Sec. 102. Immigrant visas for entrepreneurs
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Section 203(b) of the Immigration and Nationality Act ( 8 U.S.C. 1153(b) ) is amended by inserting after paragraph
(7)(as added by section 101 of this Act) the following: Visas shall be made available, in a number not to exceed 10,000, plus any visas not required for the classes specified in paragraphs (1), (2), and (3), to the following classes of aliens: An alien is described in this clause if the alien intends to engage in a new commercial enterprise (including a limited partnership) in the United States— with respect to which the alien has completed an investment agreement requiring an investment in the enterprise in an amount not less than $500,000, subject to subclause (III), on the part of— a qualified venture capital operating company; or 1 or more qualified angel investors (of which at least 1 such investor is providing $100,000, subject to subclause (III), of the required investment); and which will benefit the United States economy and, during the 2-year period beginning on the date on which the visa is issued under this paragraph, will— create full-time employment for at least 5 United States workers within the enterprise; and raise not less than an additional $1,000,000 in capital investment, subject to subclause (III), or generate not less than $1,000,000 in revenue, subject to subclause (III). For purposes of this clause: The term investment does not include any assets acquired, directly or indirectly, by unlawful means. The term qualified angel investor means an individual who— is an accredited investor (as defined in section 230.501(a) of title 17, Code of Federal Regulations (as in effect on April 1, 2010)); is a United States citizen or an alien lawfully admitted to the United States for permanent residence; and has made at least 2 equity investments of not less than $50,000 in each of the 3 years before the date of a petition by the qualified immigrant for classification under this paragraph. The term qualified venture capital operating company means an entity that— is classified as a venture capital operating company under section 2510.3–101(d) of title 29, Code of Federal Regulations (as in effect on July 1, 2009); is based in the United States; is owned and controlled by United States citizens or aliens lawfully admitted to the United States for permanent residence; has capital commitments of not less than $10,000,000; has been operating for a period of at least 2 years before the date of the petition for classification under this paragraph; and has made at least 2 investments of not less than $500,000 in each of the 2 years before the date of the petition for classification under this paragraph. Effective for the first fiscal year that begins more than 6 months after the date of the enactment of this clause, and for each fiscal year thereafter, the amounts described in subclauses
(I)and
(II)shall be increased by the percentage (if any) by which the Consumer Price Index for the month of June preceding the date on which such increase takes effect exceeds the Consumer Price Index for the same month of the preceding calendar year. An increase described in the preceding sentence shall apply to aliens filing petitions under section 204(a)(1)(H) on or after the date on which the increase takes effect. For purposes of this clause, the term Consumer Price Index means the Consumer Price Index for all urban consumers published by the Department of Labor. Immigrants who have been issued a visa or otherwise provided nonimmigrant status under section 101(a)(15)(E)(ii) (not including alien employees of the treaty investor) who have maintained that status for a minimum of 10 years and have benefitted the United States economy and created full-time employment for not fewer than 5 United States workers for a minimum of 10 years. For purposes of this paragraph: The term full-time employment has the meaning given such term in paragraph (5). The term United States worker means an employee (other than the immigrant or the immigrant’s spouse, sons, or daughters) who— is a citizen or national of the United States; or is an alien who is lawfully admitted for permanent residence, is admitted as a refugee under section 207, is granted asylum under section 208, or is an immigrant otherwise authorized to be employed in the United States. . Section 204(a)(1)(H) of the Immigration and Nationality Act ( 8 U.S.C. 1154(a)(1)(H) ) is amended— by striking section 203(b)(5) and inserting paragraph
(5)or
