6 ms·

International Entrepreneur Rule

210 points by buechs 10y ago

Finbarr 10y ago
Reading through it. The gist is you can get 30 months of parole from USCIS if you are a startup entrepreneur that has raised investment. Seems like the threshold is $250k and it can support up to 3 founders. You must own at least 10% to be considered a founder. Looks like you can also get an additional 30 months by raising a further $500k, or having at least $500k ARR with 20% annual growth, or employing 5 US persons full time. You need to maintain a 5% stake and continue to serve a central role in operations in order to qualify for the additional 30 months. The investment has to be raised from investors with a track record of investing in high growth startups. This will come into force from July 17 2017.
- gigatexal 10y ago
  A similar scheme works for Canadian immigration.
  - fapjacks 10y ago
    But... Does it work?
    - mysterypie 10y ago
      Typical case went like this: Immigrant investor to Canada spent $300K (Canadian) to buy a pizza joint, hired 5 minimum wage workers, operated business for 3.5 years, then sold it or closed it. Minimum investments and required duration of the business have varied over the years, and by province as well. The typical immigrant investor was not starting Google, a genomics lab, a 3D printing business, or anything even vaguely innovative.
      - nopinsight 10y ago
        What happens to them afterward? Do they get a permanent residency just from operating that venture for 3.5 years? (Do they need to pass the point-based qualification as well to get the visa in the first place?) For the US, small business investor-entrepreneurs typically use an E-2 visa but it is non-immigrant and they need to leave the country when the business stops operating.
      - emilyfm 10y ago
        That was the "investor" visa ("owner-operator"). The US International Entrepreneur Rule is more like the "Start Up Visa" [1] that was introduced in Canada a few years ago, which allows entry for founders of a business supported by local venture capital or incubators (subject to certain monetary amounts and conditions). A major difference: the Canadian start-up visa gives immediate permanent residence, rather than a number of years of temporary status with no guaranteed route forward. [1] http://www.cic.gc.ca/english/immigrate/business/start-up/ http://www.cic.gc.ca/english/immigrate/business/start-up/
- goodcjw2 10y ago
  The threshold feels low, especially when compared the the new H1B threshold at 100K. As mentioned earlier, this could be easily gamed.
  - xenadu02 10y ago
    It's explicitly designed for people who get into YC: you get 2.5 years to prove your startup can make it to the next stage, the 2.5 more years to turn it into a real business (after which there are far more options like K-1, O-1, and various E investor visas). Depending on the situation it might be a formality... if your startup has grown to medium size with 100 employees and $20m revenue my guess is DHS will find any excuse to give you general public-benefit parole or an O-1. You are also free to apply for other visas while in the US without affecting your parole.
  - stale2002 10y ago
    I know right! Company "invests" 250k into a "startup" who's only job is to "consult" with the parent investor company. BAM! You've just hired 3 engineers right there, who have completely skipped the greencard line.
    - cperciva 10y ago
      I'd assume this is why they have qualification requirements on the investors.
  - chrisper 10y ago
    Is the 100k cap official or is it just an idea so far?
  - uiri 10y ago
    especially when compared the the new H1B threshold at 100K What on Earth are you talking about? That $100K threshold is designed to target body shops. There are a class of employers which are H-1B dependent; generally, those with at least 15% of their employees on the visa. Currently, H-1Bs with a salary of at least $60K are not counted toward that 15%. The bill will change this to $100K salary. It is possible to hire a H-1B for $50k under the current laws if that is market rate for the relevant position.
- cma 10y ago
  One thing that will let you in is if you are invested in from > investors with established records of successful investments The rich get richer. Established investors get cheap labor, while upstart competitive investors get buried behind an artificial government wall. I wonder if any established investment firms lobbied for that?
  - deleted 10y ago
    [deleted]
  - icantdrive55 10y ago
    I think they want to prevent foreign rich parents from scamming the program? They want honest entrepreneurs? Not just the rich kids, with crafty parents? (Personally, I don't like these programs, except in extreme cases, like letting in accomplished scientists--for a limited time. And only from countries that reciprocate.)
  - chulk90 10y ago
    Don't you think you're making too much assumption here? If a large firm lobbied to create an "artificial ... wall," they would write a pre-defined amount, such as "firms who have $100MM AUM," rather than making it vague. "Successful investments" can be validated with a reasonable argument, so it actually opens door for younger VCs.
    - cma 10y ago
      Or maybe by making it vague they will get even more protection, especially if they have ins with the regulators who will interpret it. Seems more likely for established players than for upstarts. But maybe not. Just throwing it out there.
  - orasis 10y ago
    So your investment thesis is "cheaper is better."?
  - deleted 10y ago
    [deleted]
- mnglkhn2 10y ago
