Exemptions & Immunities

An American lender which

(a)does not maintain a place of business in Guam,

(b)conducts its principal activities outside Guam, and

(c)complies with this Chapter, does not by engaging in Guam in any or all of the activities specified in the following section violate the laws of Guam relating to doing business or doing a banking, trust, or insurance business, or become subject to the Banking Code (11 GCA Chapter 106), Savings & Loan Association Act (11 GCA Chapter 127 & 130), Insurance Law (22 GCA Chapter 15) and the Uniform Securities Act (22 GCA Chapter 46) and Part 1 of Title 18 GCA, The Corporate Law, and become subject to any taxation which would otherwise be imposed for doing business in or doing a banking, trust, or insurance business in, or having gross income or receipts from sources in, property in, or the conduct of any activity in Guam, or become subject to any taxation under Title 11, Guam Code Annotated, Taxes, and no income or receipts of any COL 03072011 CH. 35 AMERICAN INVESTORS ACT American lender arising out of any of the activities specified in the following section shall constitute income from sources in, property in, or activities conducted in this Territory for the purpose of any tax imposed by Guam; provided that nothing in this Chapter shall be construed to exempt the real property of an American lender from taxation to the same extent, according to its value, as other real property is taxed, or to preclude the inclusion of dividends or other income from American lenders in the income of individuals taxable under §31 of the Organic Act of Guam, as amended, (48 U.S.C.A. §1421i), to the same extent as is included dividends and other income from Guam lenders; and provided, further, that if any American lender shall acquire any property in Guam in the enforcement of the rights of the American lender in the event of a default by any borrower, as permitted by the laws of Guam, then commencing one year after title to such property has vested in the American lender, the rents or other receipts received by the American lender, and the proceeds of sale by the American lender of, such property, shall be subject to taxation under the laws of Guam in the same manner and to the same extent as if the rents, other receipts, or proceeds were received by a resident of Guam.