Those who will be issued the E-2 CNMI investor visa must transition to a federal program after Dec. 2014 if they want to stay here.
“Investors who seek to remain in the CNMI must apply and be approved for another immigrant or nonimmigrant status on or before Dec. 31, 2014. DHS is aware that some CNMI investors may not qualify for another immigration classification at the end of the transition period; however, DHS does not have authority to extend the E-2 CNMI investor classification beyond its statutory limits,” DHS said.
U.S. Citizenship and Immigration Services will start accepting petitions for E-2 CNMI investor visa on Jan. 18, 2011, in accordance with the Dec. 20 final regulations published in the Federal Register.
The CNMI government requires foreigners to invest at least $50,000 to obtain a long-term investor permit.
Previously, at least $150,000 was required.
“DHS decided to reduce the general minimum investment requirement rather than creating a separate eligible investor category in order to minimize any potential confusion in the adjudication process,” DHS said.
The threshold to obtain an E-2 visa in the U.S. is much higher. The E-5 investor visa option, for instance, requires a minimum investment of at least $500,000.
USCIS said E-2 CNMI investor visa applicants will be required to show documentation if they did invest the minimum threshold of at least $50,000 at the time they opened their business.
The new rules, however, do not cover individuals who hold executive positions in the foreign businesses unless they have actual investments here.