  Who's going to stop an investor from pushing you out from a central role in operations and hence kick you out of the country? All this after 2.5yrs put in the company, working your best for those years.
  - Finbarr 10y ago
    Given the amounts we're talking about, it's likely the founders would still have complete control of the board.
- fovc 10y ago
  What exactly does parole mean in an immigration context? Would it threaten future visa/immigration options if you fail to renew?
  - neom 10y ago
    https://www.federalregister.gov/d/2017-00481/p-389 https://www.federalregister.gov/d/2017-00481/p-389
    - fovc 10y ago
      Thanks. That led me to: > The Attorney General may, except as provided in subparagraph (B) or in section 1184(f) of this title, in his discretion parole into the United States temporarily under such conditions as he may prescribe only on a case-by-case basis for urgent humanitarian reasons or significant public benefit any alien applying for admission to the United States, but such parole of such alien shall not be regarded as an admission of the alien and when the purposes of such parole shall, in the opinion of the Attorney General, have been served the alien shall forthwith return or be returned to the custody from which he was paroled and thereafter his case shall continue to be dealt with in the same manner as that of any other applicant for admission to the United States. [0]: https://www.gpo.gov/fdsys/pkg/USCODE-2015-title8/html/USCODE-2015-title8-chap12-subchapII-partII-sec1182.htm https://www.gpo.gov/fdsys/pkg/USCODE-2015-title8/html/USCODE...
- nopinsight 10y ago
  Does anyone know how the process is supposed to work once one gets the Parole? Would the Parole allow one to travel freely in and out of the States, like a Green Card holder, during the its valid period? E-2 visa for some nationals requires the person to reapply for the visa if one travels outside the US and wants to get back in, which is a major pain point. (There is a period, for example 6 months or 1 year, when the re-entry is permitted without re-application. This varies with the country.)
  - gotrecruit 10y ago
    about the E-2 thing you said, it's only true if you applied within the US. if you applied and got an E-2 outside of US, you can freely leave and enter on it anytime.
    - nopinsight 10y ago
      I talked with an immigration lawyer last year. She told me that the period of free re-entry was only within 6 months of the visa issuance. I did check and found a list of varying periods for different countries on some website (I can't find it now.) However, I just found this paragraph on www.uscis.gov: "An E-2 nonimmigrant who travels abroad may generally be granted an automatic two-year period of readmission when returning to the United States. It is generally not necessary to file a new Form I-129 with USCIS in this situation." So I guess one may want to re-check to be very sure if one wants to get an E-2. I'm going to apply for the Entrepreneur Parole since it fits my situation much better.
      - Xixi 10y ago
        I have an E-2 visa, valid for 5 years. The way it works is exactly as you read on www.uscis.gov: upon entry in the US there is a 2 year reentry permission: it is renewed each time the border is crossed. In practice it means that I need to go out of the US at least once every two years to keep the ability to travel freely. Conclusion: the E-2 visa is great if you intend to travel abroad often, otherwise another visa is probably better. The durations may vary depending on the country the visa is issued from (due to the underlying treaty), and the status associated to it: in my case France as an essential employee (NOT as an investor).
trvlngsalesmn 10y ago
When was this passed?
- tingletech 10y ago
  it is a regulatory action, so it was never "passed" per se. https://en.wikipedia.org/wiki/Rulemaking https://en.wikipedia.org/wiki/Rulemaking it is post-dated next tuesday, I didn't know could post-date a rule
  - xenadu02 10y ago
    Because it isn't legally "published" until the next business day and Monday is a federal holiday. Federal law says rulemaking isn't valid until 180 days have passed so it kicks in July 17. All of these rules are to keep federal agencies from changing the rules out from under people, and to give Congress/Courts time to act.
    - trvlngsalesmn 10y ago
      Interesting. Thanks for the background and links. So this is how federal agencies that report to the executive branch legislate. I had always wondered what the actual process was.
      - tingletech 10y ago
        They don't "legislate" they "regulate".
forgottenacc57 10y ago
This will be gamed hard by rich people to get into the U.S. Essentially a red carpet side door if you have a slab of cash.
- marcinzm 10y ago
  That's nothing new, if you pay $1million (or $500k depending on the area of investment) then you can essentially get a green card as it is: https://en.wikipedia.org/wiki/EB-5_visa https://en.wikipedia.org/wiki/EB-5_visa
  - clishem 10y ago
    Many other countries, such as the Netherlands, have a similar law: http://www.dutchdailynews.com/netherlands-offers-residency-to-foreigners-for-1-25-million-euro/ http://www.dutchdailynews.com/netherlands-offers-residency-t...
    - geodel 10y ago
      Interesting. It seems equivalent of USD 1.3M. I wonder if it is competitive for investors.
      - icebraining 10y ago
        Portugal has a similar system, called "Golden Visas", which is significantly cheaper. Of course, being true to this country, there's already a five year backlog due to bureaucracy and investigations into misappropriations and fraud.
- franciscop 10y ago
