$500,000 Visa

[Enigma11561 336]

Two Senators have come up with a plan to boost the moribund U.S. housing market: Give residence visas to foreigners who spend at least $500,000 to buy a home in the U.S.

A report in The Wall Street Journal says Sens. Charles Schumer (D., N.Y.) and Mike Lee (R., Utah) are preparing to introduce the idea as part of a larger package of immigration measures. The idea is to help make up for the lack of American buyers in the housing market, according to the report.

The Journal notes that foreigners now account for a growing share of the homes purchased in South Florida, Southern California, Arizona and other hard-hit housing markets.

“Chinese and Canadian buyers, among others, are taking advantage not only of big declines in U.S. home prices and reduced competition from Americans but also of favorable foreign exchange rates,” the paper said.

The plan aims to fuel this demand by offering visas to any foreigners making “a cash investment of at least $500,000 on residential real-estate — a single-family house, condo or townhouse,” the Journal reported.

“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 paper added.

[ConcordUser 18]

Two Senators have come up with a plan to boost the moribund U.S. housing market: Give residence visas to foreigners who spend at least $500,000 to buy a home in the U.S.

A report in The Wall Street Journal says Sens. Charles Schumer (D., N.Y.) and Mike Lee (R., Utah) are preparing to introduce the idea as part of a larger package of immigration measures. The idea is to help make up for the lack of American buyers in the housing market, according to the report.

The Journal notes that foreigners now account for a growing share of the homes purchased in South Florida, Southern California, Arizona and other hard-hit housing markets.

“Chinese and Canadian buyers, among others, are taking advantage not only of big declines in U.S. home prices and reduced competition from Americans but also of favorable foreign exchange rates,” the paper said.

The plan aims to fuel this demand by offering visas to any foreigners making “a cash investment of at least $500,000 on residential real-estate — a single-family house, condo or townhouse,” the Journal reported.

“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 paper added.

Lot of other countries are doing the similar way. I beleive couple of caribbean countries offer similar offers.

[ScramJet 35]

Selling America to the highest bidder is what it is. Sometimes I can't believe how retarded politicians can be

[ScramJet 35]

Not to mention possible influx of hostile immigrants who will gladly get their green card for 500 000$. Man.. sometimes I'm so pissed that I didn't have the opportunity to experience post WW2 USA in it's hay day when it stood tall and proud, ideas like this would be ridiculed away and not proposed from actual senators

[Winning23 25]

Not to mention possible influx of hostile immigrants who will gladly get their green card for 500 000$. Man.. sometimes I'm so pissed that I didn't have the opportunity to experience post WW2 USA in it's hay day when it stood tall and proud, ideas like this would be ridiculed away and not proposed from actual senators

sorry buddy, if you read the conditions for the visa, it's very strict and USCIS will do the same or even stricter background search on potential immigrants before a housing visa is granted. So, the 'hostile' immigrants are likely not eligible financially or will be screened out. Most likely rich Chinese, Indian, European, and Latin investors seeking to buy properties in the USA will apply.