Visa bill designed to boost US property market

Property in the US could be boosted by a new Senate bill offering foreign investors a homeowners' visa in return for investment of $500,000 (£319,877).

In addition, investors will have to live in the house for 180 days of the year, which co-sponsor of the legislation Charles Schumer explained will alleviate any concerns regarding immigration and mean they have to pay property and federal taxes, CNBC reports.

He went on to state that the bill is not a "path to citizenship", but the visa can be renewed every three years as long as the individual decides to remain in the US.

Head of the Lefrak Organization Richard Lefrak added that the law would make it easier for Chinese people to enter the country and thus encourage wealthier entrepreneurs to travel to the nation.

This comes after the National Association of Realtors revealed that the volume of homes on the market in the US continued its decline in October.

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