excepted investor
The term excepted investor means a foreign person who is, as of the completion date of the transaction and subject to paragraphs (c) and (d) of this section:
(1) A foreign national who is a national of one or more excepted foreign states and is not also a national of any foreign state that is not an excepted foreign state;
(2) A foreign government of an excepted foreign state; or
(3) An entity that meets each of the following conditions with respect to itself and each of its parents (if any):
(i) Such entity is organized under the laws of an excepted foreign state or in the United States;
(ii) Such entity has its principal place of business in an excepted foreign state or in the United States;
(iii) Seventy-five percent or more of the members and 75 percent or more of the observers of the board of directors or equivalent governing body of such entity are:
(A) U.S. nationals; or
(B) Nationals of one or more excepted foreign states who are not also nationals of any foreign state that is not an excepted foreign state;
(iv) Any foreign person that individually, and each foreign person that is part of a group of foreign persons that in the aggregate, holds 10 percent or more of the outstanding voting interest of such entity; holds the right to 10 percent or more of the profits of such entity; holds the right in the event of dissolution to 10 percent or more of the assets of such entity; or otherwise could exercise control over such entity, is:
(A) A foreign national who is a national of one or more excepted foreign states and is not also a national of any foreign state that is not an excepted foreign state;
(B) A foreign government of an excepted foreign state; or
(C) An entity that is organized under the laws of an excepted foreign state or in the United States and has its principal place of business in an excepted foreign state or in the United States; and
(v) The minimum excepted ownership of such entity is held, individually or in the aggregate, by one or more persons each of whom is:
(A) Not a foreign person;
(B) A foreign national who is a national of one or more excepted foreign states and is not also a national of any foreign state that is not an excepted foreign state;
(C) A foreign government of an excepted foreign state; or
(D) An entity that is organized under the laws of an excepted foreign state or in the United States and has its principal place of business in an excepted foreign state or in the United States.