Trump's 'Gold Card': Gateway or Gimmick?

President Trump's 'gold card' visa program allows foreign investment of at least USD 1 million for US residency. Aimed to replace the EB-5 program, it attracted criticism for issuing only one visa so far. Eventual citizenship and a pending 'Platinum Card' are among the aspects drawing attention.

A controversial 'gold card' visa program promoted by President Donald Trump has so far only approved one applicant, Commerce Secretary Howard Lutnick revealed on Thursday. Aimed at selling permanent residency to wealthy foreigners for USD 1 million, the program was launched in December to replace the decades-old EB-5 scheme.

Initially advertised as a financial boon, Commerce Secretary Lutnick claimed it sold USD 1.3 billion worth within days of launch. However, recent congressional committee hearings exposed a discrepancy between this statement and the actual number of issued visas.

The 'gold card' program includes a USD 15,000 application fee and allows corporations to sponsor foreign employees for USD 2 million. While it promises to 'unlock life in America,' the true benefits remain unclear as the initiative struggles for momentum.