US economy set to earn billions via increased H-1B visa fees, according to Trump's announcement
In a series of moves aimed at attracting wealthy foreigners, President Donald Trump has introduced two new visa programmes: the Gold Card and the Platinum Card.
The Gold Card, initially introduced in 2019, is a pathway to U.S. citizenship for wealthy individuals. The cost for companies to sponsor an employee through this visa remains at $2 million.
Meanwhile, the Platinum Card, introduced more recently, is targeted towards ultra-wealthy individuals seeking extended stays in the United States without becoming traditional tax residents. For a $5 million contribution, foreigners can reside in the U.S. for up to 270 days per year, without being subject to U.S. taxes on their non-U.S. income. Notably, the Platinum Card replaces an existing investor visa.
The H-1B visa program, intended for high-skilled foreign workers for jobs that tech companies find difficult to fill with qualified U.S. citizens and permanent residents, has also seen changes under the Trump administration. In an executive order, President Trump signed a new annual $100,000 fee for H-1B visa applications.
H-1B visa workers are often willing to work for as little as $60,000 annually, which is significantly less than the typical salaries paid to U.S. technology workers. Green Card holders, according to Secretary Lutnick, are five times more likely to need financial assistance programs from the government, earning an average of $66,000 annually.
Commerce Secretary, Howard Lutnick, also stated that the employment-based "Green Card" program lets in approximately 281,000 people per year.
These changes have sparked controversy, with Lutnick, in a social media post, accusing open-border Democrats of flooding the country with illegal immigrants over the past four years at the expense of hard-working Americans.
The funds generated from the H-1B visa fee increase will be used to cut taxes and pay down debt, as stated by President Trump.
The Associated Press contributed to this report.
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