The Immigration Iceberg: US Edition

Last week the government formally launched the Trump Gold Card, where residency can be purchased for $1MM and a $15K processing fee. The Platinum Card is "coming soon" for $5MM and purchasers will additionally not be subject to any taxes on non US income. It's a naked play for government revenue via the world's richest people coming to America.

At the same time (a few months back), the administration formalized one of the largest reductions in refugee admissions in US history. Refugees will be capped at 7,500 in 2026, down from almost 125K in 2024 set under the previous admin.

Last week's Gold Card announcement officially brings the U.S. onto the iceberg immigration model. It's a framework to think about how governments will manage migration in the coming decade. The visible tip is what countries actively encourage -- skilled workers, investors/founders, digital nomads, and sometimes international students -- people who are seen as bringing economic or strategic value. Beneath the surface is a much larger number of refugees, asylum seekers, and others who may need social support before becoming fully economically productive.

Between the Gold Card and the refugee cap, humanitarian migration in the U.S. is being sharply tightened while openly courting those viewed as economically beneficial, joining Canada and others I've been covering for many months now.