Commonwealth of Northern Mariana Islands: Living There - Tax Issues
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Living There
INDIVIDUAL TAXATION
INCOME TAX
Residents are taxed on their world-wide income. Employment-sourced income in the islands is taxed at the following rates:
INCOME TAX |
|
| TAXABLE INCOME, US$ | TAX RATE |
| Up to US$1,000 | nil |
| US$1,000 - US$5,000 | 2% |
| US$5,000 - US$7,000 | 3% |
| US$7,000 - US$15,000 | 4% |
| US$15,000 - US$22,000 | 5% |
| US$22,000 - US$30,000 | 6% |
| US$30,000 - US$40,000 | 7% |
| US$40,000 - US$50,000 | 8% |
| Over US$50,000 | 9% |
| Source: Global Property Guide | |
Income, other than employment-sourced income, is subject to the territorial income tax.
Capital Gains Tax
Earnings or gains from the sale or lease of personal property within the CNMI are further subject to earnings tax. The same rates apply to Earnings Tax as the territorial income tax above.
CAPITAL GAINS TAX |
|
| TAXABLE INCOME, US$ | TAX RATE |
| Up to US$1,000 | nil |
| US$1,000 - US$5,000 | 2% |
| US$5,000 - US$7,000 | 3% |
| US$7,000 - US$15,000 | 4% |
| US$15,000 - US$22,000 | 5% |
| US$22,000 - US$30,000 | 6% |
| US$30,000 - US$40,000 | 7% |
| US$40,000 - US$50,000 | 8% |
| Over US$50,000 | 9% |
| Source: Global Property Guide | |
Visas are not required to gain entry in CNMI, however the Government requires nationals of various countries to present certain documents and/or to acquire other related permits. For those who wish to gain entry to conduct business entry permits and certificates may be obtained depending on how long one wishes to stay. Further information is available at: http://www.cda.gov.mp/pdf/InvestmentGuide_Sept03.pdf.
Commonwealth of Northern Mariana Islands - more data and information
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