New Bill Encourages Foreigners to Purchase U.S. Homes

9:45 pm Real Estate

Capitol Hill e1320874966155 New Bill Encourages Foreigners to Purchase U.S. Homes A unique piece of legislation that aims to help solve the residential real estate market bust has been introduced in Congress to give foreigners who invest at least $500,000 in U.S. residential property a visa that allows them to live in the U.S.

Senators Charles Schumer (D-NY) and Mike Lee (R-Utah) introduced the The Visa Improvements to Stimulate International Tourism to the United States of America Act, or VISIT-USA Act, which would create a new “homeowners visa” that would be renewable every three years.  To receive this visa, a foreigner would need to spend a total of $500,000 on residential real estate in the U.S., which would need to include a primary residence with a value of at least $250,000.

The purchase would have to be made in cash and the price paid would have to be more than the most recent appraised value for the home.  The foreign buyer would have to live in the home a minimum of 180 days each year, and pay U.S. income taxes on foreign income.  To hold a job in the U.S., they would have to apply for a work visa.

A Santa Monica-based international real estate broker that caters to foreign clients was quoted in the Los Angeles Times as saying that the states that stand to benefit most from the new bill include California, Florida, New York, Colorado, Hawaii and Texas.

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