0
false
18 pt
18 pt
0
0
false
false
false
table.MsoNormalTable
{mso-style-name:”Table Normal”;
mso-tstyle-rowband-size:0;
mso-tstyle-colband-size:0;
mso-style-noshow:yes;
mso-style-parent:””;
mso-padding-alt:0cm 5.4pt 0cm 5.4pt;
mso-para-margin:0cm;
mso-para-margin-bottom:.0001pt;
mso-pagination:widow-orphan;
font-size:10.0pt;
font-family:”Times New Roman”;
mso-ascii-font-family:Calibri;
mso-hansi-font-family:Calibri;}
Two leading US senators have put
forward proposals to offer visas to foreigners looking to buy luxury homes in
the USA.
The plan would automatically give
a three year residential US visa to foreign property buyers who spent over
$500,000 (ã315,000) on a property in America.
Plan aims to increase demand for property in the US
Democrat Chuck Schumer and
Republican Mike Lee are sponsoring the bill which is designed to increase
demand for property in the US.
The BBC reports that ââ¬ËThe US
Chamber of Commerce has announced its support for the new legislation
proposal.ââ¬â¢
Mr Schurner, a Democrat senator
from New York, said: ââ¬ÅOur housing market will never begin a true recovery as
long as our housing stock so greatly exceeds demand. This is not a cure-all,
but it could be part of the solution.ââ¬Â
Mr Lee, a Republican from Utah,
described the bill as a “free market method for increasing demand for
housing”.
Buyers must live at the property for 180 days per year
The proposal would provide
foreign buyers with a three-year residential visa. In return, overseas buyers would have to spend at least
$250,000 on one property that would serve as their main residence, and could
make up the $500,000 requirement with additional rental properties.
However, purchases must be made
in cash and buyers would have to live at the main property for at least 180
days per year. They would also
have to apply for a separate visa in order to work in the US.
Mr Schurner added: ââ¬ÅThe bill does
not limit people from being productive.
It simply prevents them from coming here and taking jobs that otherwise
would go to Americans.”
Mr Schumer said he was working to
get the backing of the Obama administration in the next few weeks.