  I am not native English speaker so I might be misreading, but isn't parole meant to be for people in prison? So how does this have anything to do with getting into the U.S.? There is already something like what you are suggesting in the U.S. AFAIK, just $500k or $1M depending on the situation.
xolb 10y ago
This is good news for YC, and I bet that the amount of international founders accepted will increase in the next batch.
deleted 10y ago
[deleted]
beagle3 10y ago
Ok, that's the immigration side. What is the tax status of people admitted under this rule? IIRC, only F and J visas are exempt from becoming American taxpayers Being an American taxpayer is fine and dandy if you never plan to live outside the us again; but if you aren't, it's a very expensive and labour intensive deal; your home country bank will fire you as a customer because of FATCA, the reporting requirements to the us are insane (FBAR and every single foreign transaction needs to be reported), and your e.g. Pension savings and other holdings likely become a losing proposition because they are PFICs. Most people ignore these issues, but almost everyone is liable under the us tax code, and especially with the just announced sharing of NSA data with the IRS, it will all be legally documented for the IRS to pursue.
- chulk90 10y ago
  If you're moving to the U.S. to grow your young, early-stage startup for the next 5+ years, wouldn't it be easier if you moved your banking to a Silicon Valley / equivalent bank, who tends to be more startup-friendly and gives easier filing rules? That's unless if you have more than 5 years of a banking relationship, but then you wouldn't qualify for this rule anyway.
  - beagle3 10y ago
    That's true for simple saving and checking, but not true for just about anything else. Most importantly, retirement/pension accounts, which get preferential treatment (in the US they are IRAs and 401k) in one country but not another -- and the US PFIC rules make them much worse than "just" not getting the tax benefits.
- FallujahJane 10y ago
  Holders of F and J visas do pay taxes in the US, though they may also be liable for taxes in their home countries. (Depending on treaties with their home countries, they may or may not be better off than a regular US taxpayer.) You may be thinking of the rule requiring American citizens to pay taxes over their worldwide income, not only their US income. That rule applies to American citizens as well as permanent residents ("green-card holders"), but generally not to anyone in the US on a temporary visa. That means that someone in the US on a temporary visa will generally be paying US taxes over any income from a job or business they have in the US, but if they have, e.g., income from renting out real estate in another country, that income may be taxed in that other country, but not in the US. Only US citizens and permanent residents are required to report any such foreign income in the US and pay taxes over it, even when they move abroad (with some exemptions). FATCA is not as onerous as you describe for most regular people. As a US taxpayer (whether a citizen or permanent or temporary resident), you have to report foreign bank accounts that at any point during the year contain more than the equivalent of something like $10,000. That's it. There is no requirement (as far as I'm aware) to report "every single foreign transaction." You're right that retirement planning can be complicated for immigrants and temporary visitors. Many countries have rules like the US, where you have to pay into the system for a certain number of years before you become eligible for social-security payments in old age. So for many immigrants retirement becomes a patchwork of sources (a bit of social security, a bit of foreign social security, and otherwise savings in whatever accounts are available in the US and abroad.)
SwaroopH 10y ago
The status is iffy and still no easy path to a permanent residence. They recommend the usual route of O-1A or EB-2 and no adjustment of status either.
throwawasiudy 10y ago
sigh...another H1B hole so startups can enjoy the same benefits of cheap indentured labor as the big consulting agencies.
- ekiru 10y ago
  I think most startups, particularly the ones taking investment, rather hope that 10% of the company will not be cheap.
- rfrey 10y ago
  As long as they give that indentured labor at least 10% of the company...
nikon 10y ago
Should you not be offered some sort of permanent residency in return for "growth and job creation that they would provide a significant public benefit to the United States", especially after the first 30 months? So you get 60 months and then have to leave the country? How is that attractive?
- hkmurakami 10y ago
  People usually convert themselves to H1B at some point in the process.
throw345hn 10y ago
Does anyone know if you could apply for permanent residency while on this visa?
- ricardonunez 10y ago
  No, you can't. This is not a visa.
  - Finbarr 10y ago
    You can apply for any kinds of visa you want while taking advantage of the parole according to the linked article. You would need to leave the US to change status though.
gcb0 10y ago
everyone should remember this is the port of entry body. allowing them to decide in case of urgency makes sense fully. entrepreneurs already can request a visa in their home country usa embassy. why the people validating documents at the airport should now decide on startups sounds crazy at least.
general_ai 10y ago
250k is way too low a threshold. I'd put it at at least a million, if not more. But hey, it'll all be repealed shortly anyway, so who cares.

