EB-6 “Startup Visa” Proposed: April 27, 2014
New EB-6 Visa
A bill that’s currently in the United States Senate will add another category to the list of American visas available for foreign nationals. The bill called the Startup Visa Act, was introduced by Republican Senator Richard Lugar and former presidential candidate John Kerry in February. This new visa would stimulate the American economy while creating jobs in the United States. A startup visa would allow someone from another country to enter the United States if he or she raised $250,000 from venture capitalists over two years. Then, once the entrepreneur raises $1 million and has created five jobs, her or she would gain permanent residency.
The American EB-5 visa already allows investors into the country who raise $1 million and create 10 jobs. Currently, the American EB-5 visa is relatively underused with only 1,265 applications out of a 10,000 annual cap received in 2009. The Startup Visa will be called the EB-6 visa.
It’s not known when a position on this visa will be given by the White House. While immigration reform in the United States is strongly needed, there are also several issues at hand, such as climate change and a hotly-debated position available for the Supreme Court later this year. It’s not yet apparent whether immigration reform will “jump the queue” and be placed at the forefront, or fall behind as other pressing issues are dealt with first.
Update: As of July 2017, the Startup Visa was not passed into law.
About Michael Niren
Michael is a graduate of Osgoode Hall Law School in Toronto. He is a member of the Law Society of Upper Canada, the Canadian Bar Association’s Citizenship and Immigration Section and the Associate Member of the American Bar Association. Read more
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