The bill being filed by Florida Congressmen David Jolly could substantially affect the lives of foreigners who are doing business in the US on E2 Treaty Investors Visa and pursuing a permanent resident status.
“Every day the immigration reform debate hits the headlines, but only focuses on those here in the US illegally, what about those who are legally obliged to be here?” he said.
By current law, it is impossible for the E-2 visa holders to become US permanent residents because their visa falls under non-immigrant category. Also, the E-2 is not in close accordance with other work visas and green cards that provide lawful permanent residence in the US to foreign investors and entrepreneurs who can invest in a new commercial enterprise in the US.
For example, to acquire an EB-5 Green Card they are required to make a minimum $500,000 to $1,000,000 investment into a business of at least 10 employees, whereas E-2 businessmen generally run quite small businesses and are unlikely to meet such financial requirement.
Interestingly, the new bill is expected to address this issue by granting E-2 entrepreneurs with permanent residence. Accordingly, they need to reside in the US for at least 10 years legally on an E-2 visa and simultaneously their business creates at least 2 full-time jobs. Additionally, their children will also be allowed to remain in the States by the age of 26 under their parent’s visa coverage.
However, it should be noted that the new policy remains up for debate among Congressmen and will only officially apply once it is approved by the Congress and President.
If you are interested in Visas to the USA, contact Migration Expert for information and advice on which visa is best suited to you. You can also try our Visa Assessment to see if you are eligible to apply for a visa to the United States of America.