New Immigration Bill: Buy House, Get a Visa

Senators Charles E. Schumer (D-NY) and Mike Lee (R-UT) are preparing to introduce a bipartisan bill Thursday that would give residence visas to foreigners who spend at least $500,000 to buy houses in the U.S.

Click here for a full summary of  the bill:  Visa Improvements to Stimulate International Tourism to the United States of America Act (VISIT-USA Act) 

The legislation would provide, for the first time, a three-year residential visa for foreign nationals who invest at least $500,000 in residential real estate in the United States.  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.  Applicants would still be subject to standard criminal and national security background checks and, once approved, would not be able to receive government benefits such as Medicare, Medicaid, and Social Security.  The program would not serve as a path to citizenship for foreign nationals, nor would it grant a work permit.   

The Wall Street Journal has printed several viewpoints, both for and against this proposed measure.  “This is a way to create more demand without costing the federal government a nickel,” Sen. Schumer said in an interview.  The idea has some high-profile supporters, including Warren Buffett, who this summer floated the idea of encouraging more “rich immigrants” to buy homes.  “If you wanted to change your immigration policy so that you let 500,000 families in but they have to have a significant net worth and everything, you’d solve things very quickly,” Mr. Buffett said in an August interview with PBS’s Charlie Rose.  Views against include the following:  Foreign buyers “don’t need an incentive” to buy homes, said Richard Smith, chief executive of Realogy Corp., which owns the Coldwell Banker and Century 21 real-estate brands. “We have a lot of Americans who are willing to buy. We just have to fix the economy.”   See full article here:       Wall Street Journal

Beyond the main provisions in the VISIT-USA Act, the Act has the following additional goals:  

1. Encourage Chinese Nationals to Travel to the U.S; 2. Expedite Priority Visitors; 3. Introduce Technology Into the U.S. Visa System; 4. Encourage Canadian Tourism to the United States; 5. Encourage U.S. Travel During Low Peak Season; 6. Expedite Visa for Countries Aiding the U.S. in Fight Against Al Qaeda; 7. Expediting Entry for Priority Visitors