STANLEY T. Torres, chairman of the House Committee on Ways and Means, says a bill he pre-filed does not duplicate an existing law as earlier claimed by the Department of Labor and Immigration.
“Contrary to DOLI’s view, H.B. 13-89 is not a duplication of P.L. 11-60. Its intent is to entice Japan’s silver club to shop and stay on the island with their wives and children. This will promote tourism and improve the industry’s income,” said Torres, R-Saipan.
P.L. 11-60 created a new immigration classification for foreign retiree investor certificate which is given to an individual if he has at least $150,000 investments in the CNMI, is over 55 years old and owns not more than 10 percent of a commonwealth business.
Under the existing law, an investor’s visa is only good for one year while a tourist visa is only good for 90 days.
For its part, H.B. 13-89 or the Foreign Retiree Entry Permit Act seeks to help facilitate foreign investment and boost the economy of the CNMI by attracting silver club members composed of Japanese citizens who are more than 50 years old who will be given a visa good for at least two years.
DOLI Secretary Joaquin A. Tenorio earlier recommended to House Vice Speaker Manuel A. Tenorio, R-Saipan, that P.L. 11-60 “be retained” instead of H.B. 13-89, since the existing law “provides for specific guidelines of eligibility,” while the bill “proposes broad and generalized requirements.”
But Torres argued that his bill is specific about its intent. He said H.B. 13-89 does not necessarily require retirees to meet the investment of $150,000.
“All we need is to know if they have the intention of buying a retirement home anywhere in the CNMI and if they are registered members of the Japanese silver club,” he said.
According to Torres, the House Committees on Tourism and Judiciary and Governmental Operations are fine tuning the measure so that silver club members could be issued multiple tourist visas of up to five years.
