A new provision to an immigration bill already being considered by the U.S. Senate was proposed last week by Senators, Chuck Schumer of New York, and Mike Lee, of Utah that would grant residence visas to foreign buyers spending a minimum of $500,000 to buy residential property in the U.S.
The 'Resident Visa' provision to the immigration bill was written with the purpose of boosting and energizing the slow U.S. Housing market by encouraging foreigners to purchase U.S. real estate. If accepted, this provision would compliment other foreign visa actions proposed in the bill that would encourage more spending and capital investment by foreigners in the United States.
Supporters of this proposed 'Resident Visa' provision believe this action would be a thrifty way to create more demand for U.S. real estate that would, in turn, help to clear up existing inventory in areas where there is an over supply.
There are some stipulations. Here are some of the highlights:
- At least $250,000 must be spent on a residence and the balance would be allowed for residential rental/investment properties.
- Foreign buyers must pay for their purchases with cash, pay U.S. taxes and spend a minimum of 180 days in the U.S.
- Foreign buyers granted visas would not be able to work in the U.S without obtaining a work visa via the normal and proper channels.
- Foreign buyers would be able to bring their spouse and any children under the age of 18 with them.
- The 'Residence Visa' would expire when the property/properties are sold.
In 2011, to date, the state of Florida has accounted for thirty-one percent of all foreign home purchasing activity nationwide. Because we hold the number one spot in the nation for foreign home/property sales, and have historically had a heavy concentration of foreign real estate buyer activity, this bill and its components could have a huge impact on our state's economic recovery.
We would like to know what you think of this proposed legislation. Please take a minute to either comment below or participate in our short poll above this article.
We will post the results in the comments below this article, later this week.