This bill requires the Legislative Assembly of Puerto Rico to provide for a referendum in Puerto Rico in which eligible voters shall express their preference between the non-territorial options of either independence or free association. An individual shall be eligible to vote in such referendum if that individual was born in, or has a parent who was born in, Puerto Rico. The President shall negotiate a Treaty of Friendship and Cooperation and other bilateral agreements with the government of an independent Puerto Rico that will provide for equitable economic relations. Such treaty shall establish the details of the bilateral relations of Puerto Rico and the United States under specified guidelines with respect to citizenship, vested rights, trade, public debt and economic transition, currency, and defense. The President shall negotiate the terms for a Compact of Free Association with the government of Puerto Rico, which shall be submitted to Congress and the people of Puerto Rico for ratification under specified agreed guidelines with respect to Puerto Rican sovereignty and self-government, the termination of the free association relationship when Puerto Rico becomes fully independent, the continuation of U.S. citizenship for citizens of Puerto Rico, and the continuation of trade relations with the United States.