A Tinian-based company has secured EB-5 designation from a federal agency.
Tinian’s Alter City Group’s application for a Regional Center Designation Under the Immigrant Investor Program has been approved by U.S. Citizenship and Immigration Services.
Saipan Tribune learned yesterday that the designation is significant since it now includes the ACG under the program, which is a way for a business project to raise capital.
An EB-5 regional center, or companies that have been approved to participate in the Immigrant Investor Program by USCIS, is currently the only visa program designed to allow foreign investors to gain permanent residence, or a green card, in the U.S. through a minimum investment of $1 million or $500,000 if the investment is in a rural or targeted high unemployment area where unemployment is 150 percent of the national average, according to the American Immigration Council website. A minimum of 10 jobs must also be created in order to qualify for a green card.
Tinian Mayor Joey Patrick San Nicolas and Rep. Edwin Aldan (R-Tinian) have both expressed their gratitude to Alter City Group in a statement from the Tinian Mayor’s Office.
“We understand the challenges and difficulties of investing in a remote area like Tinian. Despite the challenges, [Alter City Group] has not given up on Tinian and the Tinian leadership welcomes any investment that will provide job opportunities in the private sector, sustainable economic growth and development on Tinian,” said San Nicolas.
“Given our challenges, it behooves us a leadership to find ways to work with those who have expressed interest in investing on Tinian and give our full support to assist them in their endeavors. I’ve reached out to members of the Tinian Casino Gaming Control Commission to work with ACG, within the confines of what is permissible under the law and their regulations to be investment friendly,” he added.
“Stuff like this is good for our economy,” Aldan told Saipan Tribune yesterday, welcoming the news as well as thanking Alter City Group.
According to Aldan, ACG reportedly noted that they have investors willing to go through the program to invest on Tinian.
“We congratulate and welcome ACG’s continued interest to invest on Tinian and express our continued support for their plans to build an integrated resort on Tinian,” said San Nicolas.