U.S. Unveils $100M Visa for Wealthy, Hikes H-1B Fee 46,000%

The United States President has unveiled a new visa initiative targeting affluent individuals globally, marking a significant shift in the country's immigration policies. This program introduces two tiers: the "Trump Gold Card," priced at 100 million dollars, offering permanent residency, and the "Trump Platinum Card," priced at 500 million dollars, providing additional tax benefits for non-U.S. income. The initiative aims to attract high-net-worth individuals who can make substantial economic contributions to the U.S.

In conjunction with this new visa program, the administration has proposed a dramatic increase in the application fee for H-1B visas. The proposed fee of 10 million dollars is a stark contrast to the current fee of 215 dollars, plus additional filing costs. This substantial increase is intended to curb the misuse of the H-1B program and prevent American workers from being displaced by foreign labor. However, exceptions may be made for industries and companies deemed to be in the national interest.

The administration has also announced plans to revise the wage standards for H-1B visa holders. The goal is to prevent companies from using the visa program to suppress wages, addressing concerns about low-wage foreign workers displacing American workers. This move is seen as a way to protect national security and encourage young Americans to pursue careers in STEM fields.

The H-1B visa program has faced criticism for its lottery system, which can be manipulated by companies submitting multiple applications. Large tech firms often use the program to hire high-skilled workers at competitive salaries, while consulting firms rely on it to hire lower-wage labor. The proposed changes are expected to significantly impact these companies, particularly those heavily dependent on H-1B visas for their workforce.

The administration's efforts to tighten immigration policies are part of a broader plan to reform the U.S. immigration system. The goal is to create a more merit-based system that prioritizes the admission of individuals who can contribute to the economy and society. However, critics argue that these changes could lead to unintended consequences, such as higher inflation, increased unemployment, and slower economic growth, due to a reduction in the net inflow of immigrants.

The new visa program and the proposed changes to the H-1B visa program are part of a comprehensive strategy to attract high-net-worth individuals and reform the immigration system. The administration believes that these measures will bring in significant revenue and contribute to the U.S. economy. However, the impact on businesses and the broader economy remains to be seen, as the changes are still in the proposal stage and may require congressional approval.