The Trump administration has granted just a single “gold card” visa since opening applications for the new U.S. residency initiative in December, according to Commerce Secretary Howard Lutnick.

Speaking during a House subcommittee hearing on Thursday, Lutnick explained that the program's application system was finalized only recently in coordination with the Department of Homeland Security, which manages the process. The program allows foreign nationals to obtain U.S. residency by contributing $1 million to the federal government.

So far, only one applicant has successfully completed the process, though many others are waiting. “They have approved, recently, one person, and there are hundreds in the queue,” Lutnick said, emphasizing that officials wanted to ensure the system was implemented correctly from the start.

He also described the screening procedure for applicants as exceptionally rigorous, calling it “the most serious” vetting effort ever undertaken by the government.

The initiative was first introduced last year by Donald Trump, who promoted it as a fast-track option for affluent individuals seeking legal residency in the United States and as a new source of government revenue. Applications officially opened in December, with the program’s website advertising the possibility of receiving approval in “record time.”

In addition to the $1 million contribution, applicants must also pay a $15,000 processing fee to the Department of Homeland Security. When asked for further details, Homeland Security officials directed inquiries back to the Commerce Department.

Lutnick did not reveal any information about the individual who received the first approved visa, and the Commerce Department has yet to provide additional comments.

During the hearing, Representative Grace Meng questioned how the funds collected through the program would be allocated. Lutnick responded that the money would go toward improving the country, though he noted that the administration would ultimately decide the exact use of the funds.