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Trump's 'Million Dollar Gold Card' Cools: Only 1 Approval, Billion-Dollar Fundraising Goal Falls Short
On April 25, according to Fortune, the U.S. ‘Gold Card Visa’ program is progressing slower than expected. Commerce Secretary Howard Lutnick revealed that only 1 person has been approved for the program so far, which is a significant shortfall from the previously stated goal of attracting $1.3 billion within a few days and raising $1 trillion in the long term. The program allows foreigners to pay at least $1 million for legal residency and work eligibility in the U.S., referred to as an ‘upgraded green card,’ originally intended to attract high-net-worth talent and increase fiscal revenue. Officials stated that there are still hundreds of applicants in the review queue and emphasized that the approval process is strict. However, the market generally believes that the program is advancing slowly and is unlikely to become a significant source of funding for the U.S. Treasury in the short term.