Bond Debt Payoff and Economic Development

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Status:  The CNMI Government is evaluating the proposal. 

Debt Status: The CNMI is approximately $ 125.0 million in debt, excluding millions in back payments to the Government pension system. 

Infrastructure: Serious outstanding issues with the Port, Water service, Power service, and Airport service regarding infrastructure and maintenance. 

Federal Bailout:  CNMI requested a $ 400.0 million bailout form U.S. Government in May 2024. The requested was rejected. 

Short Term CNMI Pilot Objective: Market and Sell 500.0 U.S. Permanent Resident Cards (U.S. EB5 Green Cards) and CNMI will receive $ 300.0 million in capital for debt payoff and infrastructure repair. 

Long Term Objective:  TBD.

Pilot & Proposed Development Partners.

Pilot Partner: One U.S. Territory (Pending).

Pilot Partners: U.S. Insular Office.

Pilot Partners: U.S. Commerce Office.

Pilot Partners: U.S. Immigration Office.

Pilot Partners: 10 U.S. Embassies.

Pilot Offices: 15 Sales & Marketing offices.

Pilot Project Details.

1. Term: Two-year pilot. 

2. Green Cards: 500 green cards (GC) per year.

3. Green Card Cost: $ 1.0 million per person.

4. Gross Sales: $ 500.0 million per 500 GC.

5. Operating Cost/15 Countries: $ 200.0 million per 500 GC. 

6. CNMI Program Income: $ 300.0 million per 500 GC.  

7. Territory Relocations: 500 companies annually.

8. Territory Employment: 1,500 jobs annually.

9. Company Relocation Spending: $ 300.0 million annually.

10. Immigration Office: On island office to process applications.