactly one person so far.
- Lutnick’s congressional testimony contradicted his earlier podcast claim that 1,000 Gold Cards had been sold and $1.3 billion raised; he did not explain the discrepancy at the hearing.
- Applicants must pay a $15,000 fee in addition to the $1 million investment; corporations can purchase a slot for an employee for $2 million plus a 1% annual maintenance fee.
- Lutnick reiterated projections that the program could raise $1 trillion to help balance the federal budget, while President Trump has previously claimed the program could generate $50 trillion, highlighting a large gap between projections and actual uptake.
- The program is explicitly framed as a replacement for the EB-5 investor visa and is marketed on a glitzy government website featuring Trump’s image and a planned $5 million "Trump Platinum Card" variant.
- A coalition of immigrants and an academic labor union filed a lawsuit against the Gold Card program two months earlier, creating a potential new legal challenge.
📰 Source Timeline (3)
Follow how coverage of this story developed over time
- Reiterates, with AP attribution, that Commerce Secretary Howard Lutnick told Congress under oath that only one 'Gold Card' visa has been approved.
- Highlights that Lutnick previously claimed on a podcast that 1,000 Gold Cards were sold and $1.3 billion raised, and notes he did not explain the discrepancy during the hearing.
- Recalls President Trump’s prior statement that the program could generate $50 trillion in revenue, underscoring the gap between projections and actual uptake.
- Notes that a coalition of immigrants and an academic labor union filed a lawsuit against the Gold Card program two months earlier, posing a potential new legal challenge.
- Commerce Secretary Howard Lutnick told Congress the $1 million 'gold card' visa program has approved exactly one person since launching in December.
- Lutnick’s update contradicts his earlier claim that the government had sold $1.3 billion worth of gold cards in several days, a discrepancy he did not address at the hearing.
- Each applicant must pay a $15,000 fee in addition to the $1 million investment, and corporations can pay $2 million plus a 1% annual maintenance fee for an employee.
- Lutnick reiterated earlier projections that the program could raise $1 trillion to help balance the federal budget, despite the current one-approval record.
- The program is explicitly framed as a replacement for the EB-5 investor visa and is marketed via a glitzy government website featuring Trump's image and a planned $5 million 'Trump Platinum Card' variant.