Trump's $1M gold visa has just 1 taker so far
What's the story
United States President Donald Trump's "gold card" visa, which allows foreigners to pay at least $1 million to live and work in the US, has been approved for only one person so far. This was revealed by Commerce Secretary Howard Lutnick on Thursday. The revelation comes as a stark contrast to earlier claims that the government had sold $1.3 billion worth of these visas within days of its launch in December.
Visa demand
Hundreds in the queue: Commerce secretary
Despite only one approval so far, Lutnick said there are "hundreds in the queue that they are going through." He expressed satisfaction with the program's progress during a congressional committee hearing on Thursday. The commerce secretary had previously projected that the gold card visa would generate $1 trillion in revenue and help balance the budget.
Budget impact
Each applicant pays $15,000 fee
US's publicly held debt currently stands at $31.3 trillion, with outside projections estimating a budget deficit of around $2 trillion for this fiscal year. Each applicant for the gold card visa pays a $15,000 fee in addition to their million-dollar investment. This fee allows for "rigorous vetting" of applicants and paves the way to US citizenship. Corporations can also spend $2 million on a foreign-born employee under this program, along with an annual maintenance fee of 1%.
Visa purpose
Gold card intended to replace EB-5 program
The gold card visa is intended to replace the EB-5 program, which offered US visas to investors who put $1 million into a company with at least 10 employees. The program aims to attract foreign talent and boost the US economy. Similar "golden visa" programs are offered by several countries around the world, including the United Kingdom, Spain, Greece, Malta, Australia, Canada and Italy.