27.2602 Definitions.

Cite as [A.S.C.A. § 27.2602]

As used in this title, unless the context requires otherwise, the following meanings apply:

(a) "Certificate of foreign investment" means the certificate issued by the Director of Development Planning which includes information required by section 27.2609.

(b) "Enterprise" means any kind of for profit business accepted and, pursuant to this act, of appropriate size, location, character or duration which derives not less than 60% (sixty percent) of its gross receipts from foreign sources.

(c) "Foreign Investment" means capital in any form to be invested by foreign investors in American Samoa in an amount of not less than $1,000,000 (one million U.S. dollars) per investor in their individual enterprise or $250,000 (two hundred fifty thousand U.S. dollars) per investor by a group of investors in an enterprise of not less than $5,000,000 (five million U.S. dollars).

(d) "Foreign investor" means a natural person:

(1) Seeking or holding a certificate of foreign investment or a foreign investment visa; or

(2) Without United States citizenship or nationality, or permanent residency in American Samoa, who wishes to participate in a foreign investment in American Samoa.

(e) "Director" means the Director of Development Planning.

History: 1988, PL 20-80; amd 1991, PL 22-11.