Law grants residency to retiree-investors

Confronted with declining business, the government has put in place a measure envisioned to attract investors into the commonwealth by granting non-immigrant status to affluent foreign nationals seeking to retire in the Northern Marianas.

Under Public Law 11-60 approved by Gov. Pedro P. Tenorio, a new category of non-immigrant status will be included in the Commonwealth Entry and Deportation Act implemented in 1983 to allow alien retirees residency in CNMI through the Foreign Retiree Investment Certificate.

“This is a new investment incentive concept for the Commonwealth and comes at a time when we need to diversify our economic base given our economic situation,” the governor said.

Retirees over 55 years of age can apply for non-immigrant status provided they have invested and maintained a minimum of $150,000 in an approved residence in the commonwealth. However, they should not be allowed to own more than 10 percent of a local business and/or be employed in CNMI.

Applicants who would qualify for the program will be issued investment certificates, which is renewable every five years provided retirees comply with the conditions set out by the law.

On top of the investments, potential retiree investors will be required to submit police and health clearance, certified birth certificate, a copy of entry permits which state the applicant is not employed or does not own more than 10 percent of a business in CNMI, and proof of health insurance with minimum coverage of $100,000.

A non-refundable fee of $1,000 will charged for a single applicant and $1,500 for an applicant and spouse.

All applications are subject to approval of the secretary of labor and immigration.

However, Tenorio expressed concern on what he called ambiguities surrounding the qualifications of spouse or immediate relatives of retirees of foreign citizenship, as he tasked Labor and Immigration Secretary Mark D. Zachares to draft regulations that will govern their application.

“Because we cannot precisely predict what impact it might result from the implementation of this program, I suggest that the Secretary of Labor and Immigration monitor the implementation of this measure very closely and work with the appropriate agencies and the Legislature to address amendments needed,” the governor said.