Donald Trump's "gold card" visa scheme was meant to bring down the US national debt.
It offers wealthy foreigners the opportunity to legally live and work in the country - for a $1 million (£740,000) fee.
The US president launched the scheme last year, arguing it would entice foreign talent to move to the country.
Mr Trump, who has pushed for the deportation of illegal immigrants since starting his second term, said at the time: "Essentially, it's the green card on steroids."
However, the scheme, which was not approved by Congress, is yet to do any heavy lifting with regards to the national debt, which runs into tens of trillions of dollars.
Commerce Secretary Howard Lutnick has revealed that only one unnamed person has so far been approved for a card.
"So, they have approved recently one person," Mr Lutnick said at a congressional committee hearing on Thursday.
However, Mr Lutnick added that there were "hundreds in the queue that they are going through".
He said: "They've just set it up, and they wanted to make sure they did it perfectly."
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Mr Lutnick previously stated that the government sold $1.3bn (£962m) worth of the cards in a matter of days.
Asked how the proceeds would be spent, he told the hearing: "That will be determined by the administration, and its terms are for the betterment of the United States of America."
Trinidad and Tobago-born rapper Nicki Minaj, who came to the US as a child, was seemingly the first recipient of a "gold card".
She posted a photograph of her card, which she said had come "free of charge", on social media in January.
Applicants must pay a $15,000 fee on top of the cost of the card for vetting. The programme eventually opens a path for card-holders to apply for US citizenship.
Employers can also spend $2m (£1.48m) to bring in a foreign-born employee.
The scheme's website also states that a "platinum card", which will cost $5m (£3.69m), is "coming soon".
It will give foreigners the "ability to spend up to 270 days in the United States without being subject to US taxes on non-US income".
(c) Sky News 2026: Donald Trump's $1m 'gold card' is yet to pay dividends to US Treasury - with just one approval
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