Buy a House - Get a Visa

A bipartisan team of Senators, Mike Lee (R-UT) and Chuck Schumer (D-NY) are proposing a new immigration bill that would allow private foreign real estate investment in exchange for a US visa.

http://online.wsj.com/article/SB10001424052970203752604576641421449460968.html?mod=WSJ_hp_MIDDLENexttoWhatsNewsThird

Foreigners would have to invest at least $500,000 in residential real estate and would have to live in the US for at least 6 months out of the year in order to qualify for a residency visa. This is not a work visa, and therefore would likely attract wealthy foreigners.

According to the National Association of Realtors, foreign investment in US residential real estate is currently only about 3 percent. The majority of these purchases are made in Florida and Arizona, where prices are at record lows and the warm climate is a desirable bonus. Western Europeans, especially Germans, love vacationing in Florida. It's only a 7 hour flight from Europe, and a $500,000 investment is is only about $360,000 Euros. In Germany this buys a modest townhome, whereas in Florida one can buy a posh villa with ocean views and a pool.

The bursting of the housing bubble has devastated the housing market in many areas in the US. An influx of foreign capital could help revitalize these markets.

What are your thought about his proposal?

Sandy Nelson

Olympia Realtor®, GRI, ASP, SRES, SFR

360-789-7505

www.SandyNelsonRealEstate.com

All the real estate information on the Internet can not compare to the real time, on-the-ground expertise of a local, skilled Realtor ®. Among all the South Sound real estate resources available, the most powerful tool is my phone number.