KOROR (Palau Horizon) — Senator Harry Fritz has introduced a bill granting permanent residency status to retired American and Japanese citizens who are investors and their spouses.
Fritz said his bill would help assist in the overall economic and educational development of the country and would help generate capital for specific economic development activities.
Fritiz is hoping that American and Japanese professionals would reside in Palau once his bill becomes law.
Under the measure, the director of the Bureau of Immigration will receive applications for permanent residency, investigate the contents of the applications and supporting documents and eventually grant the permanent residency status if the applicant meets the requirements.
The total number of retired U.S. and Japanese citizens, including their spouses and dependent children, who may be granted permanent residency status under the bill should not exceed 500.
To qualify, an applicant must have a capital investment of at least $1 million. This would entitle him, his spouse and a maximum of 2 dependent children below the age of 18 years to become permanent residents of Palau.
For each additional dependent child, an additional capital investment of $100,000 will be required, the bill states.
