{"id":406166,"date":"2024-02-09T14:00:00","date_gmt":"2024-02-09T14:00:00","guid":{"rendered":"https:\/\/www.saipantribune.com\/?p=406166"},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-29T14:00:00","slug":"Web-based-digital-economy-will-generate-add-l-revenue-for-NMI","status":"publish","type":"post","link":"https:\/\/www.saipantribune.com\/index.php\/Web-based-digital-economy-will-generate-add-l-revenue-for-NMI\/","title":{"rendered":"\u2018Web-based digital economy will generate add\u2019l revenue for NMI\u2019"},"content":{"rendered":"

Senate President Edith E. DeLeon Guerrero (D-Saipan) believes the CNMI will reap significant benefit from attracting internet-based businesses and remote workers to become residents.<\/p>\n

DeLeon Guerrero underscored the need for the CNMI to encourage the public and private sectors to engage in internet-based digital economy with her introduction of a resolution to encourage the public and private sectors to support the acquisition and retention of resident individuals and businesses participating in an internet-based digital economy.<\/p>\n

\u201cBesides tourism, this is another business sector of an economy that we can attract into our market to generate additional revenue,\u201d DeLeon Guerrero told Saipan Tribune<\/em> yesterday.<\/p>\n

The Senate president noted in her Senate Resolution 23-14 that one of the biggest economic changes brought about in the past four years has been a move to an internet-based remote workforce. In the U.S. alone, she said, 13% of the total workforce now works completely online, remotely.<\/p>\n

The Senate president said CNMI-based remote workers earn their income from sources outside the CNMI, yet these workers spend that income and pay taxes on that income in the Commonwealth.<\/p>\n

DeLeon Guerrero said U.S. citizens and permanent residents who already work remotely can relocate to the CNMI and immediately reap the benefits of the islands\u2019 beautiful climate, friendly and family-oriented culture, and extremely favorable tax code.<\/p>\n

She said the Guam-CNMI Visa Waiver program gives a unique opportunity for citizens of 12 countries\u2014representing a combined population of 350 million people\u2014to travel visa-free to the CNMI for purposes of business or pleasure and to stay for up to 45 days at a time. These countries are Australia, Brunei, Hong Kong, Japan, Malaysia, Nauru, New Zealand, Papua New Guinea, South Korea, Singapore, Taiwan, and the United Kingdom.<\/p>\n

The CNMI has no restrictions on foreign ownership of CNMI-incorporated entities.<\/p>\n

DeLeon Guerrero said remote workers from countries under the Guam-CNMI Visa Waiver program can establish businesses in CNMI and source income inside the Commonwealth while they are visiting and working within the Commonwealth.<\/p>\n

She said internet-based businesses are already a listed business type that can take advantage of the Qualifying Certificate program under the Investment Incentive Act of 2000.<\/p>\n

The Senate president said U.S.-based technology companies, from startup to corporate giant, can relocate all or part of their business operations to CNMI and see a greatly reduced tax burden while making much-needed investment to the Commonwealth.<\/p>\n

<\/p>\n

Edith E. DeLeon Guerrero<\/p>\n","protected":false},"excerpt":{"rendered":"

Senate President Edith E. DeLeon Guerrero (D-Saipan) believes the CNMI will reap significant benefit from…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-406166","post","type-post","status-publish","format-standard","hentry","category-local-news"],"_links":{"self":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/406166","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/comments?post=406166"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/406166\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=406166"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=406166"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=406166"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}