Money Rehab with Nicole Lapin - Immigration for Sale: The $100K Visa, Trump’s Gold Card, and the New Price of the American Dream

Episode Date: November 13, 2025

Immigration is dominating headlines—but not just for political reasons. Today, Nicole breaks down the economic side of immigration, and the Trump administration’s strategy to monetize the American dream. From the new $100,000 fee for skilled foreign worker visas to the ultra-elite “Trump Gold Card” offering U.S. residency for $1 million, Nicole unpacks the numbers behind the policies. Could these controversial programs really generate $100 billion in revenue? Or are we pricing out the very talent and innovation that made America an economic powerhouse?

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I'm Nicole Lapin, the only financial expert you don't need a dictionary to understand. It's time for some money rehab. Today we're going to be tackling what might be the biggest hot button issue in the country right now. Immigration. From the ice raids to the protests and the deployment of the National Guard, it is reaching a boiling point. But I'm not going to be talking about the politics of immigration. I'm going to be talking about the business of immigration. Because right now we're on the cost.

of monetizing the American dream like never before. But the question is, will it work? There are two new programs at play here. First, a fresh six-figure fee for H-1B work visas and an equally headline-grabby second Trump Gold Card, which is basically a high roller pass for wealthy foreigners who want to become a U.S. resident and skip the line. Advocates of these programs say they would protect American jobs

and boost U.S. revenues. critics say that they're economically short-sighted, but let's follow the numbers to see whether these initiatives would actually help or hurt the U.S. economy. Let's start with the H-1B visa fee. H-1Bs are temporary work visas that allow U.S. employers to hire foreign professionals in specialty occupations, think software developers, data scientists, engineers, and financial analysts. Before the fee hike, the total cost to employers to sponsor an H-1B worker ranged from $3,000 to $8,000 depending on the legal and filing fees. But now every new H-1B visa comes with a $100,000 fee, a more than 1,000% increase.

The thinking here is that it raises the barrier to entry to hiring foreign workers and gives American workers a competitive advantage. President Trump has long positioned himself as a defender of the American worker, especially the blue-collar native-born worker that he claims has been squeezed out of opportunities by cheaper foreign labor. A priority of this initiative is to make Americans favored candidates. But if a company really wants to pay 100 grand for an international worker, they can. And that's a serious increase in the revenue generated from these visas. And that's a plus two. Right now, there are about 730,000 H-1B visas in the United States. In 2024, there were over 480,000 H-1B applications for just 85,000 available slots. Even if a steep new fee drastically

reduces demand, let's say 40,000 employers still choose to pay up. That's $4 billion in revenue right there. As of right now, those fees go back to the U.S. citizenship and immigration services, a government agency that oversees immigration. U.S. CIS is an interesting one. It's not funded by congressional appropriations. Around 95% of its budget comes from fees. The fees pay for things like salaries for immigration officers who review petitions, technology systems for case tracking and fraud detection and processing centers and call centers. Some of these fees from the USCIS applications are distributed to the Department of Labor and the Department of Homeland Security. Those funds are used to investigate visa abuse and human trafficking, and those funds

are also used for ICE and therefore the rates that have been happening all over the country. There's a social argument, of course, to be made here. But the economic argument is that the increased fees from these visas can be used by the administration to, fund government programs, which makes the government less reliant on income from taxes or adding more to the federal debt, God forbid. So that's the argument for raising the fee. The argument against raising the fee is that American companies benefit from employing the best talent. And if the best talent is abroad, they should be able to hire those people. The thinking is that the H-1B visa holders are building the next generation of AI tools at Google. They're coding infrastructure

at Amazon. They're doctors, scientists, engineers. And I know that sounds a little polyanish, but these specific visas are for specialty occupations, genius visas, essentially. Elon Musk originally came to the U.S. with an H-1B visa, so did the CEO of Google. And I've personally seen the value of having the brightest minds in these fields. I'm first generation American, and my father was a doctor who invented a special type of surgery that benefited so many Americans. He's not alive for me to ask him about his visa today, but I think he might have benefited from the H-1B visa program. According to the National Foundation for American Policy, over 50% of U.S. startups valued at a billion dollars or more were founded by immigrants. And 73% of the U.S. tech industry's labor force in 2023 reported difficulty hiring qualified domestic candidates for STEM roles.

