Senators propose visa plan to boost foreign buyers of property in US

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 (£315,000) 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 ‘The US Chamber of Commerce has announced its support for the new legislation proposal.’

Mr Schurner, a Democrat senator from New York, said: “Our 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.”

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: “The 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.

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