President Trump's Golden Visa Will Be Ready In 2 Weeks; Commerce Secretary Lutnick Says 1,000 Have Already Been Sold

President Donald Trump's proposed "Golden Visa" program is set to launch in about two weeks, according to Commerce Secretary Howard Lutnick. Speaking on the "All-In Podcast" with Chamath Palihapitiya and David Friedburg, Lutnick said last week that 1,000 of the visas have been sold, which would allow wealthy individuals to obtain permanent U.S. residency for a $5 million fee.

How the Golden Visa Program Will Work

The Golden Visa program would function as an upgraded version of the existing EB-5 visa program, which allows foreign investors to obtain a green card if they invest at least $1.05 million in the U.S. Under the new plan, applicants would pay $5 million for a “gold card,” granting them permanent residency without the obligation to become U.S. citizens.

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Lutnick explained that successful applicants would only be taxed on income earned in the U.S., not their global income. He said that applicants would be thoroughly vetted, and those found to have committed serious offenses could have their visas revoked. "If they do something horrible, you can take it away," he added. 

Trump views the program as a way to attract wealthy individuals who could contribute to the U.S. economy by investing, starting businesses, and hiring workers. Lutnick estimated that approximately 37 million people worldwide could qualify and afford to buy a Golden Visa. Trump has suggested that the program could sell 1 million visas, generating up to $5 trillion.

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Early Sales and Future Demand

Lutnick claimed that demand for the visas is already high. "Yesterday I sold a thousand," he said during the podcast. He also highlighted that the application process would be fast and efficient, with modern technology enabling quick background checks and processing.

Elon Musk is reportedly helping develop the software for the program. Lutnick described the system as using advanced artificial intelligence and automation to streamline the vetting process. "You could do a better vet than anybody in government has ever done before in one second," he said.

Concerns About Potential Abuse

While Trump has promoted the Golden Visa as a way to boost the economy, he has also acknowledged potential risks. In an interview with Fox News, Trump admitted he was concerned about "unsavory people" exploiting the program.

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"Yeah, I'm worried about unsavory — in which case we're gonna give ‘em the money back and they'll get out," Trump said. He stressed that applicants would be properly vetted but acknowledged that managing a large influx of wealthy immigrants could pose challenges.

Critics have raised moral and ethical concerns about the program. Some have argued that selling residency privileges to the wealthy could undermine the concept of American citizenship and create a system where only the affluent can secure a place in the U.S. Others have questioned how the program aligns with Trump's "America First" stance, which has historically focused on reducing immigration.

What’s Next

The Golden Visa program is expected to launch within two weeks, with Lutnick confident that demand will remain strong. The program's success will likely depend on how well the government manages the application process and addresses potential concerns about fairness and security.

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