Sec. 3. Conditional permanent resident status for immigrant investors and entrepreneurs

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Section 204(a)(1)(H) of the Immigration and Nationality Act ( 8 U.S.C. 1154(a)(1)(H) ) is amended 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— by striking Attorney General and Attorney General’s each place such terms appear, except for the reference to the Attorney General in section 216A(d)(2)(C), and inserting Secretary of Homeland Security and Secretary of Homeland Security’s , respectively; by striking the Service each place such term appears and inserting U.S.

Citizenship and Immigration Services ; in subsection (b)(1)— in subparagraph (A), by striking investment and inserting investment or engagement ; and by amending subparagraph

(B)to read as follows: the requisite investment or engagement was not made or was not sustained 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)(5), as applicable; ; in subsection (c)(3)(A), by striking the before such filing ; in subsection (d)— in paragraph (1)— in the matter preceding subparagraph (A), by striking the alien ; and by amending subparagraph

(A)to read as follows: the requisite investment or engagement was made and was sustained throughout the period of the alien’s residence in the United States; and ; and in paragraph (2)(A), by adding at the end the following: A date specified by the applicant (but not later than the fourth anniversary) shall be substituted for the second anniversary in applying the preceding sentence if the applicant demonstrates that the applicant has attempted to follow the applicant’s business model in good faith, provides an explanation for the delay in filing the petition that is based on circumstances outside of the applicant’s control, and demonstrates that such circumstances will be able to be resolved within the specified period. ; by redesignating subsection

(f)as subsection (i); by adding after subsection

(e)the following: An immigrant admitted under section 203(d) as a lawful permanent resident on a conditional basis as the child of an alien entrepreneur, whose lawful permanent resident status on a conditional basis is terminated under this section, shall continue to be considered a child of the alien entrepreneur for the purpose of a subsequent immigrant petition by the alien entrepreneur under paragraph (b)(5) if the immigrant remains unmarried and the subsequent petition by the alien entrepreneur is filed within 1 year after the termination of lawful permanent resident status on a conditional basis. No alien shall be considered a child under this paragraph with respect to more than 1 petition filed after the alien’s 21st birthday. If an alien entrepreneur submits a petition under this section, the alien spouse and alien child shall be deemed to have timely submitted such petitions as well. The Secretary of Homeland Security shall adjudicate a petition filed pursuant to this paragraph not later than 180 days after the date on which the petition is filed. In the event that additional information or documentation is requested by the Secretary, the Secretary shall adjudicate the petition not later than 30 days after the receipt of such information or documentation. The filing party shall be notified in writing within 30 days of the date of filing if the filing does not meet the standards for approval. If the filing does not meet such standards, the notice shall include the reasons therefore and the Secretary shall provide an opportunity for the prompt resubmission of a modified filing. ; and in subsection

(h)(as redesignated by paragraph (6)), in paragraph (3), by inserting or similar entity before the period. Section 245 of the Immigration and Nationality Act ( 8 U.S.C. 1255 ) is amended— in subsection (k), in the matter preceding paragraph (1), by striking (1), (2), or

(3)and inserting (1), (2), (3), or

(5); and by adding at the end the following: If, at the time a petition is filed under section 204 for classification under section 203(b)(5), approval of the petition would make a visa immediately available to the alien beneficiary, the alien beneficiary’s adjustment application under this section shall be considered to be properly filed whether the application is submitted concurrently with, or subsequent to, the visa petition. . Section 286(u) of the Immigration and Nationality Act ( 8 U.S.C. 1356(u) ) is amended by adding at the end the following: In the case of a petition filed under section 204(a)(1)(H) for classification under section 203(b)(5), if the petitioner desires a guarantee of a decision on the petition in 60 days or less, the premium processing fee under this subsection shall be set at $5,000 .

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Sec. 3

Conditional permanent resident status for immigrant investors and entrepreneurs

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