§ 4801 : NONIMMIGRANT INVEST VISAS

ADMISSION OF INVEST NONIMMIGRANTS.— Section 214(8 U.S.C. 1184) as amended by sections 3608, 4232, 4405, 4503, 4504, 4602, 4605, and 4606, is further amended by adding at the end the following:

s.

INVEST NONIMMIGRANT VISAS.—

1.

DEFINITIONS.—The definitions in section 203(b)(6)(A)apply to this subsection.

2.

INITIAL PERIOD OF AUTHORIZED ADMISSION.—The initial 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 [Whitehouse1]qualified startup accelerator, or such other type of entity or investors as determined by the Secretary, [Whitehouse1]or any combination of such entities or investors, has made a qualified investment or combination of qualified investments of not less than $250,000 in total 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 $250,000 in annual revenue arising from business conducted 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 not more than 1 year at a time, up to an aggregate of 2 years if the alien—

A.

does not meet the criteria under paragraph (3); and

B.

meets the criteria established by the Secretary, in consultation with the Secretary of Commerce, for approving renewals under this subsection which shall include finding that—

i.

the alien has made substantial progress in meeting such criteria; and

ii.

such renewal is economically beneficial to the United States.

5.

ATTESTATION.—The Secretary may require an alien seeking status as a nonimmigrant described in section 101(a)(15)(X)to attest, under penalty of perjury, that the alien meets the application criteria.

6.

X–1 VISA FEE.—In addition to processing fees, the Secretary shall collect a $1,000 fee from each nonimmigrant admitted under section 101(a)(15)(X). Fees collected under this paragraph shall be deposited into the Comprehensive Immigration Reform Trust Fund established under section 6(a)(1) of the Border Security, Economic Opportunity, and Immigration Modernization Act.