US Official: Just One Recipient of Trump's 'Gold Card' Visa Approved

The much-touted "gold card" visa program, initiated by former President Donald Trump, has seen a remarkably slow uptake, with U.S. Commerce Secretary Howard Lutnick revealing that only a single applicant has been approved so far. Launched with the promise of attracting significant foreign investment and creating jobs, the program requires a substantial investment of at least $1 million for individuals or $2 million for corporate sponsorship, along with a $15,000 processing fee.

Introduced last September and opening for applications in December, the program aimed to offer residency permits to wealthy foreign investors. While Lutnick stated that "hundreds are in the queue" undergoing "very serious scrutiny and analysis," the solitary approval raises questions about the program's effectiveness and appeal. This comes amidst a broader trend of tightened immigration policies under the Trump administration, including increased deportation raids and additional fees on skilled worker visas like the H-1B.

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And there are hundreds in the queue

The "gold card" initiative was presented as a means to bolster the U.S. economy and reduce the national deficit by attracting capital from high-net-worth individuals. However, the stringent vetting process and the high investment threshold appear to be significant barriers for potential applicants. The program's slow progress contrasts sharply with the initial fanfare surrounding its announcement, suggesting that its practical implementation may not be living up to its ambitious goals.

This development also occurs in the context of other countries offering similar "golden visa" schemes to attract foreign investment. While the U.S. program aims to differentiate itself through rigorous screening, its limited success thus far indicates a need for re-evaluation. The administration's focus on immigration control, coupled with the economic demands of the gold card program, presents a complex picture of U.S. policy towards foreign investment and residency.

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they will undergo "very serious scrutiny and analysis."