US Plans Overhaul of Immigration System with New 'Gold Card' Initiative
Changes to the Immigration Framework
Howard Lutnick, the Secretary of Commerce for the United States, announced intentions to reform the immigration system, particularly focusing on the H1B visa program and green cards, as reported by local media. The Trump administration is set to unveil a new 'gold card' initiative, which would permit affluent foreigners to gain US residency by investing $5 million.
During an interview with a media channel, Lutnick stated, 'We are actively working on modifying the H1B visa program, which has significant flaws. Changes to the green card system are also on the agenda.'
He further elaborated, 'The gold card initiative is on the horizon, and we will begin selecting the most qualified individuals to enter the country. It's time for a shift in our approach.'
The proposed gold card would grant permanent residency to those who invest $5 million in the US. Lutnick mentioned a high level of interest in this program, with approximately 250,000 individuals reportedly in line, potentially generating $1.25 trillion in revenue. In January 2025, Trump reiterated his support for the H-1B visa program, which enables US employers to hire non-immigrant workers for specialized roles, emphasizing the need for 'competent' and 'exceptional' individuals to come to the US through this pathway.
While speaking to the press at the White House, Trump highlighted the significance of attracting skilled professionals, identifying the H-1B visa program as a crucial mechanism for achieving this goal. He argued that welcoming 'quality individuals' into the US would enhance the economy by supporting various sectors. 'We need to bring in the best talent... By doing so, we are fostering business growth, which benefits everyone... It's essential to allow truly capable individuals into our nation, and we can accomplish this through the H-1B program,' Trump stated.
It is important to note that during Trump's initial term, his administration implemented restrictions on H-1B visas, citing concerns regarding 'abuse' and 'economic pressure.' In 2016, Trump criticized the program, labeling it as a tool for companies to replace American workers with lower-paid foreign labor.