Wealthy individuals gain access while experts are locked out, as outlined by Trump's new policy.
In a recent White House event, CEOs of major tech companies praised President Donald Trump, but their efforts towards visa rules seem to have been unsuccessful so far. The focus of their discussions was the reform of US immigration, which includes the introduction of the "Gold Card" and "Trump Platinum Card" programs.
The Gold Card and Trump Platinum Card are oversized representations of a golden card featuring Trump alongside the Statue of Liberty. They are part of Trump's plans to reform US immigration, with the Gold Card potentially leading to citizenship after a certain period, much like a Green Card. The Trump Platinum Card, however, would not be a path to citizenship.
The Gold Card program, signed by President Trump, aims to grant permanent residency to wealthy immigrants for $1 million, and allow companies to bring employees for $2 million per head. Initially, 80,000 Gold Cards will be available, with Trump planning to review the program later to determine if prices and model are appropriate.
The Trump administration has also proposed a new fee of $100,000 per year for the H-1B visa category, which is currently a few thousand US dollars. This fee increase could significantly burden the US tech industry, as many H-1B visa holders have contributed to the success of Silicon Valley, particularly those from India. However, the administration's new regulation aims to prevent US companies from bringing in inexperienced employees and training them, instead requiring them to assess if a job candidate is valuable enough to pay an additional $100,000 to the government on top of their salary.
Exceptions to the increased H-1B visa fee can be requested by persons or institutions when the national interest is served by employing certain qualified workers. This implies that the government can grant exceptions if it sees a national interest in hiring specified skilled labor.
The implementation of the "Trump Platinum Card" is not as far along in the process as the Gold Card program. The Platinum Card would offer up to 270 days of stay per year without paying US taxes on income earned outside the US, for $5 million. However, the legal standing of both the Gold Card and Platinum Card programs is uncertain.
Howard Lutnick, Commerce Secretary, was present at the signing of the executive orders and provided details about the programs. He explained that the new regulation aims to encourage US companies to hire American workers if they find the job candidate's value does not justify the additional $100,000 fee.
Critics argue that the H-1B visa is being misused and is taking jobs away from American employees. Trump still claims that the tech companies would be "very happy" with the new regulation. The US government expects to generate more than $100 billion from the Gold Card program and around $1 trillion from the Trump Platinum Card program.
The future of these programs remains uncertain, as they face criticism and legal challenges. However, they represent a significant shift in US immigration policy, aiming to attract wealthy immigrants and prioritize the hiring of valuable, skilled workers.
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