Law proposal tying visa issuance to real estate purchase

Senators Charles E. Schumer (D-NY) and Mike Lee (R-UT) announced that they will offer a bipartisan proposal to stimulate foreign investment in the United States.

The legislation they propose would boost demand for homes by giving three-year residence visas to foreigners who spend at least $500,000 to buy houses in the U.S. According to the proposal, at least $250,000 must be spent on a primary residence where the visa holder will reside for at least 180 days out of the year while paying taxes to the U.S..

The remaining amount can be invested in other residential real estate that can be rented out. Applicants would still be subject to standard criminal and national security background checks. Also, the program would not serve as a path to citizenship for foreign nationals.

The new proposal is part of The Visa Improvements to Stimulate International Tourism to the United States of America Act (VISIT-USA Act) that contains additional immigration measures.

The sponsors of this legislation have designed it to boost foreign travel and investment in the U.S. Some of the additional measurements include to expedite priority visa applicants, introduce videoconferencing as a means to screening foreign nationals, and to make changes to visa procedures for U.S. allies in the fight against al Qaeda.

If the proposal becomes law, it could help many foreign nationals visit the U.S. or obtain Visas each year.

Source: http://online.wsj.com

This information has been provided by Ellen von Geyso, P.A. Ms. von Geyso is an attorney admitted in Germany and Florida. For questions on this or other immigration related issues you can contact Ellen von Geyso. She can be reached at info@vongeyso.com or 305.365.0325.