New law could boost number of foreigners buying property in the USA

If you’re looking to buy a holiday property in the USA then
a new law could help you.  A new
act introduced into the US Senate is designed to speed up the process of visa
applications and to provide incentives for foreigners to invest in property in
America during the low season.

Whatever type of American property you’re looking for, keep
reading to find out how this new Act could help you.

JOLT Act could boost
sales of American property to overseas buyers

The Jobs Originated Through Launching Travel (JOLT) Act, has
been brought into the House by Senator Charles Schumer.  And, leading property experts think it
could be a major boost to low levels of American house sales.

John Sebree, senior vice president for public policy at the
Florida Association of Realtors, said that the Act if passed could have huge
ramifications for the U.S. overseas property market.

“[The] Jobs Originated through Launching Travel Act, is
focused on many of the same components designed to make travel to the US for
business or tourism purposes included in the VISIT USA bill,” he said.

“While many of the other provisions look very similar to the
VISIT provisions, some have been tweaked. 
For example, the 5 year Chinese visa provisions of VISIT are replaced by
provision encouraging the State Department to issue visas longer than one
year.”

Act aimed primarily
at holiday home buyers

While experts have broadly welcomed the new proposals, there
has been some criticism that the JOLT act is designed only to people buying
holiday homes, not looking to relocate in the USA permanently.

Nick Marr, director of American property experts Homes Go
Fast, said: “The new laws are designed primarily for people looking to buy an
investment or holiday property in the US.

“The truth is that many people are looking to come into the
US on an EB-5 visa.  These visas
enable overseas investors to come to the US via a commercial enterprise.  If you can prove your source of funds,
create ten jobs within a two year period and fulfil other criteria then you are
issued with a permanent residency visa – a Green card.”