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Colorado venture capitalist helps guide future of EB-5 visa program
The struggles of a Colorado venture capitalist with current U.S. immigration law have helped shape proposals to reform the EB-5 visa program, according to Entrepreneur.
Under the current system, foreign nationals who invest $1 million ($500,000 in certain regions) in an American company that subsequently creates or preserves 10 jobs can earn their green card eligibility.
Brad Feld, managing director of a venture capital firm in Boulder, Colorado, first struggled with current visa law two years ago while dealing with companies from Europe and Canada. He was unable to find any visa programs that would allow potential entrepreneurs to stay in the country and start their own business, leading them to start their businesses abroad.
Feld's troubles led him to connect with David McClure, an investor, and Eric Ries, writer of a well-known blog for those starting small businesses. The three joined together to promote changes to the EB-5 visa program.
New proposals in Congress, which Feld and his allies helped shape, amend the EB-5 program to extend green card eligibility to potential entrepreneurs who find a $250,000 investment from a U.S.-based investor or venture capital firm and create five jobs within two years, reports the news source.
Feld tells the news source that if the changes are approved, between 1,000 and 5,000 new companies will likely qualify for inclusion in the EB-5 visa program.