Buy a House, Get a Visa: Congress Looks to Lure Foreign Nationals

Discussion in 'Politics' started by hvactec, Oct 26, 2011.

  1. hvactec
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    hvactec VIP Member

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    Attention Canadian snowbirds, well-heeled Brazilians and boom-era Chinese nationals looking for a little piece of that increasingly elusive thing called “The American Dream.”

    America has your number and, literally, it’s $500,000.

    In a comprehensive bill that aims to spur foreign travel and spending in the U.S., Senators Charles E. Schumer (D-NY) and Mike Lee (R-UT), have proposed providing a three-year residential visa to foreign nationals who invest at least $500,000 in residential real estate in the U.S. At least $250,000 must be spent on a primary residence where the visa holder will live for at least 180 days out of the year while paying taxes to the U.S.

    Investor Warren Buffett offered an early version of this real estate inducement back in August. During an interview on PBS, Buffett suggested that if the U.S. altered policy and opened the door for “rich immigrants,” those resources would be welcomed in a struggling U.S. economy, especially in the area of residential housing.

    Inducements for foreign national purchase of U.S. real estate is seen another important step towards bolstering prices and shoring up markets in foreclosure-centric areas.

    “There is no silver bullet out there. And really, the path forward is a lot of small steps like this that we’re going to take,” according to Stan Humphries, Zillow’s chief economist.

    Real estate analysts have said this proposal could lift demand for U.S. homes and help ease the housing crisis. According to Humphries, foreigners spent more than $80 billion on U.S. homes last year, a 24 percent increase from the year before. A quarter of those buyers were Canadian. Another 25 percent of foreign investors in residential U.S. property is made up of investors from China, Mexico, United Kingdom and India — a percentage that could be boosted should the proposal become law.

    Humphries is not alone in advocating myriad measures for alleviating the real estate doldrums. Editorial writers at newspaper around the country are also weighing in.

    “Offering smart and abundant pathways to foreign investment in our domestic markets and legal immigration have always been important to America’s long-term economic growth. We wish there were political will to provide even bolder solutions. But it is gratifying to see Lee and Schumer reach across the aisle to identify these politically palatable and modest ways to provide for increased tourism, foreign investment and residential immigration,” said the Deseret News in Salt Lake City, UT.

    However, critics question whether the measure is an unnecessary, if not unwarranted, inducement. Debate is being waged around key issues:

    Given the level of investment already, do foreign nationals need further incentive?

    Will foreign buyers actually help spark another real estate bubble, at least in some specific markets generally attractive to non-U.S. investors?

    Is the U.S. housing market’s recovery more dependent on far more broad recovery of the entire U.S. economy?

    Is the residency visa a political ploy to fend off criticism that incentives are being given to foreign investors instead of U.S. citizens, many of whom have been forced out of the U.S. real estate market?

    Schumer’s office said the inducement extends beyond the actual real estate purchase. If foreign nationals with cash to buy $500K homes are on U.S. soil, then they are spending money on gas, groceries and other goods and services that bolster local economies.

    Read more Buy a House, Get a Visa: Congress Looks to Lure Foreign Nationals | Zillow Blog - Real Estate Market Stats, Celebrity Real Estate, and Zillow News
     
  2. Matthew
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    Matthew Blue dog all the way!

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    We got enough foreign nationals inside of our lands. They all need to get the fuck out and our congress needs to be treated as traitors. Our nation has gone insane!
     
  3. Unkotare
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    Unkotare Diamond Member

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    This is not new. A similar provision has existed for years, at higher rates.
     
  4. Unkotare
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    Unkotare Diamond Member

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    If they are educated, successful, follow the law, and come here to spend money rather than sponge off the taxpayers? The more the merrier.
     
  5. Douger
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    Douger BANNED

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    Get a nice ocean view so you can enjoy watching 20 MILLION tons of nuclear waste roll in in 2014.:eusa_whistle:
     
  6. get_involved
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    get_involved Gold Member

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  7. editec
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    editec Mr. Forgot-it-All

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    I believe tht it has alway been the case that people with large amounts of money to invest in this nation get priority treatment for VISA and immigration status, too.

    Just as that is and has been true in most nations.
     
  8. Douger
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    Douger BANNED

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    Well. Someone with those kinda bucks ( since the housing crash and burn) will likely create many jobs by hiring people who will do the work murkins wont do.
    Latinos with money don't do their own chores.Even ones who only have a little. Never have.
    Be thankful if it's a lot of Venz and Brazilians. Fun people.
     

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