CONDITIONAL PERMANENT RESIDENT STATUS FOR ALIEN INVESTORS, SPOUSES, AND CHILDREN.

SEC. 104. CONDITIONAL PERMANENT RESIDENT STATUS FOR ALIEN INVESTORS, SPOUSES, AND CHILDREN. (a) In General.—Section 216A of the Immigration and Nationality Act (8 U.S.C. 1186b) is amended— (1) by striking “Attorney General” each place such term appears (except in subsection (d)(2)(C)) and inserting “Secretary of Homeland Security”; (2) by striking “entrepreneur” each place such term appears and inserting “investor”; (3) in subsection (a), by amending paragraph (1) to read as follows: “(1) Conditional basis for status.—An alien investor, alien spouse, and alien child shall be considered, at the time of obtaining status as an alien lawfully admitted for permanent residence, to have obtained such status on a conditional basis subject to the provisions of this section.” ; (4) in subsection (b)— (A) in the subsection heading, by striking “Entrepreneurship” and inserting “Investment”; and (B) by amending paragraph (1)(B) to read as follows: “(B) the alien did not invest the requisite capital; or” ; (5) in subsection (c)— (A) in the subsection heading, by striking “of Timely Petition and Interview”; (B) in paragraph (1)— (i) in the matter preceding subparagraph (A), by striking “In order” and inserting “Except as provided in paragraph (3)(D), in order”; (ii) in subparagraph (A)— (I) by striking “must” and inserting “shall”; and (II) by striking “, and” and inserting a semicolon; (iii) in subparagraph (B)— (I) by striking “must” and inserting “shall”; (II) by striking “Service” and inserting “Department of Homeland Security”; and (III) by striking the period at the end and inserting “; and”; and (iv) by adding at the end the following: “(C) the Secretary shall have performed a site visit to the relevant corporate office or business location described in section 203(b)(5)(F)(iv).” ; and (C) in paragraph (3)— (i) in subparagraph (A), in the undesignated matter following clause (ii), by striking “the” before “such filing”; and (ii) by amending subparagraph (B) to read as follows: “(B) Removal or extension of conditional basis.— “(i) In general.—Except as provided in clause (ii), if the Secretary determines that the facts and information contained in a petition submitted under paragraph (1)(A) are true, including demonstrating that the alien complied with subsection (d)(1)(B)(i), the Secretary shall— “(I) notify the alien involved of such determination; and “(II) remove the conditional basis of the alien’s status effective as of the second anniversary of the alien’s lawful admission for permanent residence. “(ii) Exception. If the petition demonstrates that the facts and information are true and that the alien is in compliance with subsection (d)(1)(B)(ii)— “(I) the Secretary, in the Secretary’s discretion, may provide a 1-year extension of the alien’s conditional status; and “(II)(aa) if the alien files a petition not later than 30 days after the third anniversary of the alien’s lawful admission for permanent residence demonstrating that the alien complied with subsection (d)(1)(B)(i), the Secretary shall remove the conditional basis of the alien’s status effective as of such third anniversary; or “(bb) if the alien does not file the petition described in item (aa), the conditional status shall terminate at the end of such additional year.” ; (6) in subsection (d)— (A) in paragraph (1)— (i) by amending subparagraph (A) to read as follows: “(A) invested the requisite capital;” ; (ii) by redesignating subparagraph (B) as subparagraph (C); and (iii) by inserting after subparagraph (A) the following: “(B)(i) created the employment required under section 203(b)(5)(A)(ii); or “(ii) is actively in the process of creating the employment required under section 203(b)(5)(A)(ii) and will create such employment before the third anniversary of the alien’s lawful admission for permanent residence, provided that such alien’s capital will remain invested during such time; and” ; (B) in paragraph (2), by amending subparagraph (A) to read as follows: “(A) Ninety-day period before second anniversary.— “(i) In general.—Except as provided in clause (ii) and subparagraph (B), a petition under subsection (c)(1)(A) shall be filed during the 90-day period immediately preceding the second anniversary of the alien investor’s lawful admission for permanent residence. “(ii) Exception.—Aliens described in subclauses (I)(bb) and (II) of section 203(b)(5)(M)(ii) shall file a petition under subsection (c)(1)(A) during the 90-day period before the second anniversary of the subsequent investment.” ; and (C) in paragraph (3)— (i) by striking “The interview” and inserting the following: “(A) In general.—The interview” ; (ii) by striking “Service” and inserting “Department of Homeland Security”; and (iii) by striking the last sentence and inserting the following: “(B) Waiver.—The Secretary of Homeland Security, in the Secretary’s discretion, may waive the deadline for an interview under subsection (c)(1)(B) or the requirement for such an interview according to criteria developed by U.S. Citizenship and Immigration Services, in consultation with its Fraud Detection and National Security Directorate and U.S. Immigration and Customs Enforcement, provided that such criteria do not include a reduction of case processing times or the allocation of adjudicatory resources. A waiver may not be granted under this subparagraph if the alien to be interviewed— “(i) invested in a regional center, new commercial enterprise, or job-creating entity that was sanctioned under section 203(b)(5); or “(ii) is in a class of aliens determined by the Secretary to be threats to public safety or national security.” ; and (7) in subsection (f)(3), by striking “a limited partnership” and inserting “any entity formed for the purpose of doing for-profit business”. (b) [8 U.S.C. 1186b note] Effective Dates.— (1) In general.—Except as provided in paragraph (2), the amendments made by subsection (a) shall take effect on the date of the enactment of this Act. (2) Exceptions.— (A) Site visits.—The amendment made by subsection (a)(5)(B)(iv) shall take effect on the date that is 2 years after the date of the enactment of this Act. (B) Petition beneficiaries.—The amendments made by subsection (a) shall not apply to the beneficiary of a petition that is filed under section 216A of the Immigration and Nationality Act (8 U.S.C. 1186b) if the underlying petition was filed under section 203(b)(5) of such Act (8 U.S.C. 1153(b)(5)) before the date of the enactment of this Act.