Hovik

A new proposed visa would give PR-light status to families spending $500k or more on a house. Looks like this may become an easy way to get into the US.

http://online.wsj.com/article/SB1000...googlenews_wsj

Noorah101

1. "two Senators 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"

So what is a "residence visa"? Do they mean "Immigrant Visa"? This would result in the visa holder becoming a US PR immediately upon entry to the USA.

But then the article says:

2. "Foreigners immigrating to the U.S. with the new visa wouldn't be able to work here unless they obtained a regular work visa through the normal process. They'd be allowed to bring a spouse and any children under the age of 18 but they wouldn't be able to stay in the country legally on the new visa once they sold their properties."

So then it's NOT a residence visa...? Since the visa holder actually does NOT become a permanent resident once inside the USA?

I can't see the attraction for a foreigner to spend that much money on housing in the USA, only to live here a short while - or a long while even - and never get any real benefits...they can't work, they can't become a PR, kids have to leave at age 18, and if they have to sell up, all that money and time down the drain.

Wouldn't be my cup of tea...

Rene

Michael

For retirees, that might be an attractive option instead of maintaining a dual residence and leaving the US for 6 months a year. I suspect it is aimed at getting rid of some of the excess housing in the sun belt states (Florida, Arizona, etc.).

fatbrit

It's all very confusing. My reading is that the 2 senators have taken a backhander off of the realtors and are now sprouting some pre-prepared crap as payment. Looks like a resurrection of the Silver Visa to me.

Extreme

I like the idea of a retirement (age) visa. It would create a nice flow of money into the economy. You should have to show proof of health insurance and funds before the visa is issued. $500k, seems a little steep though..

The U.S. has a lot to offer for (semi!?) wealthy retirees: climate, language, security etc.

Noorah101

Good point about retirees. I guess if they can afford $500K+ in cash, they could afford health care...

Rene

sir_eccles

Problem might be in trying to find property worth $500k, I can see shady deals going down to inflate property prices with a little cash back at the end of the deal.

crg

I like this idea, but it should have safeguards:

The house must be either paid for in cash, or a loan using some collateral other than the house.

Any school attended by the kids must be paid for in full by the family.

No employment of any kind.

Health insurance coverage or a large cash bond must be maintained.

If any member of the family violates the rules about the health coverage or does any work or business activities at all, they all get removed from the US and the house, cars and any other property will be forfeited to the government with a 20% bounty going to anyone who provided the tip about the person working.

ian-mstm

I don't have any problem with this!

Ian

Ray

This is the last you will see of this idea ..
plenty more like came and went

ginstwin

Surely this would be the end of the EB5 visa?

I can't see this being approved

ljaw2002uk

It's just too open to fraud. Plus, what sensible nation really wants to attract older persons, past their economic sell by date?

digbydog

This is actually an excellent idea. Hong Kong had a similar system that if you bought a property in excess of HK$8 million (just over US$1 million) then you would receive a permanent HKID card (similar to a green card) and the right to live in HK. The mainland Chinese came in their droves with money....

I think the HK figure is better than $500,000 as most people that can afford a $1 million dollar house for cash are not going to be burden on society. They will pay property taxes and the kids could go to school in USA etc.

If this passed they would be an avalanche of buyers from China, India and Russia.

scrubbedexpat099

Those who have a lot of Realtors looking for business?

ljaw2002uk

The BBC's take on this:

http://www.bbc.co.uk/news/world-us-canada-15406776