Some visitors to the US must now post a $15,000 bond to get a visa
What happened
The US State Department will start a 12-month pilot program requiring some temporary visitors to post a bond of up to $15,000 to get a visa. This applies to visitors from countries with high visa overstay rates or those offering "Citizenship by Investment" programs without residency requirements.
Why it matters
The US has long struggled with visa overstays, but this is a new approach to enforcement. Instead of just denying visas, the government is now putting a direct financial cost on potential overstays. This could significantly reduce the number of visitors from targeted countries, even for legitimate business or tourism.
The signal
Watch for data on visa application rates and overstay rates from the targeted countries during and after the 12-month pilot program.