Secretary of Commerce Howard Lutnick defended President Donald Trump’s proposed “gold card” visa program, touting that there were already “250,000 waiting in line” for the visa pathway that the gold card program could soon replace.
Just one day after announcing the proposed gold card program, Lutnick told Fox News host Bret Baier that if the “250,000” people were “willing to pay the $5 million” that the gold card requires, it would amount to “over $1 trillion dollars” in stimulating the U.S. economy and paying down the national debt.
But it’s unclear where Lutnick is obtaining the “250,000” number.
Or where to sign up.
The gold card program, which Lutnick said would replace the EB-5 immigrant investor visa program, has not launched, so there is no way to apply for it – though it is expected to in roughly two weeks.
The government tracks the number of EB-5 applicants every year but analysis of data tables indicates that there is currently a backlog of anywhere from 24,000 to 60,000 applicants – numbers nowhere near 250,000.
The Independent has asked the White House, the Commerce Department and Citizenship and Immigration Services for comment.
EB-5s were created in 1990 as a method for immigrants to obtain green cards. A person must invest at least $1 million in a company –or $800k in a low-income area – that employs at least 10 people.
However, the program has often been criticized for posing a security risk to the U.S. and being an easy avenue for fraud to occur.
The U.S. allocates approximately 18,700 EB-5 visas and caps the number that can be given to individuals from a specific country. In 2024, more than 4,500 EB-5 visas were issued.
Under Trump’s gold card visas, wealthy foreigners could invest $5 million in exchange for permanent residency. The president indicated there would be no cap on the number of gold cards issued, as he explained the federal government could sell one million.
Lutnick seemingly echoed that while explaining they could issue gold cards to all alleged 250,000 people waiting in line.
The commerce secretary assured people that all applicants would be properly vetted and subject to U.S. taxes.
“200,000 of these gold, green cards is $1 trillion to pay down our debt and that’s why the president is doing it,” Lutnick said. “Because we are going to balance this budget and we are going to pay off the debt under President Trump.”
But it is unlikely that even those currently waiting for EB-5 visas would be able to make a $5 million investment in exchange for a gold card, as many of the applicants are not ultra-wealthy.
It’s even more unlikely that one million foreigners would apply for the gold card. There are approximately 424,000 people in the world with a net worth of $30 million or more, with 277,000 living overseas, according to CNBC.
