Categorized | International

New Bill Encourages Foreign Real Estate Investment

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The United States Senate is considering a bill that would promote international investment in the country’s real estate market. The proposed bill would grant residence to any foreign investor that spends more than five hundred thousand dollars on residential real estate in the United States.

Foreign investment in the residential real estate market is at its highest point in years, and this bill would certainly increase it further. The Western United States, particularly California, is set to benefit to the most from the bill. The residential real estate market on the west coast has struggled more than any other region in the United States. This bill could provide the necessary boost that has been desperately needed.

Other states that serve to benefit are Florida, New York, Colorado, Texas, and Hawaii.

The bipartisan bill would grant a homeowner visa that would be up for renewal every three years. The bill, though, does not guarantee citizenship. Many analysts are comparing the bill to one that grants green cards to those who invest over five hundred thousand dollars in business within the United States.

Wealthy foreign investors are clearly the intended targets of this bill, as the residential property purchase must be made in cash. Other restrictions in the bill include requirements that the buyer must live in the United States for half the year, and that they must buy the house for more than its appraised value.

Economic analysts in the United States hope that the bill will not only prompt many foreign investors to buy property in the United States, but also start new businesses that will build jobs. The proposed bill has not yet been voted on, but will certainly be voted on in the near future.

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About Ella Jourgeson

Ella was recently an intern who checked all the articles for grammatical and spelling errors. She is now an all purpose writer filling in wherever we need help.

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