210 points by buechs 10y ago

Reading through it. The gist is you can get 30 months of parole from USCIS if you are a startup entrepreneur that has raised investment. Seems like the threshold is $250k and it can support up to 3 founders. You must own at least 10% to be considered a founder. Looks like you can also get an additional 30 months by raising a further $500k, or having at least $500k ARR with 20% annual growth, or employing 5 US persons full time. You need to maintain a 5% stake and continue to serve a central role in operations in order to qualify for the additional 30 months. The investment has to be raised from investors with a track record of investing in high growth startups. This will come into force from July 17 2017.

gigatexal 10y ago
A similar scheme works for Canadian immigration.
- fapjacks 10y ago
  But... Does it work?
  - mysterypie 10y ago
    Typical case went like this: Immigrant investor to Canada spent $300K (Canadian) to buy a pizza joint, hired 5 minimum wage workers, operated business for 3.5 years, then sold it or closed it. Minimum investments and required duration of the business have varied over the years, and by province as well. The typical immigrant investor was not starting Google, a genomics lab, a 3D printing business, or anything even vaguely innovative.
    - nopinsight 10y ago
      What happens to them afterward? Do they get a permanent residency just from operating that venture for 3.5 years? (Do they need to pass the point-based qualification as well to get the visa in the first place?) For the US, small business investor-entrepreneurs typically use an E-2 visa but it is non-immigrant and they need to leave the country when the business stops operating.
    - emilyfm 10y ago
      That was the "investor" visa ("owner-operator"). The US International Entrepreneur Rule is more like the "Start Up Visa" [1] that was introduced in Canada a few years ago, which allows entry for founders of a business supported by local venture capital or incubators (subject to certain monetary amounts and conditions). A major difference: the Canadian start-up visa gives immediate permanent residence, rather than a number of years of temporary status with no guaranteed route forward. [1] http://www.cic.gc.ca/english/immigrate/business/start-up/ http://www.cic.gc.ca/english/immigrate/business/start-up/
goodcjw2 10y ago
The threshold feels low, especially when compared the the new H1B threshold at 100K. As mentioned earlier, this could be easily gamed.
- xenadu02 10y ago
  It's explicitly designed for people who get into YC: you get 2.5 years to prove your startup can make it to the next stage, the 2.5 more years to turn it into a real business (after which there are far more options like K-1, O-1, and various E investor visas). Depending on the situation it might be a formality... if your startup has grown to medium size with 100 employees and $20m revenue my guess is DHS will find any excuse to give you general public-benefit parole or an O-1. You are also free to apply for other visas while in the US without affecting your parole.
- stale2002 10y ago
  I know right! Company "invests" 250k into a "startup" who's only job is to "consult" with the parent investor company. BAM! You've just hired 3 engineers right there, who have completely skipped the greencard line.
  - cperciva 10y ago
    I'd assume this is why they have qualification requirements on the investors.
- chrisper 10y ago
  Is the 100k cap official or is it just an idea so far?
- uiri 10y ago
  especially when compared the the new H1B threshold at 100K What on Earth are you talking about? That $100K threshold is designed to target body shops. There are a class of employers which are H-1B dependent; generally, those with at least 15% of their employees on the visa. Currently, H-1Bs with a salary of at least $60K are not counted toward that 15%. The bill will change this to $100K salary. It is possible to hire a H-1B for $50k under the current laws if that is market rate for the relevant position.
cma 10y ago
One thing that will let you in is if you are invested in from > investors with established records of successful investments The rich get richer. Established investors get cheap labor, while upstart competitive investors get buried behind an artificial government wall. I wonder if any established investment firms lobbied for that?
- deleted 10y ago
  [deleted]
- icantdrive55 10y ago
