A new bill has been proposed in the United States, which would give property buyers a free visa with every house purchased. The bill, which has been introduced to the US Senate this week, would let foreign investors live in the country if they spend $500,000 or more on American real estate. The scheme, suggested by New York and Utah Senators, is an inventive way to encourage immigration to the USA and invite new buyers into the property market.
This homeowner visa would be valid for three years, although there are some restrictions. It would not include citizenship, voting rights or a work visa, and property buyers would have to complete their transaction in cash, without a mortgage. The home would also have to be occupied for 180 days of the year, although spouses and children would be allowed to live in the US as well, so buyers wouldn’t have to relocate alone.
The bill follows a similar existing programme, which gives foreigners fast access to a green card if they invest over $500k in a US business and create new jobs in the economy. America is optimistic that these immigration proposals can help drive up demand in the housing market.
Foreign investors already account for about 10 per cent of the luxury US market. Indeed, residential sales to foreign investors and immigrants reached a total of $82 billion over the year to March 2011, according to the National Association of Realtors – an increase of $66 billion from the year before. With interest from foreign investors still on the up, drawn by the exchange rates and lower property prices, America’s proposed visa giveaway could be an offer that property investors can’t refuse