SB206

Prohibits nonresident aliens from acquiring residential property in Hawaii, with exceptions.

This bill prohibits nonresident aliens from acquiring residential property in Hawaii, except under specific circumstances. Nonresident aliens are defined as foreign nationals not citizens of the United States, businesses formed under foreign laws, or trusts with significant foreign ownership. Exceptions include acquiring property through inheritance, enforcing liens, or collecting debts. The bill also mandates that any threshold property acquired by a nonresident alien must be conveyed to a non-nonresident alien within five years.