According to the Wall Street Journal, Sens. Charles Schumer (D-N.Y.) and Mike Lee (R-Utah) have proposed a new type of resident visa for foreigners who spend at least $500,000 to purchase real estate in the United States. The proposal states for at least $250,000 to be spent on a residence, while the other $250,000 may be invested in other real estate--the entire amount must be a cash investment.
The provision, part of a larger package of immigration measures, would complement existing visa programs that allow foreigners to enter the country if they invest in new businesses that create jobs. Foreigners immigrating to the U.S. with the new visa wouldn't be able to work here unless they obtained a regular work visa through the normal process. They'd be allowed to bring a spouse and any children under the age of 18 but they wouldn't be able to stay in the country legally on the new visa once they sold their properties.
The provision, part of a larger package of immigration measures, would complement existing visa programs that allow foreigners to enter the country if they invest in new businesses that create jobs. Foreigners immigrating to the U.S. with the new visa wouldn't be able to work here unless they obtained a regular work visa through the normal process. They'd be allowed to bring a spouse and any children under the age of 18 but they wouldn't be able to stay in the country legally on the new visa once they sold their properties.
The provision would create visas that are separate from current programs so as to not displace anyone waiting for other visas. There would be no cap on the home-buyer visa program
Over the past year, Canadians accounted for one quarter of foreign home buyers, and buyers from China, Mexico, Great Britain, and India accounted for another quarter, according to the National Association of Realtors. Supporters believe the initiative would help absorb a glut of housing supply – especially in markets like Arizona and South Florida, where foreign buyers have represented a rising share of home buying activity. Source: Wall Street Journal (10/20/11)
