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Senate OKs foreign retiree bill
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Posted on Apr 25 2006
The Senate has passed a bill that would lower the minimum investment amount while adding other requirements for foreign retirees who wish to live in the Commonwealth.
Senate Bill 15-20 seeks to spur interest among foreign retirees to invest in the islands. The proposed legislation would amend Public Law 11-60, a seven-year-old law that allowed individuals over 55 years old to retire in the CNMI.
The measure proposes to lower the required minimum investment to $100,000 for a qualifying property on Saipan and $75,000 on Tinian or Rota. According to the bill, the existing investment requirement of $150,000 is too high, discouraging foreign investors to retire in the Commonwealth.
The bill would also allow for the issuance of an initial 60-day entry permit to a foreign retiree who intends to apply for an investment certificate, as well as his dependents.
However, S.B. 15-20 would impose application fees of $1,000 for each applicant for foreign retiree investment certificate and $500 for each dependent applicant.
Health insurance or other coverage, amounting $100,000 per individual, would also be required of the foreign retiree and each dependent.
Additional requirements would be imposed in the case of death of the foreign retiree.
The foreign retiree or any of his dependents would be prohibited from working, or operating, managing or owning a business in the Commonwealth.
In addition, the Senate bill proposes to establish a pilot program to permit Japanese nationals to live in the Commonwealth for up to two years at a minimum investment of $1,500 in monthly lease or rent.
