In October 2011, Senators Charles Schumer (D. N.Y.) and Mike Lee (R. UT) proposed a bill to stimulate property sales by giving visas to foreign nationals seeking to invest in the slumping U.S. real estate market. To date, there is no indication as to whether or not this bill will survive both the House and Senate and actually turn into law. However, if it does, foreign investors will have an additional avenue by which to gain entry into the U.S. without the risks associated to other types of business ventures. The general provisions of the bill are as follows:
- The Buyer must invest $500,000.00 in the U.S. Real Estate. This amount can be one house for $500,000 or $250,000.00 on primary residence on the rest on multiple investment homes equaling $500,000.
- The Buyer must live in the home a minimum of 180 days per year and pay U.S. taxes.
- The Buyer may bring your spouse and children to the U.S. with you.
- The visa will last for 3 years and may be renewed every three years if Buyer actually lives in the U.S.
- The Buyer cannot work in the U.S. unless a regular work visa is obtained through normal visa process.
- If the property is sold, the Buyer cannot stay in the country.