Bi-partisan support for real estate green card may benefit Minnesota lake region
Senator Chuck Schumer (D-NY) and Senator Mike Lee (R-UT) have proposed a bill that would grant foreign investors a three year residential visa if they purchase real estate valued at $500,000 or more.
It does come with a few strings. The purchase must include a property valued at $250,000 while the balance of the $500,000 can be income producing property. Sorry, cash only and they must live in the property 180 days each year to fully qualify.
A BBC article said that foreign investors bought $82bn worth of real estate in the year ending March 2011, with nearly one third of it in Florida.
Since these visas are not work visas it makes sense that a certain portion of this investment would be vacation homes in areas known for top notch recreational attractions. It’s hard not to think of Minnesota lake country as a prime location for some of these purchases.
Supporters already include the US Chamber of Commerce and Warren Buffett and Senator Schumer is reportedly working to get the White House’s support.
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