Only one person has been approved so far under President Donald Trump’s new “gold card” visa program, Commerce Secretary Howard Lutnick told lawmakers Thursday, as the million-dollar residency pathway begins slowly taking shape.

The program, launched through an executive order signed in September and opened to applications in December, grants U.S. residency in exchange for a $1 million fee.

“US officials have recently approved one person,” Lutnick said during testimony before a House committee, adding that “And there are hundreds in the queue” currently undergoing review.

Applicants must also pay a $15,000 Department of Homeland Security processing fee and undergo what Lutnick described as “a most serious vetting and analysis.”

The initiative allows individuals to obtain residency for $1 million, while corporate sponsorships cost $2 million.

Trump introduced the program alongside a separate policy imposing a $100,000 annual fee on H-1B skilled worker visas, part of a broader effort to reshape immigration policy.

The president has argued the gold card system would attract wealthy job creators and help reduce the federal deficit.

Since returning to office in 2025, Trump has pursued stricter immigration enforcement, including expanded deportation operations.