Bi-partisan support for real estate green card may benefit Minnesota lake region

By
Home Inspector with Mid America Inspection Services, LLC North Dakota 19 & 93

 

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.

 

Mid-America Inspection Services, serving Fargo and West Fargo, North Dakota, Moorhead, Alexandria, Fergus Falls, Detroit Lakes, Wadena and the Minnesota Lakes Region

 218-443-3555, 320-846-0004, 218-287-0877, 218-841-0444

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Rainer
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Andrew Lietzow
IaREIA | Iowa Landlord Association - Des Moines, IA
MBA-Exec Dir Iowa Real Estate Investors Association -

This legislation could be ingenious because there would be no tax preferences created.   I'm so tired of the manipulation of the tax code to benefit this special interest group there, and another special interest group here.  

 

Oct 23, 2011 09:23 AM #1
Rainer
38,254
Andrew Mendez
Century 21 Americana - Covina, CA - Covina, CA
Century 21 Americana


Oct 23, 2011 09:41 AM #2
Rainer
166,335
Marshall Brown
Mid America Inspection Services, LLC - Fargo, ND
BSEE, CHI

Andrew #1, It seemed like a fairly clean deal in the sence that it copied in many ways the existing visa eligible to foreign investors who put up $500,000 in a business that creates at least 10 new jobs.

Andrew #2, Thanks for stopping by.

Oct 23, 2011 10:31 AM #3
Rainmaker
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Ginger Harper
Coldwell Banker Sea Coast Advantage - Southport, NC
Your Southport~Oak Island Agent~Brunswick County!

Thanks for sharing...Good post..

 

Oct 13, 2012 12:52 AM #4
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Rainer
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Marshall Brown

BSEE, CHI
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