Lutnick noted that the program is being positioned as a special residency option for high-net-worth individuals. “
Trump’s ‘Gold Card’ Residency Scheme Surpasses Expectations, 1,000 Sold One Day. US President Donald Trump’s controversial ‘Gold Card’ or ‘Golden Visa’ program, which offers permanent residency and optional citizenship for $5 million per card, appears to be an instant success, according to US Commerce Secretary Howard Lutnick.
Speaking on the All In podcast, Lutnick claimed that 1,000 Gold Cards were sold in a single day, generating a whopping $5 billion in revenue. He further revealed that the program is expected to officially launch in about two weeks, with billionaire entrepreneur Elon Musk currently developing the software infrastructure for its implementation.
Explaining the appeal of the scheme, Lutnick said that unlike US citizens, Gold Card holders will not be subject to global taxation. “If you’re a U.S. citizen, you pay worldwide taxes, so foreigners certainly won’t come to the U.S. to pay global taxes. With the Gold Card, you’ll be a permanent resident of the U.S. without paying taxes on your foreign income. You can choose to become a citizen, but you’ll have to — and most won’t — avoid global tax obligations,” he said.
Lutnick also noted that the program is being positioned as a special residency option for high-net-worth individuals. “Buyers will be able to stay in the U.S. indefinitely by paying $5 million. They will be vetted to ensure they are law-abiding individuals, and the U.S. government reserves the right to revoke this status in the event of illegal activity,” he said.
The Commerce Secretary estimated that about 37 million people worldwide have the financial ability to afford a Gold Card, adding that Trump believes the US could sell at least a million of them. The revenue from the program is reportedly intended to help reduce the country’s fiscal deficit.
Trump had previously announced that there would be no limit on the number of Gold Cards issued annually. If the sales figures claimed by Lutnick are accurate, the program could soon become one of the most profitable housing schemes in the world in terms of investment.