  I think they want to prevent foreign rich parents from scamming the program? They want honest entrepreneurs? Not just the rich kids, with crafty parents? (Personally, I don't like these programs, except in extreme cases, like letting in accomplished scientists--for a limited time. And only from countries that reciprocate.)
- chulk90 10y ago
  Don't you think you're making too much assumption here? If a large firm lobbied to create an "artificial ... wall," they would write a pre-defined amount, such as "firms who have $100MM AUM," rather than making it vague. "Successful investments" can be validated with a reasonable argument, so it actually opens door for younger VCs.
  - cma 10y ago
    Or maybe by making it vague they will get even more protection, especially if they have ins with the regulators who will interpret it. Seems more likely for established players than for upstarts. But maybe not. Just throwing it out there.
- orasis 10y ago
  So your investment thesis is "cheaper is better."?
- deleted 10y ago
  [deleted]
mnglkhn2 10y ago
Who's going to stop an investor from pushing you out from a central role in operations and hence kick you out of the country? All this after 2.5yrs put in the company, working your best for those years.
- Finbarr 10y ago
  Given the amounts we're talking about, it's likely the founders would still have complete control of the board.
fovc 10y ago
What exactly does parole mean in an immigration context? Would it threaten future visa/immigration options if you fail to renew?
- neom 10y ago
  https://www.federalregister.gov/d/2017-00481/p-389 https://www.federalregister.gov/d/2017-00481/p-389
  - fovc 10y ago
    Thanks. That led me to: > The Attorney General may, except as provided in subparagraph (B) or in section 1184(f) of this title, in his discretion parole into the United States temporarily under such conditions as he may prescribe only on a case-by-case basis for urgent humanitarian reasons or significant public benefit any alien applying for admission to the United States, but such parole of such alien shall not be regarded as an admission of the alien and when the purposes of such parole shall, in the opinion of the Attorney General, have been served the alien shall forthwith return or be returned to the custody from which he was paroled and thereafter his case shall continue to be dealt with in the same manner as that of any other applicant for admission to the United States. [0]: https://www.gpo.gov/fdsys/pkg/USCODE-2015-title8/html/USCODE-2015-title8-chap12-subchapII-partII-sec1182.htm https://www.gpo.gov/fdsys/pkg/USCODE-2015-title8/html/USCODE...
nopinsight 10y ago
Does anyone know how the process is supposed to work once one gets the Parole? Would the Parole allow one to travel freely in and out of the States, like a Green Card holder, during the its valid period? E-2 visa for some nationals requires the person to reapply for the visa if one travels outside the US and wants to get back in, which is a major pain point. (There is a period, for example 6 months or 1 year, when the re-entry is permitted without re-application. This varies with the country.)
- gotrecruit 10y ago
  about the E-2 thing you said, it's only true if you applied within the US. if you applied and got an E-2 outside of US, you can freely leave and enter on it anytime.
  - nopinsight 10y ago
    I talked with an immigration lawyer last year. She told me that the period of free re-entry was only within 6 months of the visa issuance. I did check and found a list of varying periods for different countries on some website (I can't find it now.) However, I just found this paragraph on www.uscis.gov: "An E-2 nonimmigrant who travels abroad may generally be granted an automatic two-year period of readmission when returning to the United States. It is generally not necessary to file a new Form I-129 with USCIS in this situation." So I guess one may want to re-check to be very sure if one wants to get an E-2. I'm going to apply for the Entrepreneur Parole since it fits my situation much better.
    - Xixi 10y ago
      I have an E-2 visa, valid for 5 years. The way it works is exactly as you read on www.uscis.gov: upon entry in the US there is a 2 year reentry permission: it is renewed each time the border is crossed. In practice it means that I need to go out of the US at least once every two years to keep the ability to travel freely. Conclusion: the E-2 visa is great if you intend to travel abroad often, otherwise another visa is probably better. The durations may vary depending on the country the visa is issued from (due to the underlying treaty), and the status associated to it: in my case France as an essential employee (NOT as an investor).

