Elite Resident Visa

The non-citizen shall have entered into a valid contract with a Palauan citizen, non-governmental entity wholly owned by a Palauan citizen, clan, family, or corporation, or business entity for the purchase or lease of a dwelling for the price of at least two hundred and fifty thousand dollars ($250,000) or more. To qualify under this subsection, the dwelling purchase must be made by cash payments. The non-citizen must pay the contract price in full prior to the issuance of an elite visa under this section;

The non-citizen shall have entered into a valid contract with a Palauan citizen, non-governmental entity wholly owned by a Palauan citizen, clan, family, or corporation, or business entity for the purchase or lease of a dwelling for the price of at least two hundred and fifty thousand dollars ($250,000) or more.

To qualify under this subsection, the dwelling purchase must be made by cash payments. The non-citizen must pay the contract price in full prior to the issuance of an elite visa under this section;

The fee for issuing an initial elite resident visa shall be twenty thousand dollars ($20,000), payable to the National Treasury; the fee is non-refundable.

The renewal fee shall be ten thousand dollars ($10,000), payable to the National Treasury; the renewal fee is non-refundable.

For each such dependent visa, a non-refundable fee of twenty thousand dollars ($20,000) shall be paid to the National Treasury.

The number of non-citizens that may hold a current elite resident visa at any time shall be limited to one thousand (1,000).

In order for the Division of Immigration to carry out this provision of the law, the Minister of Finance is currently working on regulations as may be appropriate to carry out the purposes of this section.

In addition to any of the grounds specified in 13 PNC Section 1006, the following shall constitute grounds for revocation of elite resident visas by the order of the President or the Minister of Finance:

Where the purchase of the dwelling as required in § 1013(b)(1) is not finalized, the visa holder no longer lives in the purchased dwelling, or sells or otherwise disposes of the dwelling without purchasing another dwelling of equal or greater value;

Where the visa holder cannot show a source of income adequate for self-support and support of dependents.

An applicant for an elite resident visa must demonstrate to the Bureau, prior to the issuance of the elite resident visa and thereafter, annually, on the anniversary of such issuance, that he or she has adequate financial means with which to support himself or herself, and any of his or her dependents that shall reside in the Republic of Palau under his or her elite resident visa.

Dependents of an elite resident visa holder shall be issued elite resident dependent visas that shall expire simultaneously with the corresponding elite resident visa. For each such dependent visa, a non-refundable fee of twenty thousand dollars ($20,000) shall be paid to the National Treasury. For the purposes of this section, dependents shall be limited to spouses and children twenty-one (21) years of age or younger.

Holders of elite resident visas or their dependents shall not be eligible to hold a Labor Permit under Title 30 of the Palau National Code. Nothing herein shall be construed to exempt elite resident visa holders or their dependents from the requirements of Title 28 chapter 1.

An elite resident visa to visit the Republic shall be valid for a period of ten (10) years and valid for unlimited multiple entries into the Republic.

The visa shall be renewable at the end of every ten year period upon a showing that the visa holder continues to meet the criteria set forth in subsection (b) of this Section.

Nothing in this section shall be construed to allow the holder of an elite resident visa to be eligible for any additional right of entry into the Republic of Palau.

Before any order of revocation becomes final, the visa holder shall be entitled to a hearing before the Minister of Finance or his or her designee, at which hearing the provisions of Subchapter 3 of 6 PNC, Chapter 1, shall apply.