You need an income of $200k/yr ($300k/yr if married) for at least two years, or a wealth of over $1m (excluding the value of your primary residence).

Yes that's right - for more information on when this type of investing will be available to everyone (sometime next year...hopefully), check this out:

https://wefunder.com/post/37-what-founders-need-to-know-abou...

I believe the JOBS act is supposed to eliminate this requirement but it hasn't been implemented by the SEC yet unfortunately.

Or a net worth >$1mil

At least, that's what it's always been. I'm not sure if the new law changes this; it was pretty ambiguous about that (at least to me as I skimmed over it). This is the first I've heard that they changed the laws for being a VC