Buy A House, Get A Visa

Posted by Cori O'Donnell - Thursday, October 20th, 2011

Two U.S. Senators will introduce a bipartisan bill on Thursday that would bestow a residence visa to foreigners who spend $500,000 or more on a house in the U.S.

Senators Charles Schumer (D., N.Y.) and Mike Lee (R., Utah) proposed the bill because they think it will lead to obtainment of more foreign investments, and make up for the lack of real-estate sales among Americans.

The new visa would not allow the foreign homebuyer to work in the U.S. unless they hold a regular work visa, according to The Wall Street Journal. Buyers would be allowed to bring along their spouse and any children under the age of 18. If the property were ever sold then the visa would be deemed invalid.

The Wall Street Journal reports that foreigners have contributed to a growing number of home purchases in South Florida, Southern California, Arizona and other areas that were hit hard by the failing economy.

Favorite

1 member favorited this

▶ Reply to This

Replies to This Discussion

Permalink Reply by Nota Khan on October 21, 2011 at 1:36am

Just Lady Liberty getting raped once more....

"Give me your tired, your poor,
Your huddled masses yearning to breathe free,
The wretched refuse of your teeming shore.
Send these, the homeless, tempest-tost to me,
I lift my lamp beside the golden door!"

(Would the spin be these wretched millionaires are "homeless"? Of course there is already a law that let's the rich US citizenship for a million (meaning they can work too) by buying or starting a business. And those running a business can do it for around $200,000. So this is to facilitates those useless ones who just have cash to burn and will not be productive in any way -- the real refuse. A sort of "fast-track" program for them)...

▶ Reply

Permalink Reply by Nikki on October 21, 2011 at 6:16pm

I think this is wishful thinking. It is true in past recessions that many foreigners would come in and buy houses. They saw it as real estate on sale for bargain prices. But that was at a time when the US was still considered a desirable place to live and it was considered a status symbol to own a home here. That is no longer the case and I see no evidence that large numbers of foreigners are buying in Southern California or Florida. I think that anyone who buys a house to get a visa must be quite gullible but that's what they're counting on to 'fix' the market.