(8)of section 203(b) ; and by striking Attorney General and inserting Secretary of Homeland Security . Section 216A of the Immigration and Nationality Act (8 U.S.C. 1186b) is amended— in the section heading, by striking and inserting Entrepreneurs, . Investors, by striking Attorney General each place such term appears and inserting Secretary of Homeland Security ; by striking entrepreneur each place such term appears and inserting investor ; and In subsection (c)(3)(A), by striking the such filing and inserting such filing . The item relating to section 216A in the table of contents of the Immigration and Nationality Act ( 8 U.S.C. 1101 et seq. ) is amended to read as follows: Sec. 216A. Conditional permanent resident status for certain alien investors, spouses, and children. . Chapter 2 of title II of the Immigration and Nationality Act ( 8 U.S.C. 1181 et seq. ) is amended by inserting after section 216A the following: Notwithstanding any other provision of this Act, an alien entrepreneur (as defined in subsection (f)(1) of this section), alien spouse, and alien child (as defined in subsection (f)(2) of this section) shall be considered, at the time of obtaining the status of an alien lawfully admitted for permanent residence, to have obtained such status on a conditional basis subject to the provisions of this section. At the time an alien entrepreneur, alien spouse, or alien child obtains permanent resident status on a conditional basis under paragraph (1), the Secretary of Homeland Security shall provide for notice to such an entrepreneur, spouse, or child respecting the provisions of this section and the requirements of subsection (c)(1) of this section to have the conditional basis of such status removed. In addition, the Secretary of Homeland Security shall attempt to provide notice to such an entrepreneur, spouse, or child, at or about the beginning of the 90-day period described in subsection (d)(2)(A) of this section, of the requirements of subsection (c)(1) of this section. The failure of the Secretary of Homeland Security to provide a notice under this paragraph shall not affect the enforcement of the provisions of this section with respect to such an entrepreneur, spouse, or child. In the case of an alien entrepreneur with permanent resident status on a conditional basis under subsection
(a)of this section, if the Secretary of Homeland Security determines, before the second anniversary of the alien’s obtaining the status of lawful admission for permanent residence, that— the required investment in the commercial enterprise under section 203(b)(8)(A)(i)(I) was intended solely as a means of evading the immigration laws of the United States; any requisite capital to be invested under section 203(b)(8)(A)(i)(I) had not been invested, or was not actively in the process of being invested; or the alien was not sustaining the actions described in clause
(i)throughout the period of the alien’s residence in the United States; or the alien was otherwise not conforming to the requirements of section 203(b)(8)(A)(i); then the Secretary of Homeland Security shall so notify the alien involved and, subject to paragraph (2), shall terminate the permanent resident status of the alien (and the alien spouse and alien child) involved as of the date of the determination. Any alien whose permanent resident status is terminated under paragraph
(1)may request a review of such determination in a proceeding to remove the alien. In such proceeding, the burden of proof shall be on the Secretary of Homeland Security to establish, by a preponderance of the evidence, that a condition described in paragraph
(1)is met. In order for the conditional basis established under subsection
(a)of this section for an alien entrepreneur, alien spouse, or alien child to be removed— the alien entrepreneur must submit to the Secretary of Homeland Security, during the period described in subsection (d)(2), a petition which requests the removal of such conditional basis and which states, under penalty of perjury, the facts and information described in subsection (d)(1); and in accordance with subsection (d)(3), the alien entrepreneur must appear for a personal interview before an officer or employee of the Department of Homeland Security respecting the facts and information described in subsection (d)(1). In the case of an alien with permanent resident status on a conditional basis under subsection
(a)of this section, if— no petition is filed with respect to the alien in accordance with the provisions of paragraph (1)(A); or unless there is good cause shown, the alien entrepreneur fails to appear at the interview described in paragraph (1)(B) (if required under subsection (d)(3) of this section), the Secretary of Homeland Security shall terminate the permanent resident status of the alien (and the alien’s spouse and children if it was obtained on a conditional basis under this section or section 216A) as of the second anniversary of the alien’s lawful admission for permanent residence. In any removal proceeding with respect to an alien whose permanent resident status is terminated under subparagraph (A), the burden of proof shall be on the alien to establish compliance with the conditions of subparagraphs
(A)and
