1,000 Sold in a Day, Aiming to Wipe Out National Debt
On March 22, 2025, U.S. Commerce Secretary Howard Lutnick announced a historic milestone: the Trump administration sold 1,000 Gold Cards in a single day, generating $5 billion in revenue. This marks a significant achievement in President Donald Trump’s immigration initiative, designed to attract high-net-worth individuals by offering a fast-track route to U.S. residency in exchange for a substantial financial investment.
A New Era in Investment Immigration
The Gold Card program serves as a streamlined alternative to the EB-5 visa, which requires foreign investors to contribute at least $800,000 and create ten American jobs for a green card. The new initiative allows applicants to bypass job creation requirements by paying a flat $5 million fee, providing a direct path to U.S. residency for wealthy individuals. Lutnick’s announcement indicates strong demand. Selling 1,000 Gold Cards in a day surpasses annual EB-5 demand, which issued 12,055 visas in fiscal year 2024. The administration is optimistic about the program’s long-term viability and ability to attract more investors.
Economic Impact
The Trump administration views the Gold Card initiative as a tool to address the $34 trillion national debt. Lutnick highlighted that selling 200,000 Gold Cards could generate $1 trillion. While ambitious, these projections reflect confidence in the program’s potential. Lutnick estimates that 37 million people worldwide can afford a Gold Card, with at least 250,000 expressing interest, representing a potential $250 billion investment pool. Even a fraction of these applicants could significantly boost the economy.
President Trump’s Vision
In a Fox News interview, Trump described the Gold Card as, “like the green card, but better and more sophisticated.” He emphasized that recipients would pay U.S. taxes, benefiting both investors and the economy. He also suggested that selling 10 million Gold Cards could generate $50 trillion, potentially eliminating the national debt. To prevent misuse, Trump assured strict vetting. He stated that any “unsavoury” individuals attempting to exploit the program would be refunded and deported, ensuring the initiative’s integrity.
He also suggested that selling 10 million Gold Cards could generate $50 trillion, potentially eliminating the national debt
Implementation and Technology
To facilitate applications, Elon Musk’s team is developing a secure system expected to launch within two weeks. This platform aims to streamline high-volume applications efficiently. Musk’s involvement adds credibility and modernizes the residency application process.
Market Viability and Global Interest
A key question is whether the Gold Card program can sustain demand. While the initial response is strong, some analysts question its long-term appeal. Investment-based immigration programs worldwide have seen mixed results. Countries like Portugal, Canada, and Malta offer similar “golden visas” with lower financial requirements, often in the hundreds of thousands rather than millions. At $5 million, the U.S. Gold Card is one of the most expensive residency programs globally. Despite the cost, U.S. residency remains highly desirable due to economic stability, a strong financial system, and access to top-tier education and healthcare. The prestige of U.S. residency further enhances its appeal among ultra-high-net-worth individuals.
Public and Political Reactions
The Gold Card program has received both support and criticism. Advocates argue it attracts affluent individuals who contribute through taxes, spending, and investments. By targeting the wealthy, the initiative avoids many controversies tied to traditional immigration policies while addressing fiscal challenges. Critics, however, raise ethical and security concerns. Some argue the program allows the ultra-rich to bypass traditional immigration hurdles while millions struggle through complex application processes. Others fear individuals with questionable backgrounds could exploit the system despite the administration’s promises of strict vetting. Legal experts also question whether the program can be implemented without congressional approval. While the administration claims it falls under existing residency regulations, expanding or granting citizenship through this pathway could face legal and political challenges.
Conclusion
The sale of 1,000 Gold Cards in a single day, generating $5 billion, highlights the program’s revenue potential. If the administration maintains momentum and successfully implements the application system, the initiative could attract substantial investment. However, its long-term success depends on sustained demand, efficient processing, and navigating legal and ethical challenges. As the Gold Card initiative unfolds, it will be closely monitored by policymakers, economists, and immigration experts. With its potential to reshape global investor migration, it may become one of the most impactful immigration policies in U.S. history.
