A Trump administration visa program touted to raise trillions for the U.S. Treasury has resulted in just one approval after receiving only 338 applications, according to new court filings.
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Trump’s $1M Gold Card Visa Program Sees Just 1 Approval
A Trump administration visa program once touted as a multi-trillion-dollar solution to the national debt has received just 338 applications and secured only a single approval, according to recent Department of Justice court filings. The numbers stand in stark contrast to the administration's lofty revenue projections for the "Golden Card" initiative.
The plan was to "make sure they did it perfectly," Commerce Secretary Howard Lutnick told a congressional committee regarding the slow progress. Lutnick previously suggested the program could generate $1 trillion in revenue by selling 200,000 visas.
The court documents, however, reveal a significant discrepancy with earlier official statements. While only 338 formal application requests were submitted, with just 59 advancing to Homeland Security for review, Lutnick claimed in a March podcast interview that "a thousand" cards had already been sold.
The program's failure to gain traction undermines its initial pitch as a meaningful tool to address the nearly $39 trillion national debt. Its performance highlights the gap between ambitious policy goals and the complexities of implementation, especially when compared to more controversial but higher-yielding revenue streams like tariffs, which generated an estimated $214.7 billion in additional annual revenue in 2025.
From $5 Trillion Goal to $1 Million Price Tag
The "Golden Card" visa was launched in December 2025 as a fast track to U.S. residency for wealthy foreigners. The initial concept, reportedly from billionaire donor John Paulson, proposed a $5 million buy-in. President Trump himself floated speculative math, suggesting that selling one million cards could bring in $5 trillion to help pay down the deficit.
Despite what Lutnick described as initial interest from nearly 70,000 individuals, demand evaporated when it came time to apply. In December 2025, the administration officially lowered the price to $1 million per visa. The government also advertised a future "Trump Platinum Card" for $5 million, which would offer extended stays without triggering U.S. tax obligations on foreign income.
Reality Check and Legal Challenges
The lackluster uptake reflects a limited target market. A Knight Frank Wealth Report estimates there are only about 626,000 individuals globally with $30 million or more in assets, a significant portion of whom already reside in North America. The court filings noted the Gold Card program "had not affected the processing of other visas," which attract tens of thousands of applicants.
Beyond the weak demand, the program faces legal opposition. The American Association of University Professors has filed a lawsuit, arguing the initiative illegally replaces merit-based immigration criteria with a system that sells visa qualifications to the highest bidder. The single approval and minimal application numbers suggest the program is currently more of a symbolic experiment than a serious fiscal solution.
This article is for informational purposes only and does not constitute investment advice.
[1] Only 338 people applied! Trump's 'Million Dollar Gold Card' program falls far short of expectations[2] Trump’s $1 million ‘gold card’ visa has not been as popular as advertised[3] Trump’s $5M ‘Gold Card’ visa was pitched as a debt solution for the $39T debt — but only 1 has reportedly sold so far[4] Trump's $1M 'gold card' visa sees just one approval[5] Donald Trump’s $1mn gold card visa fails to excite the world’s wealthy - Financial Times
