A bipartisan proposal currently awaiting approval by congress would offer Residence Visas to foreign homebuyers who invest at least $500K in US housing and live in the US at least 180 days while paying US taxes. The proposal is part of the Foreign Travel Bill thatwould reform Visa policies in hopes of luring Chinese and Canadian tourists to help boost the US economy.
With an excess of supply stalling recovery in the US housing market, the Visa Improvements to Stimulate International Tourism to the United States of America Act (VISIT-USA) would remove red tape that prevents ease of travel and investment in the US. It would specifically reduce the barriers for Canadian and Chinese visitors whose spending would help to improve the US economy, especially in the housing market. The legislation would provide a three-year residential Visa to foreign nationals who invest at least $500,000 in residential real estate in the United States. The stipulation includes that the foreign national must spend at least $250,000 as their primary residence and must stay for at least 180 days while paying taxes to the US. Past supporters of such a bill include savvy investor Warren Buffett.
The bill, which has gained support from both parties, is still awaiting approval but has already been endorsed by the US Chamber of Commerce, the US Travel Association, the American Hotel & Lodging Association and the US Olympic Committee.