Sec. 599A. Expansion of EB–5 eligibility to include qualified immigrants who complete investment agreements
853 words·~4 min read·
/bill/113/hr/3163/ih/section-599aA research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 203(b)(5)(A) of the Immigration and Nationality Act ( 8 U.S.C. 1153(b)(5)(A) ) is amended— in the matter preceding clause (i), by striking partnership)— and inserting partnership) as follows: ; in clause (i)— by striking and inserting the following: in which
(i)A new commercial enterprise— in which ; by striking , and at the end and inserting a semicolon; and by adding at the end the following: with respect to which such alien has completed an investment agreement with a qualified venture capital operating company for an investment in the enterprise of an amount not less than the amount specified in subparagraph (C); or with respect to which such alien has completed an investment agreement with 1 or more angel investors for an investment in the enterprise of an amount not less than the amount specified in subparagraph (C). ; and in clause (ii)— by striking and inserting the following: which will
(ii)In the case of an enterprise— described in clause (i)(I), which will ; by striking the period at the end and inserting ; or ; and by adding at the end the following: described in subparagraph
(II)or
(III)of clause (i), which will benefit the United States economy and create full-time employment for not fewer than 5 United States citizens or aliens lawfully admitted for permanent residence or other immigrants lawfully authorized to be employed in the United States (other than the immigrant and the immigrant’s spouse, sons, or daughters). . Section 203(b)(5)(C)(i) of such Act ( 8 U.S.C. 1153(b)(5)(C)(i) ) is amended by inserting after $1,000,000 the following: in the case of an enterprise described in subparagraph (A)(i)(I), $500,000 in the case of an enterprise described in subparagraph (A)(i)(II), and $500,000 in the case of an enterprise described in subparagraph (A)(i)(III) . Section 203(b)(5) of such Act ( 8 U.S.C. 1153(b)(5) ) is amended by adding at the end the following: In this paragraph, the term qualified venture capital operating company means an entity that— is registered under the Investment Company Act of 1940 ( 15 U.S.C. 80a–1 et seq. ); or is an investment company, as defined in subsection (a)(1) of section 3 of such Act ( 15 U.S.C. 80a–3 ), that is exempt from registration under subsection (c)(1) or (c)(7) of such section, is not registered, and— is organized or incorporated, and domiciled, in the United States, and the majority ownership of which is composed of United States citizens or aliens lawfully admitted to the United States for permanent residence; or is owned or controlled by an entity that is organized or incorporated, and domiciled, in the United States, and the majority ownership of that entity is composed of United States citizens or aliens lawfully admitted to the United States for permanent residence. In this paragraph, the term angel investor means— any individual who is a United States citizen or an alien lawfully admitted to the United States for permanent residence, or any entity wholly owned and controlled by United States citizens or aliens lawfully admitted to the United States for permanent residence; or any entity that has made at least 5 angel investments totaling at least $500,000 during the 3 years preceding the completion of an investment agreement described in subparagraph (A)(i)(III). In this paragraph, the term angel investment means an investment made in a commercial enterprise that, prior to such investment, was not owned or controlled by— the investor; any member of the immediate family of the investor; or any entity owned or controlled by any member of the immediate family of the investor. . Section 216A(b)(1)(B) of such Act ( 8 U.S.C. 1186b(b)(1)(B) ) is amended to read as follows: the alien— did not invest, or was not actively in the process of investing, the requisite capital described in section 203(b)(5)(A)(i)(I), or was not sustaining such actions throughout the period of the alien’s residence in the United States; or did not complete an investment agreement described in subclause
(II)or
(III)of section 203(b)(5)(A)(i), or such agreement was not carried out or was not actively in the process of being carried out; or the commercial enterprise did not— create the minimum number of jobs required to be created under section 203(b)(5)(A)(ii); or generate a profit and at least $1,000,000 in revenue; or . Section 216A(d)(1) of such Act ( 8 U.S.C. 1186b(d)(1) ) is amended— in the matter preceding subparagraph (A), by striking that the alien— and inserting that— ; by amending subparagraph
(A)to read as follows: the alien— invested, or was actively in the process of investing, the requisite capital described in section 203(b)(5)(A)(i)(I), and sustained such actions throughout the period of the alien’s residence in the United States; or completed an investment agreement described in subclause
(II)or
(III)of section 203(b)(5)(A)(i), and such agreement was carried out or was actively in the process of being carried out; and the commercial enterprise— created the minimum number of jobs required to be created under section 203(b)(5)(A)(ii); or generated a profit and at least $1,000,000 in revenue; and ; and in subparagraph (B), by inserting the alien before is otherwise .
Connectionstraces to 2
2 references not yet in our index
- 15 USC 80a–1
- 15 USC 80a–3
Citation graph
cites case law
Sec. 599A
Expansion of EB–5 eligibility to include qualified immigrants who complete investment agreements
Cite15 USC 80a–1
Cite15 USC 80a–3
Cites 4Cited by 0 across 0 sources