S.744 Immigration bill - Sec. 4801: NONIMMIGRANT INVEST VISAS

Posted Wed, Apr 17, 2013 at 4:59 pm

    (a) INVEST Nonimmigrant Category- Section 101(a)(15) (8 U.S.C. 1101(a)(15)), as amended by sections 2231, 4504, and 4702, is further amended by inserting after the material added by section 2231, the following:

        `(X) subject to the definitions in section 203(b)(6), is a qualified entrepreneur who has demonstrated, during the 3-year period ending on the date on which the alien filed an initial petition for nonimmigrant status described in this clause that--

          `(i) a qualified venture capitalist, a qualified super angel investor, a qualified government entity, a qualified community development financial institution, or such other entity or set of investors, as determined by the Secretary, has devoted a qualified investment of not less than $100,000 to the alien's United States business entity; or

          `(ii) the alien's United States business entity has created no fewer than 3 qualified jobs and during the 2-year period ending on such date has generated not less than $250,000 in annual revenue in the United States.'.

    (b) Admission of INVEST Nonimmigrants- Section 214 (8 U.S.C. 1184) is amended by adding at the end the following:

    `(s) INVEST Nonimmigrant Visas-

      `(1) DEFINITIONS- The definitions in section 203(b)(6)(A) apply in this subsection.

      `(2) INITIAL PERIOD OF AUTHORIZED ADMISSION- The period of authorized status as a nonimmigrant described in section 101(a)(15)(X) shall be for an initial 3-year period.

      `(3) RENEWAL OF ADMISSION- Subject to paragraph (4), the initial period of authorized nonimmigrant status described in paragraph (2) may be renewed for additional 3-year periods if during the most recent 3-year period that the alien was granted such status--

        `(A) the alien's United States business entity has created no fewer than 3 qualified jobs and a qualified venture capitalist, a qualified super angel investor, a qualified government entity, a qualified community development financial institution, or such other entity or set of investors as determined by the Secretary, has devoted a qualified investment of not less than $250,000 to the alien's United States business entity; or

        `(B) the alien's United States business entity has created no fewer than 3 qualified jobs and, during the 2 year period ending on the date that the alien petitioned for an extension, has generated not less than $200,000 in annual revenue within the United States.

      `(4) WAIVER OF RENEWAL REQUIREMENTS- The Secretary may renew an alien's status as a nonimmigrant described in section 101(a)(15)(X) for up to two 1-year periods if the alien--

        `(A) does not meet the criteria of paragraph (3); and

        `(B) meets the criteria established by the Secretary, in consultation with the Secretary of Commerce, for approving renewals under this subclause which shall include finding that--

          `(i) the alien has made substantial progress in meeting such criteria; and

          `(ii) such renewal that is economically beneficial to the United States.

      `(5) ATTESTATION- The Secretary may require an alien seeking status under section 101(a)(15)(X) to attest, under penalties of perjury, to the alien's qualifications.'.

4801
NONIMMIGRANT INVEST VISAS