subject: Invest In Property For A Visa To The United States [print this page] Proposed legislation cutting across party lines has been submitted. Two Senators, namely Charles Schumer (D, NY) and Mike Lee (R, Utah) have introduced a bipartisan bill that aims to provide residence visas to foreign born individuals that purchase US properties worth at least half a million dollars.
This proposed legislation is designed to entice foreign investors, be it from India or any part of the world, to sink their money into the US property market. This is in further support of the current property oversupply in South Florida, Southern California, Arizona and other states. While the prices are low and the current low exchange rate, many Chinese and Canadian buyers have struck while the iron is hot as the property market continues to be depressed because of the financial crisis.
The basic requirement for an Indian or any other national to avail of the program's benefits is through a cash investment of at least half a million dollars in residential real estate. This home purchase can be a single family home, a condominium unit or even a townhouse property. Applicants can infuse their funds into one purchase or spend as much as $250,000 on one home and invest the rest of the $500,000 requirement in commercial residential real estate investments.
This program is designed to complement existing visa programs to allow foreign nationals to enter the United States when they invest in new businesses that create jobs. This is called the EB5 visa program. The property investment for visas program hopes to purchase the oversupply of properties that has continued to depress the market.
The foreign purchasers have purchased about $82 billion worth of US real estate until March of 2011. Many have been purchasing in property depressed states such as Miami and Phoenix.
The program has its limitations. The visa holder cannot work in the country unless the proper work visa is obtained. Property for visa holders are allowed to bring their spouse and dependents below 18 years of age for the duration of the ownership of the purchased property. When they resell the property they have sold, they need to apply for a new visa or be required to return to their country of origin. This program is a separate program from current visas given out and does not have a quota or cap, unlike other visas.
For foreign nationals with cash to invest, this is one way to be able to enter the United States. While many foreigners see this as one opportunity to enter the country, the lawmakers see this as a win-win situation.
