Hawaii SB206 prohibits nonresident aliens from acquiring residential property to prevent artificially inflated prices.

Hawaii SB206 aims to address the high cost of residential property by prohibiting nonresident aliens from acquiring certain residential properties. The bill defines "threshold property" as residential property constructed more than five years prior to acquisition. Nonresident aliens are barred from acquiring, owning, or holding any interest in such properties. Exceptions include acquiring property by devise, inheritance, or in the good faith collection of debts. If a nonresident alien fails to convey the property within five years, it will revert to the state.

Hawaii SB206 prohibits nonresident aliens from acquiring residential property to prevent artificially inflated prices.

Hawaii SB206 aims to address the high cost of residential property by prohibiting nonresident aliens from acquiring certain residential properties. The bill defines "threshold property" as residential property constructed more than five years prior to acquisition. Nonresident aliens are barred from acquiring, owning, or holding any interest in such properties. Exceptions include acquiring property by devise, inheritance, or in the good faith collection of debts. If a nonresident alien fails to convey the property within five years, it will revert to the state.