Foreign International Buyers Buy US House = US Visa?

Recently, to boost the US housing market, two U.S. senators are preparing
to introduce a bill that would allow U.S. resident visa's to foreigners if the foreigner spends at least $500,000 on U.S. Real Estate.

It is no surprise that foreigners have been purchasing many homes in New York, South Florida, Southern California, Arizona and other areas of US. This proposed bill would offer visas to any foreigner making an all cash investment of at least $500,000 on residential Real Estate such as a condo unit, town house or private single family house. To be eligible, this amount can be spent on one house for $250,000 and investing the other $250,000 on a rental residential property.

Some other details of this proposed bill include:

• Foreigners immigrating to the U.S. with the new visa wouldn't be able to work here unless they obtained a regular work visa through the normal visa process.
• They can bring a spouse and any children under the age of 18, but they can not stay in the country legally on the new visa if they sell their properties. Foreign buyers would have to live in the home for at least 180 days each year, and be required to pay U.S. income taxes on any foreign earnings.
• In addition, these foreigners will not be eligible to receive Medicaid, Medicare or Social Security benefits.

We think this is a very interesting idea to potentially boost the housing market with foreign international money.  We will have to wait to hear all of the details on how it would really work if a foreign buyer wants to invest $500,000 in order to receive the U.S. Visa.

It can have a positive impact for the housing market if the specifics and the requirements are reasonable and make sense for these international buyers. Manhattan New York is a market that many foreigners from all over the world come to visit and purchase real estate. We consistently and successfully help many international buyers look for second homes or investment in the NYC real estate market.

*This blog post was written based on the news release on Wall Street Journal on 10/20/2011 to provide a general information of this bill. To read more about the exact and most updated details on the bill, please email us for the update*

We are Real Estate agents that are have successful experiences working with foreign international buyers in Manhattan New York.

Call us today (917)837-8869 to discuss your Manhattan New York Real Estate purchase.

To Read other helpful blogs on Foreigner buy New York Real Estate:

• http://manhattannycondosforsale.com/foreigner-buy-nyc-condos/
• Can Foreign international buyer buy a Manhattan NYC condo?
• Foreign Buyer Frequent Asked Questions
• Use Local Expert for you Manhattan New York condo purchase
• How to determine a good Manhattan New York condo investment

 

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Eileen Hsu 許雅嵐 (email: EHSU(@)elliman.com)

We specialize in Manhattan New York Condominiums, townhouses, condops and cooperatives. We are condominium residents ourselves so we understand the Manhattan New York condo community. We love all Manhattan neighborhoods, especially Upper West Side, Lincoln Square, Midtown East, Murray Hill, Financial District, Chelsea, Fifth Avenue and etc just to name a few. If you or you know someone that may be interested in selling, buying or leasing their Manhattan New York condo, call us today (917)837-8869 or (646)644-6929 and we can discuss your specific Real Estate needs in private. Thank you.

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