A new measure being proposed in Washington, DC, would give residence visas to foreign buyers who invest $500,000 in property in the United States. For instance, if the foreign buyer purchased two properties for $250,000 each, they would qualify under the proposal.
This measure would not provide the foreign buyer with a work permit, which would continue to be issued through normal immigration channels. It would, however, eliminate a lot of red tape for foreigners who want to purchase in the US, but are unsure of whether they can obtain a visa. It would also allow foreign buyers to spend more time in the US than under the current visa rules. Under this proposal, the spouses and children under 18 years old of the foreign buyer also would be covered under this residence visa. Once the apartment is sold, however, the residence permit would expire.
The measure is part of a larger bipartisan immigration measure being introduced in the Senate designed to increase foreign investment in the US. This proposal is far from being law, but we will be watching its progress closely, since this will affect many of our foreign buyers.
Please contact us to send us your contact info if you want to be kept up to date regarding the Foreign Buyer Residence Visa Program.