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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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:<\/p>\n
\u2022HB 11-50 or the Tax Equity Amendment;<\/p>\n
\u2022SB 11-2 or proposed lease extension on public lands;<\/p>\n
\u2022HB 11-225, providing right of way for subdivisions;<\/p>\n
\u2022HB 11-240, the Marine Sovereignty Act;<\/p>\n
\u2022HB 11-154, Postsecondary Education Amendment Act;<\/p>\n
\u2022HB 11-324, Commonwealth Environmental Amendments Act;<\/p>\n
\u2022SB 11-25, Family Child Care Council; and<\/p>\n
\u2022SB 11-84, transfer of business licensing function from the Department of Commerce to Department of Finance.<\/p>\n","protected":false},"excerpt":{"rendered":"
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