Sec. 503. Special Economic Freedom Zone visas
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In this section: The terms abandoned and dilapidated shall be defined by the States in accordance with the provisions of this Act. The term full-time employment means employment in a position that requires at least 35 hours of service per week at any time, regardless of who fills the position. The purpose of this section is to facilitate increased investment and enhanced human capital in Economic Freedom Zones through the issuance of special regional visas. The Secretary of Homeland Security, in collaboration with the Secretary of Labor, may issue Special Economic Freedom Zone Visas, in a number determined by the Governor of each State, in consultation with local officials in regions designated by the Secretary of the Treasury as Economic Freedom Zones, to authorize qualified aliens to enter the United States for the purpose of— engaging in a new commercial enterprise (including a limited partnership)— in which such alien has invested, or is actively in the process of investing, capital in an amount not less than the amount specified in subsection (d); and which will benefit the region designated as an Economic Freedom Zone by creating full-time employment of not fewer than 5 United States citizens, aliens lawfully admitted for permanent residence, or other immigrants lawfully authorized to be employed in the United States (excluding the alien and the alien’s immediate family); engaging in the purchase and renovation of dilapidated or abandoned properties or residences (as determined by State and local officials) in which such alien has invested, or is actively in the process of investing, in the ownership of such properties or residences; or residing and working in an Economic Freedom Zone.
A visa issued to an alien under this section shall expire on the later of— the date on which the relevant Economic Freedom Zone loses such designation; or the date that is 5 years after the date on which such visa was issued to such alien. Except as otherwise provided under this section, the minimum amount of capital required to comply with subsection (c)(1)(A) shall be $50,000. An alien is not in compliance with subsection (c)(2) unless the alien— purchases a dilapidated or abandoned property in an Economic Freedom Zone; and not later than 18 months after such purchase, invests not less than $25,000 to rebuild, rehabilitate, or repurpose the property.
A visa issued under subsection
(c)shall not remain in effect for more than 2 years unless the Secretary of Homeland Security has verified that the alien has complied with the requirements described in subsection (c). An alien is not in compliance with subsection (c)(3) unless the alien possesses— a bachelor’s degree (or its equivalent) or an advanced degree; a degree or specialty certification that— is required for the job the alien will be performing; and is specific to an industry or job that is so complex or unique that it can be performed only by an individual with the specialty certification; the knowledge required to perform the duties of the job the alien will be performing; and the nature of the specific duties is so specialized and complex that such knowledge is usually associated with attainment of a bachelor’s or higher degree; or a skill or talent that would benefit the Economic Freedom Zone. An alien who has been issued a visa under this section is not permitted to live or work outside of an Economic Freedom Zone. A visa issued under this section shall be rescinded if the visa holder resides or works outside of an Economic Freedom Zone or otherwise fails to comply with the provisions of this section. An alien who has been issued a visa under this section may apply for any other visa for which the alien is eligible in order to pursue employment outside of an Economic Freedom Zone. The Secretary of Homeland Security may adjust the status of an alien who has been issued a visa under this section to that of an alien lawfully admitted for permanent residence, without numerical limitation, if the alien— has fully complied with the requirements set forth in this section for at least 5 years; submits a completed application to the Secretary; and is not inadmissible to the United States based on any of the factors set forth in section 212(a) of the Immigration and Nationality Act ( 8 U.S.C. 1182(a) ).
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Sec. 503
Special Economic Freedom Zone visas
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