; or (3) residing and working in an Economic Freedom Zone. (d) Effective period A visa issued to an alien under this section shall expire on the later of— (1) the date on which the relevant Economic Freedom Zone loses such designation; or (2) the date that is 5 years after the date on which such visa was issued to such alien. (e) Capital and educational requirements (1) New commercial enterprises Except as otherwise provided under this section, the minimum amount of capital required to comply with subsection (c)(1)(A) shall be $50,000. (2) Renovation of dilapidated or abandoned properties An alien is not in compliance with subsection (c)(2) unless the alien— (A) purchases a dilapidated or abandoned property in an Economic Freedom Zone; and (B) not later than 18 months after such purchase, invests not less than $25,000 to rebuild, rehabilitate, or repurpose the property. (3) Verification A visa issued under subsection (c) shall not remain in effect for more than 2 years unless the Secretary of Homeland Security has verified that the alien has complied with the requirements described in subsection (c). (4) Education and skill requirements An alien is not in compliance with subsection (c)(3) unless the alien possesses— (A) a bachelor's degree (or its equivalent) or an advanced degree; (B) a degree or specialty certification that— (i) is required for the job the alien will be performing; and (ii) is specific to an industry or job that is so complex or unique that it can be performed only by an individual with the specialty certification; (C) (i) the knowledge required to perform the duties of the job the alien will be performing; and (ii) the nature of the specific duties is so specialized and complex that such knowledge is usually associated with attainment of a bachelor's or higher degree