Feds Issue Rule for NMI-Only Investor Program

Feds issue rule for NMI-only investor program
Monday, December 20, 2010 12:00AM By Gemma Q. Casas - Reporter
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U.S. Citizenship and Immigration Services on Friday posted a final rule in the Federal Register that creates a nonimmigrant investor visa classification in the CNMI.

The “E-2 CNMI Investor Visa” allows foreign long-term investors to reside on the islands through the end of the federalization transition phase, Dec. 2014.

This visa will be issued for two years, is renewable, and is valid only in the CNMI. The investor’s spouse and children may also apply for status as dependents of the investor.

According to USCIS, individuals who were admitted to the CNMI in long-term investor status under commonwealth immigration law qualify, specifically:

• A long-term business investor who was issued a long-term business certificate by the CNMI based upon an investment of at least $50,000;

• A foreign investor with a foreign investment certificate issued by the CNMI based upon an investment of at least $100,000 in an aggregate approved investment in excess of $2 million or at least $250,000 in a single approved investment; and

• A retiree investor over the age of 55 years who was issued a foreign retiree investment certificate based upon a qualifying investment in an approved residence in the CNMI (but not including the two-year non-renewable retiree investor program limited to Japanese nationals).

“What you are going to show us is the investment that you’ve made to become an investor. We’re not asking you to show us what investment you’ve made right now but the documentation that enable you to get that investor status,” David Gulick, USCIS Honolulu regional director, said in a media conference on Saturday.

He said CNMI investors with questions on the new E-2 rule should visit the USCIS office on Saipan.

He said he is also scheduled to meet with the Japanese and the Philippine consuls to explain the E-2 rule and other related issues.

“Don’t panic,” the USCIS said. “We’re not in the business of deporting people.”

It is U.S. Immigration and Customs Enforcement that deports aliens that no longer have legal status.

Gulick said a team of immigration experts is coming to Saipan next month to hold public forums and consultation talks with employers, the local government and other groups in the community.

The final regulations for the Commonwealth Worker status remain in the drafting stage, said Gulick.

He earlier said that these regulations should be announced before Nov. 2011, when the CNMI umbrella permits expire.