“Sold” for US$1.3 billion, but only one application approved: how the Trump Gold Card works and why there’s a gap in the reports

US Department of Commerce Secretary Howard Lutnick told a House Appropriations subcommittee that since applications opened for the Trump Gold Card program in December, exactly one application has been approved. At the same time, he said “hundreds” of other applicants are awaiting review, and called the selection process “the most serious […] procedure in the history of the government.”

Four months earlier, Lutnick—alongside President Donald Trump—announced the program and claimed the U.S. had “sold” Gold Cards worth US$1.3 billion in just a few days. Trump then displayed a gilded card and described it as a “green card on steroids.” On Thursday, however, Lutnick did not explain how that US$1.3 billion figure aligns with the fact that only one application had been approved.

What “sold” for US$1.3 billion actually means is unclear

The program’s own website states that a US$1 million donation is submitted only after an applicant passes the screening process. Until then, participants pay only a registration fee of US$15,000. If “hundreds” of applicants are truly in the queue, the program could have collected several million dollars during the waiting period from those fees alone. Lutnick also said that, as of Thursday, the single approved applicant had submitted exactly US$1 million.

Lutnick did not clarify what was meant by the term “sold” when the program was announced in December. It’s unclear whether the figure referred to registration fees collected, preliminary commitments to donate, or some other metric entirely. In response to media inquiries about the discrepancy, the Department of Commerce did not provide comments.

A trillion-dollar projection: how the numbers don’t add up

A year ago, Lutnick told the Cabinet that the Gold Card could generate US$1 trillion and help balance the federal budget. That calculation was based on a scenario of “one million cards, each worth US$1 million.” But at a pace of one approval over four months, the program is effectively headed toward roughly three approvals per year—meaning it would take about 333,000 years to reach the US$1 trillion mark.

Even if you assume that the queue really does contain “hundreds” of applications, it’s unlikely to meaningfully change the overall math. The current size of the U.S. national debt is about US$31.3 trillion.

Even the “visible” card may not have been a real document

In January, rapper Nicki Minaj posted a photo of a gold-plated Trump card and said she received it “for free.” After Lutnick’s comments on Thursday, speculation that her card may be connected to the single approved case spread widely.

A Department of Commerce spokesperson told Snopes that the card is a “memento,” not an actual visa document.

According to a U.S. Department of Homeland Security representative, Minaj was born in Trinidad and Tobago and has been a lawful permanent resident for about 20 years. Meanwhile, Lutnick declined to name who the real approved applicant is, and the Department of Commerce cited federal law in refusing to answer questions from the press.

There may be money, but where it goes is unknown

When Rep. Grace Meng (D-NY) asked how the US$1 million donations would be used, Lutnick offered only general language: the funds would go toward “improving the United States of America,” and the final decision would be made by the administration. No specific spending mechanism was disclosed.

When the program was first announced in February 2025, Trump said the proceeds would be directed to an account where “we can do positive things for the country.” More than 14 months later, neither the account nor a clear process for routing the money has been publicly identified.

Lawyers have also raised the question of whether the executive branch has constitutional authority to launch a program like this without Congress’ approval. Those concerns extend to another initiative that has not yet started—the US$5 million Platinum Card.

When you see headline figures like “sold” vs “approved,” it’s crucial to separate marketing from the actual application pipeline: what checks are mandatory, when the donation/fee is paid, and what “sold” means in official reporting. At Digital Nomad, we help you navigate investment residency/citizenship pathways and prepare your case with clarity. Learn more: https://digital-nomad.gr/en/goldenvisa

Our Telegram channel about various types of Greek residence permits, digital nomad programs, and the Greek Golden Visa: @digitalnomadgr