So there's one argument. What about the critique that hiring international talent hurts domestic talent? Well, to check that, we'd want to see if there's high unemployment rates in occupations that employ large numbers of H-1B workers. It sounds a little counterintuitive, but a low unemployment rate for a particular industry means that there's less competition for jobs in that sector. It's just a supply and demand question. If there's a lot of unemployment, that means there's more demand for those

jobs than there is supply. From 2004 to 2023, there has been low unemployment rates in occupations that employ H-1B visa holders. So it's unclear how many Americans are actually losing jobs to H-1B visa holders. But the numbers aren't really telling us that it's happening all that much. One cool thing about these H-1B applications is that each application fee includes a ACWIA fee, which stands for the American Competitiveness and Workforce Improvement Act. The money from this fee, which is, as of right now, between $750 and $1,500, is transferred to the Department of Labor to fund U.S. worker training programs in technology and other fields. The idea is that if companies hire foreign workers, part of that money helps train American

workers for similar jobs. So more H-1B visas might actually help American workers. But there's also bigger picture arguments here. Like if someone is paid to work in the U.S., they'll be spending their money in the U.S., which hypothetically also boosts the economy and could create jobs. And the United States does make money from these workers. If an H-1B visa holder has a dope job in Silicon Valley and they're making $400,000 a year, They're paying more than $100,000 in federal income tax alone.

So the idea that a $100,000 visa will somehow restore balance to the labor market is optimistic at best. At worst, it's harmful and will lose talent because of it. That's certainly been the U.S. Chamber of Commerce's position who is suing the Trump administration over the new fee. So this is a move to make immigration harder for skilled workers. At the same time, the Trump administration, rolled out two new programs that make it easier to live in or travel to America, but only if you are very, very rich. And they're called the Trump Gold Card and the Trump Platinum Card. While the Trump Gold Card is new as of last month, the general idea is that foreign nationals who are wealthy enough

and willing to pay a million dollar fee can receive U.S. residency in record time. This program is live and it's taking applications. The next offering, the Trump Platinum card hasn't been rolled out yet, but it will give cardholders the ability to spend up to 270 days in the U.S. without being subject to income tax on non-U.S. income, all for the very, very low, low price of $5 million. The program is modeled on investor visa programs in countries like Portugal, Malta, Singapore, and New Zealand, which have offered golden visas or residency to wealthy individuals who make. significant investments. Commerce Secretary Howard Lutnik says the plan is to issue 80,000 gold cards. Together with the potential platinum card and the new H-1B visa fees, Lutnik says that the programs

are expected to raise $100 billion in federal revenue. This program is interesting, and I actually don't hate it. I was reading a CNBC article today that said it's estimated that 142,000 millionaires are expected to relocate to another country in 2025. And the U.S. is one of the top destinations that these millionaires are interested in moving to. In my home state of California, I've watched wealthy entrepreneurs move out of the state and even the country because taxes are just so freaking expensive. And that's a problem because wealthy people spending in the U.S. is good. Period. End of story. It helps stimulate the economy and support American businesses. wealthy people leaving the United States, that is bad for all of us.

But if the platinum members, for example, can pay their way out of some of the taxes that would help support our government and lessen our debt, the ROI on this program will become a calculation of whether the amount these gold and platinum card holders spend in the U.S. compensates for the amount the government is potentially losing in tax revenue. So between the gold card and the higher visa fees, these programs could bring in some serious, serious revenue without raising taxes, issuing bonds, or cutting federal spending. And that's the part of this that the administration is betting on. The idea that Americans will embrace immigration for profit if it means cutting their tax bill. It's not just about build a wall anymore. It's about

monetize the gate. But the risk is this. If the U.S. makes it too expensive or too hostile for global talent and capital to enter, those people will go elsewhere. And when they do, they'll take their companies, their investments, and their job creation with them. The balance here is advocating for America first without accidentally creating an environment where America is left behind. President Trump's proposed $100,000 H-1B visa fee and his Trump gold card are provocative headline-grabbing policies that aim to both restrict immigration and monetize it. And yes, they could generate billions of dollars in revenue. But they also risk shrinking the talent pool, slowing innovation, and sending the message that

America is closed for business unless you can pay the toll. Immigration is not just a border issue. It's a labor issue. It's a growth issue. It's a competitiveness issue. And how we price access to America will say a lot about what kind of economy we want to build. Is it one that rewards talent or is it one that sells access? Is it a meritocracy or is it a marketplace? That's the $100 billion question. For today's tip, you can take straight to the bank. You know I love investing in the United States and all the investing grades do too. But in the spirit of diversification, investing in international markets can help you hedge

against the risk of America losing its competitive advantage. As immigration restrictions tighten, innovation and growth may shift to other countries that welcome global talent. Think India's tech sector, Singapore's, FinTech, boom or Europe's green energy expansion. By adding international index funds or ETFs to your portfolio, you gain exposure to these growth engines and reduce your dependence on the U.S. economy. In short, if America closes its borders, don't close your portfolio. Diversify it. Money rehab is a production of Money News Network. I'm your host, Nicole Lapin. Money Rehab's

executive producer is Morgan Levoy. Our researcher is Emily Holmes. Do you need some money rehab? And let's be honest, we all do. So email us your money questions, money rehab at money newsnetwork.com to potentially have your questions answered on the show or even have a one-on-one intervention with me. And follow us on Instagram at Money News and TikTok at Money News Network for exclusive video content. And lastly, thank you. No seriously, thank you. Thank you for listening and for investing in yourself, which is the most important investment you can make.