Immigration Advisory: Attention Foreign Entrepreneurs: New StartUp Visa Act of 2010 Introduced in Congress

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On February 24, 2010, Senators John Kerry (D-MA) and Richard Lugar (R-IN) introduced the StartUp Visa Act of 2010. This proposed legislation, if passed into law, would create a second immigrant (“green card”) investor visa category for foreign entrepreneurs.

The current immigrant investor category, known as the EB-5 category, requires an investment of $1 million of the foreign investor’s personal, at-risk funds which must be used to create 10 new jobs for U.S. workers. The investment amount can be lowered to $500,000 if the investment is made in an area designated as a high-unemployment area. Very few foreign investors take advantage of this option because of the relatively high amount of at-risk, personal funds needed to qualify.

Please see full advisory below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Mintz Levin - Immigration Law | Attorney Advertising

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