Stealing money and people? The three latest bills on high-tech and investment immigration

steal money and people? Three latest bills related to high-tech and investment immigration. Recently, the United States has introduced a series of new bills, aiming to encourage foreign investors, entrepreneurs and the most...

Recently, the United States has launched a series of new bills, aiming to encourage foreign investors, entrepreneurs and the best talents to stay in the United States to stimulate the U.S. economy, create more jobs and increase investment. It is jokingly called "robbing money and robbing people." Our firm has been paying close attention to such information in order to keep up with the situation and provide you with the most complete legal consulting services. In recent days, our firm has also received many calls from clients asking about the direction of these policies. This article will mainly summarize and briefly explain these proposals.

Proposal 1: Immigration Driving Entrepreneurship In America (IDEA) Act of 2011

First of all, once passed, this bill will benefit holders of advanced degrees in science and engineering. The bill proposes to create a new category under EB-1, the first category of immigrant preference, so that holders of advanced degrees (masters or doctoral degrees) in science, technology, engineering and mathematics (STEM) who graduated from top universities can apply for green cards through this new category. However, this is only if the degree holder has been offered a job and the salary exceeds the prevailing wage rate. At the same time, the annual quota limit will be lifted for these degree holders and applicants who meet the current EB-1b (outstanding professors and researchers) application conditions. The legislation also advocates the establishment of a "dual intention" mechanism so that when recruiting foreign students in the United States, employers do not need to first require students to have H-1B status or leave the country to apply for a work visa; it also advocates granting temporary transitional visas to F or L visa holders who have applied for a green card.

This bill will also benefit entrepreneurs after it is passed. The bill proposes providing green cards to two types of entrepreneurs. The first category is entrepreneurs who have received funding of more than US$500,000 from venture capital companies. They will first obtain a two-year temporary green card. After two years, if the enterprise can create three full-time jobs for U.S. citizens and add more than one million U.S. dollars in new investment or establish a new enterprise with an annual income of more than one million U.S. dollars, the entrepreneur will have a formal green card. The second category is for entrepreneurs who have already started a business in the United States. Temporary green cards will be issued to entrepreneurs who create three full-time jobs in the United States. After two years, if there are more than 10 full-time American employees, the entrepreneur will be granted a formal green card.

This bill also includes a series of other contents such as canceling country restrictions on quotas and simplifying the application process. Next we will introduce another motion.

Motion 2: Fairness for High-Skilled Immigrants Act

This bill was proposed by Congressman Chaffetz on September 22 this year. This bill aims to completely eliminate national quota restrictions on employment-based immigrants in the 2015 fiscal year. On October 27, by voice vote, the bill was submitted to the full House of Representatives for discussion. At the same time, the amendment proposed by Councilor Lofgren regarding the three-year transition period was accepted. The House of Representatives will debate this bill in the coming weeks, and our firm will be watching closely.

Bill 3: Buy House and Get Green Card (Buy a house and get a green card)

This bill has not yet been formally proposed, but according to the proposal of Congressmen Schumer and Lee, if you invest US$500,000 in buying real estate in the United States, you can get a green card with a residence visa that is renewed every three years. Applicants can use all the money to buy a house, or they can spend $250,000 to buy a home and invest the remaining money in other properties. However, the home can only be purchased with cash, not a mortgage or home equity loan. In addition, unless a work visa is obtained through traditional channels, this "green card" holder will not be able to work in the United States. At the same time, he will have to live in his home in the United States for more than 180 days per year and pay U.S. income tax on any international income.

Please note that these bills are still far away from being voted on by the whole body and becoming final legislation. However, such active bill activities reflect the desire of American political and business circles for foreign talents and investment. This will undoubtedly create a more relaxed environment for high-end immigrants.