trvlngsalesmn 10y ago

When was this passed?

tingletech 10y ago
it is a regulatory action, so it was never "passed" per se. https://en.wikipedia.org/wiki/Rulemaking https://en.wikipedia.org/wiki/Rulemaking it is post-dated next tuesday, I didn't know could post-date a rule
- xenadu02 10y ago
  Because it isn't legally "published" until the next business day and Monday is a federal holiday. Federal law says rulemaking isn't valid until 180 days have passed so it kicks in July 17. All of these rules are to keep federal agencies from changing the rules out from under people, and to give Congress/Courts time to act.
  - trvlngsalesmn 10y ago
    Interesting. Thanks for the background and links. So this is how federal agencies that report to the executive branch legislate. I had always wondered what the actual process was.
    - tingletech 10y ago
      They don't "legislate" they "regulate".

forgottenacc57 10y ago

This will be gamed hard by rich people to get into the U.S. Essentially a red carpet side door if you have a slab of cash.

marcinzm 10y ago
That's nothing new, if you pay $1million (or $500k depending on the area of investment) then you can essentially get a green card as it is: https://en.wikipedia.org/wiki/EB-5_visa https://en.wikipedia.org/wiki/EB-5_visa
- clishem 10y ago
  Many other countries, such as the Netherlands, have a similar law: http://www.dutchdailynews.com/netherlands-offers-residency-to-foreigners-for-1-25-million-euro/ http://www.dutchdailynews.com/netherlands-offers-residency-t...
  - geodel 10y ago
    Interesting. It seems equivalent of USD 1.3M. I wonder if it is competitive for investors.
    - icebraining 10y ago
      Portugal has a similar system, called "Golden Visas", which is significantly cheaper. Of course, being true to this country, there's already a five year backlog due to bureaucracy and investigations into misappropriations and fraud.
franciscop 10y ago
I am not native English speaker so I might be misreading, but isn't parole meant to be for people in prison? So how does this have anything to do with getting into the U.S.? There is already something like what you are suggesting in the U.S. AFAIK, just $500k or $1M depending on the situation.

xolb 10y ago

This is good news for YC, and I bet that the amount of international founders accepted will increase in the next batch.

