FOREIGN BUYER RESIDENCE VISA PROGRAM

A new measure being proposed in Washington, DC, would give residence visas to foreign buyers who invest $500,000 in property in the United States.  For instance, if the foreign buyer purchased two properties for $250,000 each, they would qualify under the proposal.

This measure would not provide the foreign buyer with a work permit, which would continue to be issued through normal immigration channels. It would, however, eliminate a lot of red tape for foreigners who want to purchase in the US, but are unsure of whether they can obtain a visa. It would also allow foreign buyers to spend more time in the US than under the current visa rules. Under this proposal, the spouses and children under 18 years old of the foreign buyer also would be covered under this residence visa.  Once the apartment is sold, however, the residence permit would expire.

The measure is part of a larger bipartisan immigration measure being introduced in the Senate designed to increase foreign investment in the US.  This proposal is far from being law, but we will be watching its progress closely, since this will affect many of our foreign buyers.

Please contact us to send us your contact info if you want to be kept up to date regarding the Foreign Buyer Residence Visa Program.

Below is an insert from Senator Charles E. Schumer bill...

"WASHINGTON, DC—With an excess of supply stalling a recovery in the U.S. housing market, U.S. Senators Charles E. Schumer (D-NY) and Mike Lee (R-UT) announced today that they will offer a bipartisan proposal to boost demand for homes by luring foreign investors to purchase residences and live in the U.S. The concept is part of a broad immigration package aimed at boosting foreign travel and investment in the United States.

The Visa Improvements to Stimulate International Tourism to the United States of America Act (VISIT-USA Act) would remove bureaucratic red tape that stifles travel and investment in the U.S. For instance, the bill would reduce barriers for Canadian and Chinese visitors whose consumer spending provides a lift to the U.S. economy. The bill would also expedite priority visa applicants, introduce videoconferencing as a means to screening foreign nationals, and make major changes to visa procedures for U.S. allies in the fight against al Qaeda.

To confront the housing crisis, the legislation would provide, for the first time, a three-year residential visa for foreign nationals who invest at least $500,000 in residential real estate in the United States. At least $250,000 must be spent on a primary residence where the visa holder will reside for at least 180 days out of the year while paying taxes to the U.S.  Applicants would still be subject to standard criminal and national security background checks and, once approved, would not be able to receive government benefits such as Medicare, Medicaid, and Social Security.  The program would not serve as a path to citizenship for foreign nationals. Real estate analysts have said this proposal could lift demand for U.S. homes and help ease the housing crisis. Famed investor Warren Buffett has also supported the concept of enticing foreign homebuyers previously.

Schumer said: “This concept has the potential to lift demand for the nation’s excess homes. Our housing market will never begin a true recovery as long as our housing stock so greatly exceeds demand. This is not a cure-all, but it could be part of the solution to the housing crisis and won’t cost the government a nickel.”

Lee said: “This bill supports a free market method for increasing demand for housing at a time when so many working-class Americans are underwater on their homes, are desperate for prices to rise again, and big-government programs have failed to work. I am sponsoring this bill because I know that it makes economic sense while protecting American citizens.”