The 65-page proposed regulations published in the Federal Register offers foreign investors in the commonwealth to transition themselves as CNMI-Only Nonimmigrant Treaty Investors in the E-2 CNMI investor program starting Nov. 28, 2009.
The program is designed to end by Dec. 31, 2014.
“This proposed special status of E-2 investors would allow eligible CNMI investors to remain in the CNMI for the duration of the transition period under E-2 CNMI Investor status, and to exit and enter the CNMI with valid E-2 CNMI Investor visas. It is proposed that the E-2 CNMI Investor Visa be issued for two years and be renewable. Derivative visas would be available for spouses and children of the primary applicant,” Marie Thérèse Sebrechts, regional media manager of DHS, said in a statement.
Press Secretary Charles Reyes said the administration will still review the documents.
“The governor will review the regs and consult with their advisors, SEDC, members of the Legislature, the business community, and other members of our community. We welcome public input,” he said.
DHS estimates that there are about 500 foreign investors in the CNMI — 464 long-term permit holders, 20 foreign investor permit holders and retiree investor permit holders.
Concerned parties have until Oct. 14 to make comments about the new rules before they are permanently adopted.
DHS will take control of the CNMI’s immigration system starting Nov. 28 under U.S. Public Law 110-229 or the Consolidated Natural Resources Act.
According to the regulations, to qualify for E-2 CNMI Investor status, an alien must have been lawfully admitted to the CNMI under one of the eligible CNMI long-term investor classifications before the transition program effective date, Nov. 28, 2009.
“Aliens who have not been admitted as eligible CNMI investors prior to the beginning of the transition period are not eligible for classification as E-2 CNMI Investors. Aliens who have investor applications pending with the CNMI as of the transition program effective date, or who have approved investor applications but have not been admitted to the CNMI as of the transition program effective date, will not be eligible for E-2 CNMI Investor status,” DHS said.
Qualified foreign investors must be able to establish proof of residency on the islands. Any single absence of more than six months or over one year is construed as breaking continuity of residence, unless the person is able to demonstrate that he/she did not abandon residence during those absence.
“However, continuous residence does not mean continuous physical presence; thus, an alien would not need to have remained in the CNMI for the entire period in order to be deemed to have maintained continuous residence,” stated the regulations.
It defined a foreign investor in the CNMI as an alien who has an investment of either $100,000 per individual in an aggregate investment in excess of $2 million or $250,000 in a single investment.
A retiree investor, on the other hand, is an alien over the age of 55 who has a leasehold interest in a residential property in any of the major islands of the CNMI. The property should be valued at least $100,000 on Saipan and $75,000 at the minimum, if the leased land is located on Tinian and Rota.
A foreign investor seeking to be transitioned to the E-2 visa must pay the federal government $400 every year — an $80 biometrics fee is included.
The CNMI currently charges $500 for a foreign investor’s permit every year.
DHS said “while fees collected by the CNMI for the foreign investor program will no longer be collected by the CNMI government, the cost of administering that program will not be incurred resulting in a neutral financial gain.”
Those who will be issued the CNMI-only nonimmigrant treaty investor visa cannot use it to travel elsewhere in the United States, even Guam.