(B)of paragraph (1). If— a petition is filed in accordance with the provisions of paragraph (1)(A); and the alien entrepreneur appears at any interview described in paragraph (1)(B); the Secretary of Homeland Security shall make a determination, within 90 days of the date of such filing or interview (whichever is later), as to whether the facts and information described in subsection (d)(1) and alleged in the petition are true with respect to the qualifying commercial enterprise. Except as provided in clause (ii), if the Secretary of Homeland Security determines that such facts and information are true, including demonstrating that the alien complied with subsection (d)(1)(B)(i), the Secretary shall so notify the alien involved and shall remove the conditional basis of the alien’s status effective as of the second anniversary of the alien’s lawful admission for permanent residence. If the petition demonstrates that the facts and information are true, including demonstrating that the alien is in compliance with section (d)(1)(B)(ii), then the Secretary of Homeland Security may, in the Secretary’s discretion, extend the conditional status for an additional year at the end of which— the alien must file a petition within 30 days after the third anniversary of the alien’s lawful admission for permanent residence demonstrating that the alien complied with subsection (d)(1)(B)(i) and the Secretary shall remove the conditional basis of the alien’s status effective as of such third anniversary; or the conditional status shall terminate. If the Secretary of Homeland Security determines that such facts and information are not true, the Secretary shall so notify the alien involved and, subject to subparagraph (D), shall terminate the permanent resident status of an alien entrepreneur, alien spouse, or alien child as of the date of the determination. Any alien whose permanent resident status is terminated under subparagraph
(C)may request a review of such determination in a proceeding to remove the alien. In such proceeding, the burden of proof shall be on the Secretary of Homeland Security to establish, by a preponderance of the evidence, that the facts and information described in subsection (d)(1) of this section and alleged in the petition are not true with respect to the qualifying commercial enterprise. Each petition under subsection (c)(1)(A) shall contain facts and information demonstrating that— any requisite capital to be invested under section 203(b)(8)(A)(i)(I) had been invested, or was actively in the process of being invested; and the alien sustained the actions described in clause
(i)throughout the period of the alien’s residence in the United States; the alien created the employment required under section 203(b)(8)(A)(i)(I)(bb)(AA); or the alien is actively in the process of creating the employment required under section 203(b)(8)(A)(i)(I)(bb)(AA) and will create such employment before the third anniversary of the alien’s lawful admission for permanent residence; and the alien is otherwise conforming to the requirements of section 203(b)(8)(A)(i). Except as provided in subparagraph (B), the petition under subsection (c)(1)(A) of this section must be filed during the 90-day period before the second anniversary of the alien’s lawful admission for permanent residence. Such a petition may be considered if filed after such date, but only if the alien establishes to the satisfaction of the Secretary of Homeland Security good cause and extenuating circumstances for failure to file the petition during the period described in subparagraph (A). In the case of an alien who is the subject of removal hearings as a result of failure to file a petition on a timely basis in accordance with subparagraph (A), the Secretary of Homeland Security may stay such removal proceedings against an alien pending the filing of the petition under subparagraph (B). The interview under subsection (c)(1)(B) shall be conducted within 90 days after the date of submitting a petition under subsection (c)(1)(A) and at a local office of the Department of Homeland Security, designated by the Secretary of Homeland Security, which is convenient to the parties involved. The Secretary, in the Secretary’s discretion, may waive the deadline for such an interview or the requirement for such an interview in such cases as may be appropriate. For purposes of title III, in the case of an alien who is in the United States as a lawful permanent resident on a conditional basis under this section, the alien shall be considered to have been admitted as an alien lawfully admitted for permanent residence and to be in the United States as an alien lawfully admitted to the United States for permanent residence. In this section: The term alien entrepreneur means an alien who obtains the status of an alien lawfully admitted for permanent residence (whether on a conditional basis or otherwise) under section 203(b)(8)(A)(i)(I) of this title. The term alien spouse and the term alien child mean an alien who obtains the status of an alien lawfully admitted for permanent residence (whether on a conditional basis or otherwise) by virtue of being the spouse or child, respectively, of an alien entrepreneur. The term commercial enterprise includes a limited partnership. . The table of contents for such Act is amended by inserting after the item relating to section 216A the following: Sec. 216B. Conditional permanent resident status for certain alien entrepreneurs, spouses, and children. . The amendments made by this section shall take effect on October 1, 2013, and shall apply with respect to fiscal years beginning on or after such date.
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Sec. 102
Immigrant visas for entrepreneurs
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