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.BIZ has no residency requirements and is open to anyone in the world to register, as long as they have a business or represent a bona fide commercial entity.
Yes. While .BIZ does no filtering when you register, it is possible for users to report non-business related .BIZ sites to the registry, which may lead to the deletion of the domain. You must be using the domain for a valid commercial purpose, or else a .BIZ domain may be at risk.