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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
Health insurance or other coverage, amounting $100,000 per individual, would also be required of the foreign retiree and each dependent.<\/p>\n
Additional requirements would be imposed in the case of death of the foreign retiree.<\/p>\n
The foreign retiree or any of his dependents would be prohibited from working, or operating, managing or owning a business in the Commonwealth.<\/p>\n
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. <\/p>\n","protected":false},"excerpt":{"rendered":"
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