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Illustration: Sarah Grillo/Axios

The Biden administration on Monday announced that it will fully implement the International Entrepreneur Rule (IER), an Obama-era program that lets certain foreign-born entrepreneurs stay in the U.S. for up to five years.

Why it matters: The Department of Homeland Security estimates that once implemented, about 3,000 foreign entrepreneurs would qualify per year for the IER program, resulting in about 100,000 jobs being created over a decade.

Big picture: Right now, immigrants who want to start a company in the U.S. have to retrofit visas to their personal situations and hope that immigration administrators approve.

  • Many who are already here under employer-sponsored visas like H1-B or the post-college extension (F1-OPT) apply for green cards to (hopefully) be able to start their companies.
  • Some apply for the E2 visa, which requires the applicant to personally invest in the startup.
  • Others make their case for an O1 visa — for an "individual who possesses extraordinary ability" — which is best known for helping musicians and actors.
  • The ultimate goal is a green card — permanent U.S. residency — which comes with freedom for employment (short of some government jobs).

"Our portfolio founders come from 27 non-U.S. countries, [and] they’ve been on 12 different kinds of visas," says Unshackled Ventures partner Nitin Pachisia, whose firm exclusively backs foreign-born entrepreneurs and helps them with immigration.

Meanwhile: Other countries like Canada have scooped up would-be U.S. immigrants by offering more straightforward visa programs for entrepreneurs.

  • Turkish-born Omer Kucukdere, co-founder of Nestpick, tells Axios he set up his company in Germany thanks to the European Union's Blue Card visa, and a number of his employees have also used it.

What’s next: IER isn't a panacea for foreign-born founders because it gives DHS discretionary authority and is not a formal immigration status.

  • Only Congress can create an actual visa for entrepreneurs, like what's been proposed in something called The Startup Act.

The bottom line: The U.S. now has a clearer path for foreign-born entrepreneurs, but it's still not entirely clear.

Go deeper

Tech giants back H-4 visa work authorization in court

Photo:Artur Widak/NurPhoto via Getty Images

Big Tech companies, led by Google, filed an amicus brief in federal court Friday morning in support of the spouses of certain H-1B high-skilled visa holders, whose ability to work in the U.S is being threatened in court.

What they're saying: In the brief, tech giants like Microsoft, Apple, Adobe and Amazon argue that removing the ability of more than 90,000 H-4 visa holders to work, "would result in these talented individuals being barred from the workplace" and "would be utterly destructive for the families impacted."

U.S. Latinos earn less, die earlier in segregated areas

A rally in rally in Brooklyn, N.Y., protesting Latino segregation in October 2015. Photo: Spencer Platt/Getty Images

U.S. Latinos have a higher life expectancy and earn more yearly income when they live in racially mixed neighborhoods compared to areas that are predominantly Black or Latino, an analysis finds.

Why it matters: The study by the University of California Berkeley’s Othering and Belonging Institute released this week shows the physical and economic toll on Latinos as cities become more segregated.

Updated 27 mins ago - Politics & Policy

51 people unaccounted for after Miami-area condo collapse

A view of the crumpled portion of the 12-story condo tower on June 24 in Surfside, Florida. Photo: Joe Raedle/Getty Images

A massive search and rescue operation is underway after a portion of a 12-story condo building in Surfside, Florida, collapsed early Thursday morning, according to AP.

The latest: 51 people who were "supposedly residing" in the building at the time of the collapse have not yet been accounted for, Miami-Dade County Commissioner Sally Heyman said on CNN Thursday morning.