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President Donald Trump’s \u201cgold card\u201d visa, where a foreigner can shell out at least $1 million to legally live and work in the U.S.<\/a>, has been approved for one person, said Commerce Secretary Howard Lutnick Thursday \u2014 appearing to fall a bit short of an earlier claim.<\/p>\n After it launched in December<\/a>, Lutnick said that the government had sold $1.3 billion \u201cworth\u201d in just several days, as Trump stood by holding up the gilded ticket and said, \u201cessentially it’s the green card on steroids.\u201d <\/p>\n Lutnick did not address the apparent discrepancy in an exchange with a congresswoman at Thursday’s committee hearing.<\/p>\n Trump pushed the idea last year, initially suggesting a cost of $5 million<\/a>, and arguing that it would entice foreign talent<\/a> 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. <\/p>\n Though only one person has been approved, \u201cthere are hundreds in the queue that they are going through,\u201d said Lutnick, appearing pleased with the program’s results, at a congressional committee hearing Thursday.<\/p>\n \u201cThey\u2019ve just set it up, and they wanted to make sure they did it perfectly,\u201d he said.<\/p>\n A year ago, Lutnick said at a cabinet meeting that the gold card would raise $1 trillion in revenue and help \u201cbalance the budget.\u201d The publicly held debt is $31.3 trillion and outside projections by the Committee for a Responsible Federal Budget are that this fiscal year\u2019s annual budget deficit will be roughly $2 trillion.<\/p>\n The commerce secretary noted that each applicant pays a $15,000 fee, on top of their million bucks, which allows for \u201crigorous vetting\u201d 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.<\/p>\n It boasts a glitzy government website with the phrase \u201cUnlock life in America\u201d above a depiction of a gold card: Trump\u2019s stern visage, aside a bald eagle, the Statue of Liberty, and his squiggled signature. The website also touts the upcoming $5 million \u201cTrump Platinum Card,\u201d which offers up to 270 days in America without being taxed on non-U. S. income.<\/p>\n 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. <\/p>\n When asked how the proceeds will be spent, Lutnick said: \u201cThat will be determined by the administration, and its terms are for the betterment of the United States of America.\u201d<\/p>\n The idea is relatively common around the world, with dozens of countries offering versions of \u201cgolden visas\u201d to wealthy individuals, including the United Kingdom, Spain, Greece, Malta, Australia, Canada and Italy.<\/p>\n<\/div>\n