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