Key insights
- The Trump administration's 'Gold Card' visa program, aimed at attracting wealthy foreigners to the US, has approved only one applicant. This suggests potential hurdles or lack of appeal, which could have a minor negative impact on economic growth expectations and investment flows into the US.
Investing.com -- Only one person has been approved for Donald Trump’s "Gold Card" Visa program, which grants foreigners US residency for a $1 million fee, Commerce Secretary Howard Lutnick said Thursday. Lutnick testified to a US House committee that applications from hundreds more foreigners are currently under review, but did not reveal the identity of the approved applicant.
The Trump administration began accepting applications for the visa in December. Applicants must undergo what Lutnick described as "an extraordinary vet" and pay a $15,000 processing fee in addition to the $1 million residency fee.
The president has promoted the Gold Card visa program as a way of attracting talent to the US. The US Department of Homeland Security did not immediately respond to a request for comment regarding the approval rate or the status of the backlog.
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