deleted 10y ago

[deleted]

beagle3 10y ago

Ok, that's the immigration side. What is the tax status of people admitted under this rule? IIRC, only F and J visas are exempt from becoming American taxpayers Being an American taxpayer is fine and dandy if you never plan to live outside the us again; but if you aren't, it's a very expensive and labour intensive deal; your home country bank will fire you as a customer because of FATCA, the reporting requirements to the us are insane (FBAR and every single foreign transaction needs to be reported), and your e.g. Pension savings and other holdings likely become a losing proposition because they are PFICs. Most people ignore these issues, but almost everyone is liable under the us tax code, and especially with the just announced sharing of NSA data with the IRS, it will all be legally documented for the IRS to pursue.

chulk90 10y ago
If you're moving to the U.S. to grow your young, early-stage startup for the next 5+ years, wouldn't it be easier if you moved your banking to a Silicon Valley / equivalent bank, who tends to be more startup-friendly and gives easier filing rules? That's unless if you have more than 5 years of a banking relationship, but then you wouldn't qualify for this rule anyway.
- beagle3 10y ago
  That's true for simple saving and checking, but not true for just about anything else. Most importantly, retirement/pension accounts, which get preferential treatment (in the US they are IRAs and 401k) in one country but not another -- and the US PFIC rules make them much worse than "just" not getting the tax benefits.
FallujahJane 10y ago
Holders of F and J visas do pay taxes in the US, though they may also be liable for taxes in their home countries. (Depending on treaties with their home countries, they may or may not be better off than a regular US taxpayer.) You may be thinking of the rule requiring American citizens to pay taxes over their worldwide income, not only their US income. That rule applies to American citizens as well as permanent residents ("green-card holders"), but generally not to anyone in the US on a temporary visa. That means that someone in the US on a temporary visa will generally be paying US taxes over any income from a job or business they have in the US, but if they have, e.g., income from renting out real estate in another country, that income may be taxed in that other country, but not in the US. Only US citizens and permanent residents are required to report any such foreign income in the US and pay taxes over it, even when they move abroad (with some exemptions). FATCA is not as onerous as you describe for most regular people. As a US taxpayer (whether a citizen or permanent or temporary resident), you have to report foreign bank accounts that at any point during the year contain more than the equivalent of something like $10,000. That's it. There is no requirement (as far as I'm aware) to report "every single foreign transaction." You're right that retirement planning can be complicated for immigrants and temporary visitors. Many countries have rules like the US, where you have to pay into the system for a certain number of years before you become eligible for social-security payments in old age. So for many immigrants retirement becomes a patchwork of sources (a bit of social security, a bit of foreign social security, and otherwise savings in whatever accounts are available in the US and abroad.)

SwaroopH 10y ago

The status is iffy and still no easy path to a permanent residence. They recommend the usual route of O-1A or EB-2 and no adjustment of status either.

throwawasiudy 10y ago

sigh...another H1B hole so startups can enjoy the same benefits of cheap indentured labor as the big consulting agencies.

ekiru 10y ago
I think most startups, particularly the ones taking investment, rather hope that 10% of the company will not be cheap.
rfrey 10y ago
As long as they give that indentured labor at least 10% of the company...

nikon 10y ago

Should you not be offered some sort of permanent residency in return for "growth and job creation that they would provide a significant public benefit to the United States", especially after the first 30 months? So you get 60 months and then have to leave the country? How is that attractive?

hkmurakami 10y ago
People usually convert themselves to H1B at some point in the process.

throw345hn 10y ago

Does anyone know if you could apply for permanent residency while on this visa?

ricardonunez 10y ago
No, you can't. This is not a visa.
- Finbarr 10y ago
  You can apply for any kinds of visa you want while taking advantage of the parole according to the linked article. You would need to leave the US to change status though.

gcb0 10y ago

everyone should remember this is the port of entry body. allowing them to decide in case of urgency makes sense fully. entrepreneurs already can request a visa in their home country usa embassy. why the people validating documents at the airport should now decide on startups sounds crazy at least.

general_ai 10y ago

250k is way too low a threshold. I'd put it at at least a million, if not more. But hey, it'll all be repealed shortly anyway, so who cares.