Brief Summary
The video discusses the recent increase in H-1B visa fees to $100,000 for new applicants and explores the potential reasons behind this decision. It also covers the introduction of "gold card" and "platinum card" options for expedited US residency, requiring significant investments. The speaker connects these changes to the US government's need to find buyers for surplus crops like corn and soybeans, suggesting a link between trade negotiations with India and immigration policies.
- New H-1B visa fees are $100,000 for new applicants.
- "Gold card" and "platinum card" options offer expedited US residency for high-net-worth individuals and corporations.
- The US government may be using H-1B visa policies to pressure India into buying surplus crops.
Introduction: H-1B Fee Hike and New Immigration Pathways
The video begins by addressing the recent increase in H-1B visa fees, now at $100,000 per new application, and clarifies that this does not apply to existing H-1B visa holders, although renewals might be affected in the future. The speaker also touches on advisories from companies like Google and JP Morgan urging employees to return to the US before September 21st. Alongside these restrictions, the US is introducing new immigration pathways, including a "gold card" and a "platinum card," signaling a complex shift in immigration policies.
Details of the New H-1B Fees and Requirements
The new H-1B fee structure requires employers to pay $100,000 per year for a new H-1B visa holder, totaling $300,000 for a three-year visa, which is in addition to the employee's salary. This measure has been carefully crafted to withstand legal challenges. Tourist visa fees have also increased by $250, bringing the total application cost to $442.
Gold and Platinum Cards: Accelerated Paths to US Residency
The video explains the "gold card" options for expedited US residency, which include an individual pathway requiring a non-refundable $1 million gift to the US Department of Commerce, plus a $15,000 processing fee that is forfeited if the application is denied. Alternatively, a corporation can sponsor an individual for $2 million, providing an accelerated path to a green card. The "platinum card" requires a $5 million investment for an immediate green card, similar to an EB-5 visa but with fewer restrictions, indicating the US government's urgent need for funds.
Impact on Companies and Clarifications on H-1B Rules
The speaker shares a list of 14 companies with significant H-1B exposure, noting that the accuracy of the list is unverified. The new fees target individuals applying for the next lottery cycle, requiring employers to show proof of payment of $100,000 upon application, which is refundable if the application is not selected, minus processing fees. Current H-1B visa holders are exempt from the new fee when re-entering the US, but the speaker anticipates the fee will apply upon renewal.
Historical Context and Potential Motivations Behind the H-1B Changes
The speaker recalls a past strategy used by individuals seeking asylum in the US, highlighting the government's increased scrutiny at the point of entry. The introduction of "gold card" and "platinum card" options reflects a desire to attract wealthy individuals who can contribute to the US economy. The speaker suggests the H-1B program is effectively ending and speculates that the fee hikes are a way for the US to pressure India into buying surplus crops like corn and soybeans, especially with a bumper crop this year and China reducing its imports from the US.
Geopolitical Implications and India's Potential Response
The speaker suggests that India could leverage its holdings of US Treasury bills, potentially offloading $50 billion to exert pressure on the US. Commerce Minister Piyush Goyal's upcoming visit to the US is expected to involve discussions on trade deals, with the US potentially seeking a commitment from India to purchase surplus crops. The speaker concludes by emphasizing the importance of these negotiations and the potential for a mutually beneficial agreement.
