To stimulate the US-real estate market, two Senators (Democrat Charles Schumer, New York and Republican Mike Lee, Utah) are preparing to introduce a new bill this Thursday that would give residence visas to foreigners who wants to buy a house in the United States.

The measure will offer visas to any foreigner making a cash investment of at least $500,000 on residential single-family houses, condos or townhouses. Applicants can spend the entire amount on one house or spend as little as $250,000 on a residence and invest the rest in other residential real estate, which can be rented out.

The goal of this measure is to get more wealthy people to the United States spending their money there to stimulate American businesses. The measure will complement existing visa programs that allow foreigners to enter the United States if they invest in new businesses that create jobs. Advantage of this measure shall be that “this is a way to create more demand without costing the federal government a nickel,” Senator Schumer said in an interview.

Foreigners immigrating to the US with the new visa would not be able to work here unless they obtained a regular work visa through the normal process. Otherwise, they will be allowed to bring a spouse and any children under the age of 18. Once they sold their properties they would not be able to stay in the country legally with the new visa.

The provision would create visas that are separate from current programs so as to not displace anyone waiting for other visas. Expected applicants are supposed to come from Canada, China, Mexico, Great Britain and India.

For all Immigration related inquiries please email us at charlotte@bridgehouselaw.us or give us a call at 704.333.5230.

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