President Donald Trump's touted $5 million golden visa might never actually materialize, according to a new report. Concretely, the Washington Post noted that the Trump administration has not taken any steps to introduce the legislation that would allow for the creation of the program, which Trump has promoted as a way to increase revenue for the country.
In fact, Commerce Secretary Howard Lutnick said the program could generate enough revenue to pay off the national deficit and eventually the entire U.S. debt, assuming millions of applicants. However, no applications had been received as of June, according to the report despite Trump saying that month that "thousands" of wealthy individuals were lining up to get the fast-track visa.
"Thousands have been calling and asking how they can sign up to ride a beautiful road in gaining access to the Greatest Country and Market anywhere in the World. It's called THE UNITED STATES OF AMERICA!" Trump said in a social media post back then. The post linked to trumpcard.gov, a federal website that claims the program "is coming."
Legal analysts from both parties consulted by the outlet, including former officials from the Department of Homeland Security, have emphasized that only Congress has the power to alter visa eligibility. The Supreme Court has also upheld congressional authority in immigration matters, and, even in limited rulings about executive powers, the Court has not affirmed that new visa programs can be enacted without legislative approval. That means that if the administration moves on its own it will likely face lawsuits.
Immigration attorneys have advised clients to avoid the program until legal parameters and requirements are clarified, the Washington Post added. Moreover, the proposed visa would be the most expensive in the world. Meanwhile, data shows many global millionaires already reside in the U.S. Of the world's 58 million millionaires, over 24 million of them already call the U.S. home. Between 2000 and 2024, the previous golden visa program issued an average of 5,555 per year.
Congressional Republicans, who have resisted new pathways to residency, have shown no interest in supporting the plan, according to the outlet.
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