The Trump administration's high-profile "Gold Card" visa initiative, designed to fast-track U.S. residency for wealthy applicants, has produced just one approved applicant despite claims of more than $1.35 billion in sales, according to testimony from Howard Lutnick.
The disclosure, made to lawmakers in Washington, highlights a widening gap between the program's reported financial inflows and its actual implementation. Lutnick said hundreds of applicants remain in the pipeline but confirmed that only a single case has been cleared by the Department of Homeland Security, which oversees vetting.
"The process was recently resolved with DHS, who runs the programme, and they do the most serious vetting and analysis of any potential applicant in the history of government," Lutnick said, framing the slow rollout as a function of stringent security checks rather than operational failure.
The "Gold Card" visa, introduced via executive order, requires applicants to make substantial financial commitments in exchange for expedited access to permanent residency pathways, including EB-1 or EB-2 visas. The structure has drawn attention for blending immigration policy with direct financial contributions to federal agencies.
Key elements of the program include:
- $15,000 application fee per individual applicant
- $1 million contribution to the Commerce Department
- Corporate option requiring $2 million contribution plus fees
- Accelerated processing toward legal permanent residency
Employers may also participate through a corporate track, expanding the program's reach beyond individual applicants to multinational firms seeking residency access for executives or key personnel.
The sole known approved applicant is widely reported to be Jeffrey Chao, founder of TP-Link Systems Inc., though neither the company nor the government has formally confirmed his status within the program. Bloomberg previously reported that Chao had applied, citing sources familiar with the matter.
The case has drawn additional scrutiny because TP-Link is reportedly under investigation by U.S. authorities over potential national security concerns related to Chinese ties. A spokesperson for the company said Chao resides in Irvine, California, and is pursuing permanent residency but did not confirm participation in the Gold Card initiative.
Legal challenges have compounded the program's difficulties. A group of immigrants filed suit in February seeking to block the scheme, arguing it effectively prioritizes wealth over merit-based immigration criteria. Critics say the structure risks undermining long-standing principles governing U.S. visa allocation.
Watchdog organizations have also raised transparency concerns. Kevin Bell of the Free Information Group described the program as resembling "million-dollar Mar-a-Lago memberships," arguing that access to residency appears tied to financial exclusivity rather than public-interest considerations.
