The sponsors of the legislation did think hard about this obvious issue and believe they've addressed it (I talked to several people involved). They learned a lot from the EB-2 and EB-5 visa processes, which were sometimes abused by people who weren't really here to create viable businesses. Do you have more specifics about what you think they missed?

> Do you have more specifics about what you think they missed?

Do you have any specifics of what you think they didn't miss, given that you're the one who has supposedly talked to the sponsors of the legislation?

Legislation, like code, should be considered buggy until proven otherwise -- but with the complication that the people who write legislation aren't necessarily interested in fixing the bugs in it.

Since the amounts involved are pretty small (15% ownership of a company that has received at least $350K in funding) there seem to be no end of ways for to make it happen. Six Chinese (say) dudes each pay $100K to some guy who is a "qualified investor" in the US, who invests $350K in a Chinese restaurant and makes them each 1/6th owners. Bam, hello US residency for all involved.

Wealthy foreigners have other/better means to get residence.

Second passport woop woop

Borrow against your Google shares and make it rain on the State Department!

You're exactly right. American citizens should never have to compete with foreign nationals for anything.

I think you're referring to the EB-5 program, but I am sure this one will be used in a similar manner as well.