Hey, wealthy foreigners! Want to live in the U.S.? Buy a home here.
International purchases of American homes are ramping up, and a new Senate bill designed to boost the ailing real-estate market would encourage globe-trotting investors to buy even more.
The bill, co-sponsored by Charles Schumer (D-N.Y.) and Mike Lee (R.-Utah) would grant a U.S. visa to international investors who agree to spend at least $500,000 on residential real estate here.
If passed, the legislation could add to a surge in homebuying by international purchasers over the past year or two that’s already given some local U.S. markets a welcome boost.
Growing international interest
Foreigners spent $82 billion buying up U.S. homes in the 12 months ended in March, up 24% from a year
Similar to what I have read in the article entitled Proposed housing bill would grant immigrants residence visas.Well,as the U.S. housing market continues to flounder, Sens. Charles Schumer (D-N.Y.) and Mike Lee (R-Utah) have drawn up a bill that could give residence visas to immigrants who invest a minimum of $500,000 on an American home. In order to attract additional international investment in the U.S. economy, Schumer and Lee will soon produce connected regulation before Congress.
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