Friday, October 21, 2011

Foreign buyer - Buy a house, get a U.S. visa

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.

Excellent idea.

Visit us at Castle Avenue Partners - New York investment property

No comments: