E-2C investors jubilant

E-2C investors’ sleepless nights monitoring Congress’ action on H.R. 83 finally bore fruit over the weekend when the U.S. House of Representatives and the U.S. Senate passed the insular areas bill that contained a provision extending for another five years the stay of 261 foreign investors who came to the islands under the CNMI’s own immigration law prior to 2009.

QQ Tours & Travel president James Han said there was a collective sense of relief from E-2C investors when Congress passed H.R. 83 last Friday and Saturday, Saipan time.

Han, who is also president of the Fujian Economic Association and secretary of the Chinese Small Business Association, said many E-2C investors on Saipan were practically glued to their laptops over the weekend watching U.S. House and U.S. Senate sessions; especially when took up the territorial bill that included three provisions that affected CNMI immigration.

“All Chinese investors were worried and were watching all the voting online. Most didn’t sleep. We’re really worried. We’ve been allowed on Saipan for many years and we’re very happy here. We have nowhere to go so at least we have five more years now,” said Han in a telephone interview with Saipan Tribune last night.

He said it was very important for them that the E-2C program is extended because unlike other foreign nationals doing business in the CNMI, Chinese investors cannot apply for the E-2 program.

“Everybody looks like in relief now specially for the Chinese businesses because they’re not qualified for E-2 unlike Japanese, Korean, and Filipino longtime investors.”

He said this is so because China is not a favored trading country of the U.S.

Han added that E-2C investors are also not eligible for President Barrack Obama’s executive action on immigration. “We’re not eligible for Obama’s immigration plan because we’re legal.”

The White House already came out in public, saying that Obama will sign off on the bill.

The QQ Tours & Travel president also said most Chinese E-2C visa holders on the island operate anything from mom-and-pop stores, to giant supermarkets, to Laundromats, to beauty parlors and restaurants, and the many car rentals that now dot the sides of Beach Road.

These business hire anywhere from five to 30 workers. Sadly, he said, some E-2C investors have already left the island, shuttering their restaurants and stores because of the uncertainty of the grandfathered foreign investor program.

“Some already close[d] and moved out; these are mostly restaurants. Now those who remain are into retail, stores, car rental, beauty parlors, some do business with hotels, and some are tourism-related businesses,” added Han.

On behalf of the E-2C investors, Han said he would like to extend his appreciation to Congress for its passage of H.R. 83. He also thanked Delegate Gregorio Kilili C. Sablan for working hard on the bill’s passage and Gov. Eloy S. Inos and the CNMI Legislature for writing a letter to New Jersey Gov. Chris Christie (R-NJ) requesting assistance and passing a resolution urging Congress to pass the measure, respectively.

Kevin Market owner Kevin Tang said the imminent passage of H.R. 83 into law is good news. He said long-term foreign investors on the islands are already comfortable doing business in the CNMI, work extremely hard, and are willing to invest more to improve the local economy.

Tang said the five-year extension accorded by H.R. 83 would allow E-2C investors to transition to an E-B5 status, which has a threshold of $500,000. Since investments since 1990 are included, many E-2C investors have already met that requirement.

Saipan Chamber of Commerce president Alex Sablan said the islands’ largest business organization is “obviously extremely excited” about the passage of the bill as it also includes a provision barring claims of asylum within the CNMI that has helped assure that tourists from China can come to the islands without need for a visa.

“It’s very crucial to the expansion of the CNMI tourism industry with the growth of the Chinese market specifically being addressed.”

Sablan said the local tourism industry’s growth is now dependent on this particular market. “Not see much growth in other markets even though they’re equally important.”

He said the bill taking care of E-2C investors is another plus along with the extension of the CNMI and Guam’s exemption on H visa caps.

Alex Sablan also thanked Delegate Sablan and Inos for their work in the passage of the bill.

He is also looking forward to the President’s signature on the bill, which curiously is one of the few times a territorial bill was used as a vehicle to pass the federal government spending measure, in this case $1.1 trillion for fiscal year 2015.

“It’s probably the only time in the history of the U.S. that a territorial bill actually saved the nation,” he said.

Senate President Ralph DLG. Torres (R-Saipan), for his part, said he’s glad that Congress passed H.R. 83.

“At least the E-2C investors now have the comfort of staying on island and not forced to leave. It’s also an opportunity for us to continue to work for a better economy. Some businessmen have been here 15 and 20 years and have done well. They can plunk down more investments to the betterment of the local economy,” he said.

House Speaker Joseph Deleon Guerrero (Ind-Saipan) echoed Torres’ gratitude.

“We’re very, very grateful for this timely action. We only have a few days left. We’re very fortunate they were able to get it through in the 11th hour. I join the governor and Kilili for commending the various individuals in the U.S. Senate and the U.S. House who made this happen.”

Rep. Antonio Sablan (Ind-Saipan), who authored a House resolution urging Congress to extend the E-2C program, said the passage of H.R. 83 augurs well for the CNMI.

“Of course we’re happy. That’s why we introduced that resolution. We want the U.S. Congress to understand that that’s also the CNMI Legislature’s position. We are in support of extending the E-2C program to ensure that the businesses covered by this visa program continue to run and operate their businesses legally. We don’t want at this time to lose any business revenue of any kind, to do what we can to make sure the economy will continue its course toward recovery.”