Senators Charles Schumer (New York) and Mike Lee (Utah) are proposing a bill that gives foreign buyers a U.S. residence visa if they spend $500,000 cash in a property. The visa does not allow them to work in the US but allows them to live here in the US as long as they own the property.
- The visa would not allow foreigners to work in the US. However, foreigners who can spend $500,000 cash do not need to work here. These wealthy foreign investors likely have their own businesses abroad.
- The program would lift up the US housing market and absorb excess inventory currently. It also spurs direct investment into the US.
- It allows foreign buyers to live in the US. Currently, even with property here, their stay in the US is subject to tourist visa restrictions.
Visit us at Castle Avenue Partners - New York investment property