WASHINGTON, D.C.-Delegate Gregorio Kilili C. Sablan (Ind-MP) added his voice of support for extension of foreign investor visas during debate on S. 3245 in the House of Representatives yesterday. The bill authorizes the EB-5 Regional Center Program for another three years.
EB-5 investors must invest a minimum of $1 million, or $500,000 in rural areas or areas of high unemployment. The investment must create or preserve at least 10 full-time jobs for U.S. workers. In return investors are granted a conditional permanent resident status in the United States.
In designated EB-5 Regional Centers investors may count jobs created indirectly toward the 10 jobs requirement. Regional Centers are areas in particular need of economic development.
“I am aware of several applications to establish regional centers in the Northern Marianas,” Sablan said. “They are currently in the review process.
“But without this extension, these applications would have expired at the end of this month, and this opportunity for economic development in the Northern Marianas would have been lost.”
Proposals currently on the table are projected to create over 1,500 jobs and bring millions of dollars into the Northern Marianas economy.
S. 3245 has already passed the U.S. Senate. The House is scheduled to vote on the measure on Thursday, 9/13. If that vote is favorable, S. 3245 then goes to the President for his signature into law.