The cost of obtaining an H-1B visa for foreign skilled workers in the United States has skyrocketed. President Donald Trump signed a new executive order on Friday, September 19, introducing steep fee increases and launching new “premium visa” categories for wealthy applicants.

Under the new rules, the H-1B visa application fee will rise from $215 per year to $100,000—equivalent to over 12 million Bangladeshi taka. The order also states that misuse of the program or failure to meet the financial requirements could result in a ban from entering the country.

Critics of the H-1B system argue that it deprives American workers of job opportunities, while supporters—including billionaire Elon Musk—say the program allows the U.S. to attract top global talent.

Alongside the fee hike, Trump introduced a new “Gold Card Visa” priced at $1 million, aimed at wealthy investors. Another premium option, the “Trump Platinum Card Visa,” costing $5 million, will allow foreign nationals to reside in the U.S. for up to 270 days tax-free on their overseas income.

Speaking at the Oval Office during the announcement, U.S. Commerce Secretary Howard Lutnick confirmed that major corporations had agreed to the new pricing. He stressed that American companies should focus on training local graduates instead of relying heavily on foreign workers.

Since 2004, the U.S. has capped the annual H-1B quota at 85,000 visas. Until now, applicants paid roughly $1,500 in processing fees. However, the U.S. Citizenship and Immigration Services (USCIS) recently reported that applications for the upcoming fiscal year have dropped to 359,000—the lowest in four years.

Source: Adapted from BBC reporting