Two senators, Charles Schumer (D-NY) and Mike Lee (R-Utah), have drafted a bill set to be introduced today giving foreigners visas who spend at least $500,000 on homes in the United States. This bill, designed to stimulate foreign investment in the U.S., is part of a larger immigration package created in response to the growing influx of foreigners purchasing homes in Southern California, South Florida, and Arizona. Foreigners are capitalizing on big declines in the U.S. housing market as well as favorable exchange rates.
This proposed bill would offer visas to foreigners who spend at least $500,000 in cash on residential single-family homes, townhouses, or condominiums. Foreigners can spend entirely on one property or spend as little as $250,000 on a home and make an investment with the rest in a second property used as a rental.
According to Schumer, “This is a way to create more demand without costing the federal government a nickel.”
If you are seeking assistance in applying for a visa, contact the Orange County immigration attorneys of Garg & Associates, P.C. at 800-242-2151.