Washington: U.S. President Donald Trump’s much-celebrated "gold card" visa program, once hailed as a multi-billion dollar fiscal saviour, is off to a remarkably lonely start. Commerce Secretary Howard Lutnick confirmed on Thursday that a grand total of one applicant has been approved for the initiative, a figure that stands in stark, silent contrast to the administration’s initial roar of enthusiasm.

The program, which permits foreign nationals to reside and work legally in the United States in exchange for a minimum payment of $1 million, was introduced in December. At the time of its launch, Lutnick asserted that the federal government had generated $1.3 billion "worth" of interest within a matter of days. During the unveiling, President Trump characterised the gilded credential as "essentially it's the green card on steroids."

Lutnick did not provide an explanation for the statistical gap during a congressional committee hearing on Thursday when questioned by a lawmaker.

Program Objectives and Origins

The "gold card" was championed by Trump last year as a mechanism to attract global talent while simultaneously bolstering federal revenue. Though the president initially proposed a $5 million price tag, the current iteration is designed to supplant the long-standing EB-5 program, which historically granted visas to individuals investing roughly $1 million in enterprises employing at least 10 workers.

Despite the singular approval to date, Lutnick expressed satisfaction with the program’s trajectory, noting that "there are hundreds in the queue that they are going through." He defended the slow pace of approvals by stating that the administration "wanted to make sure they did it perfectly."

Fiscal Implications

The modest start stands in contrast to Lutnick’s previous claim that the initiative could generate $1 trillion in revenue and facilitate a balanced federal budget. Such projections face substantial hurdles; America's national debt currently stands at $31.3 trillion, and the Committee for a Responsible Federal Budget anticipates an annual deficit of approximately $2 trillion for the current fiscal year.

Lutnick detailed that each applicant must submit a $15,000 fee in addition to the $1 million base cost to fund "rigorous vetting" for a program that provides an eventual pathway to American citizenship. Furthermore, corporations may sponsor foreign-born staff for a $2 million fee, supplemented by a 1% annual maintenance charge.

Marketing and Future Offerings

The program is supported by a high-profile government website featuring the slogan "Unlock life in America" alongside an image of a gold card adorned with President Trump’s likeness, a bald eagle, the Statue of Liberty, and his signature.

The site also advertises a forthcoming "$5 million Trump Platinum Card," which would reportedly allow holders to spend up to 270 days in the country without being subject to U.S. taxation on income earned abroad.

Global Context and Policy Shift

While Trump has centred much of his political identity on the deportation of undocumented immigrants, he has consistently advocated for a merit-based system that encourages skilled immigration.

When asked about the allocation of the visa proceeds, Lutnick responded that the decision "will be determined by the administration, and its terms are for the betterment of the United States of America."

The United States joins dozens of other nations, including the United Kingdom, Spain, Australia, and Canada, that have implemented versions of "golden visa" programs to attract wealthy individuals to their shores.

With inputs from AP