Proposals announced for foreign property owners to receive a US visa

An immigration bill currently under consideration by the US senate has had an new provision added to it that could see those who buy a property in the US receive a residency visa.

The proposal was put forward by Charles Schumer and Mike Lee, both members of the senate, in the hopes that offering an American visa to those who purchase real estate worth more than $500,000 (£312,012) will help boost the sector.

However, in order to qualify for the visa, buyers need to spend at least 180 days of the year living in the home they have bought and they will not be granted a work permit under this scheme.

Senator Schumer told the Wall Street Journal: "This is a way to create more demand without costing the federal government a nickel."

One of the big problems facing the US real estate industry is the high inventories, with many potential domestic buyers unable to access credit in the current climate.

Last month, the National Association of Realtors urged lenders to provide funding to creditworthy applicants, as well as to offer more modifications to the terms of loans for homeowners facing foreclosure.

It is hoped that if the visa initiative for foreign buyers is approved, it may help remove some of the excess housing stock from the market.
 

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