Lutnick Claims to Have “Sold 1,000” Gold Cards for $5 Billion in One Day

Commerce Secretary Howard Lutnick claims to have already raised $5 billion by selling 1,000 Gold Cards at $5 million each, though no official application system exists yet.

“Yesterday I sold a thousand,” Lutnick told the All-In podcast, discussing the immigration initiative the administration has designed to replace the existing EB-5 visa program.

The Trump administration’s proposed Gold Card would grant wealthy foreign investors permanent US residency rights without the job creation requirements of the current EB-5 program, which mandates investments starting at $800,000, which create at least 10 American jobs.

During the podcast, Lutnick explained that tech entrepreneur Elon Musk “is building the software right now” for the application process, with plans to launch in approximately two weeks.

This ongoing development suggests the reported sales may represent agreements in principle rather than completed transactions.

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The concept originated during discussions between President Donald Trump and investor John Paulson about selling rather than giving away visas. Lutnick, who joined these conversations to develop implementation strategies, estimates that 37 million people worldwide could afford to purchase these cards.

President Trump has suggested renaming the initiative, telling Fox News that “my people want to call it the Trump Card because the Trump Card sells much better than the Gold Card.”

He believes the program will boost the US economy as “wealthy people will be coming into our country by buying this card. They’ll be wealthy, and they’ll be successful, and they’ll be spending a lot of money and paying a lot of taxes and employing a lot of people.”

The Commerce Secretary described his personal perspective on the program’s appeal by stating that, “if I was not American and I lived in any other country, I would buy six. One for me, one for my wife and my four kids because God forbid something happens, I want to be able to go to America.”

Unlike US citizens who face global taxation, Gold Card holders would have the option to become citizens but could maintain permanent residency status without citizenship to avoid worldwide tax obligations.

Lutnick said that the cards would remain revocable for criminal activity or other violations.

The administration intends to direct proceeds toward reducing the national debt, currently at $36.2 trillion. Trump projects that selling one million cards could generate $5 trillion for this purpose.

The timeline for officially opening applications remains unconfirmed, and the program may require congressional approval before implementation.