Trump 'Gold Card' visa approves just one applicant despite early $1B claims

The Trump administration’s new "gold card" visa program has approved just one applicant so far, Commerce Secretary Howard Lutnick said Thursday, undercutting earlier claims that it had generated more than $1 billion in sales within days of its launch.

What they're saying:

Lutnick did not address the apparent discrepancy in an exchange with a congresswoman at Thursday's committee hearing.

The backstory:

Trump pushed the idea last year, initially suggesting a cost of $5 million, and arguing that it would entice foreign talent to U.S. shores and fill out federal coffers. It's meant to replace the EB-5 program, a decades-old program that offered U.S. visas to people who invested about $1 million in a company with at least 10 employees.

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Though only one person has been approved, "there are hundreds in the queue that they are going through," said Lutnick, appearing pleased with the program's results, at a congressional committee hearing Thursday.

"They’ve just set it up, and they wanted to make sure they did it perfectly," he said.

A year ago, Lutnick said at a cabinet meeting that the gold card would raise $1 trillion in revenue and help "balance the budget." The publicly held debt is $31.3 trillion and outside projections by the Committee for a Responsible Federal Budget are that this fiscal year’s annual budget deficit will be roughly $2 trillion.

Dig deeper:

The commerce secretary noted that each applicant pays a $15,000 fee, on top of their million bucks, which allows for "rigorous vetting" of those applying to the program that eventually opens a path to U.S. citizenship. It also allows corporations to spend $2 million for a foreign-born employee, along with a 1% annual maintenance fee.

It boasts a glitzy government website with the phrase "Unlock life in America" above a depiction of a gold card: Trump’s stern visage, aside a bald eagle, the Statue of Liberty, and his squiggled signature. The website also touts the upcoming $5 million "Trump Platinum Card," which offers up to 270 days in America without being taxed on non-U. S. income.

While Trump has created a presidential identity partially around deporting immigrants without legal status, he has repeatedly supported skilled immigration to the U.S., which the gold card program could facilitate.

When asked how the proceeds will be spent, Lutnick said: "That will be determined by the administration, and its terms are for the betterment of the United States of America."

The idea is relatively common around the world, with dozens of countries offering versions of "golden visas" to wealthy individuals, including the United Kingdom, Spain, Greece, Malta, Australia, Canada and Italy.