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Retirement bill clears House
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Posted on Nov 27 1998
The House of Representative has passed a proposed measure granting a non-immigrant status to retirees from foreign countries willing to invest at least $150,000 in a move to spur economic activities in the Northern Marianas.
The amount was lower than the $200,000 passed by the Senate last month because of the current economic difficulties. It now heads back to senators for approval of the amendment.
Rep. Oscar Babauta, chair of the House Commerce and Tourism Committee, earlier has said the bill will encourage retired investors to set up residency in the commonwealth by investing at least $150,000 in real estate and other business.
Under the proposal filed by Sen. Juan P. Tenorio, a retiree of a foreign citizenship shall be given an investment certificate allowing him or her to stay in the NMI for five years, subject to renewal or extension.
It will, however, impose an age limit of at least 55 years old for any applicant who shall also own not more than 10 percent of any local business and/or be employed in the commonwealth.
Senate Bill 11-82 was among a slew of legislative measures passed by the House before the Thanksgiving holiday. Other important bills approved by members include:
•HB 11-50 or the Tax Equity Amendment;
•SB 11-2 or proposed lease extension on public lands;
•HB 11-225, providing right of way for subdivisions;
•HB 11-240, the Marine Sovereignty Act;
•HB 11-154, Postsecondary Education Amendment Act;
•HB 11-324, Commonwealth Environmental Amendments Act;
•SB 11-25, Family Child Care Council; and
•SB 11-84, transfer of business licensing function from the Department of Commerce to Department of Finance.
