Core Points - The U.S. is rapidly transitioning from a "skill-driven" to a "capital-driven" immigration system, as indicated by recent policy changes under the Trump administration [1][5][10] Immigration Policy Changes - The introduction of the "Gold Card" and "Platinum Card" programs aims to attract high-net-worth individuals and investors, with the Gold Card requiring a $1 million investment for individuals and $2 million for businesses [3][4] - The Platinum Card requires a $5 million investment, allowing holders to stay in the U.S. for up to 270 days without paying U.S. taxes on non-U.S. income [3][4] Financial Implications - The U.S. government anticipates raising $100 billion through these new immigration policies, which could be used for tax cuts and federal debt repayment [4] - The initial plan is to issue 80,000 Gold Cards, which may replace other visa types in the future [4][5] Impact on Employment and Recruitment - The increase in application fees for H-1B visas to $100,000 indicates a tightening of traditional immigration pathways for skilled workers, potentially leading employers to rely more on local hiring or remote outsourcing [5][6] - This shift may reduce the U.S.'s attractiveness to global tech talent, impacting its long-term competitiveness in technology and education [5][6] Legal and Operational Uncertainties - The implementation of the "Gold Card" program faces significant uncertainties, including the need for detailed guidelines and potential legal challenges [6][7] - The program's impact on existing EB-1 and EB-2 visa categories remains a contentious issue, with concerns about its potential to replace these established pathways [7] Market Reactions - There has been a notable increase in inquiries from high-net-worth individuals in Asia since the announcement of the "Gold Card" program, indicating a shift in interest towards U.S. immigration options [8][9] - The real estate market in the U.S. is expected to benefit from renewed interest in high-end properties, particularly in major cities like New York and San Francisco, as the new immigration options provide a faster pathway compared to existing programs [9][10]