Proposed Bill Would Incentivize Foreign Buyers of Real Estate
It’s no secret that the Miami real estate market has experienced a dramatic turnaround over the past two years due in large part to an overwhelming interest from foreigner buyers. A bipartisan bill introduced into the Senate earlier today would provide an additional incentive for foreigners to pour further capital into the U.S real estate market. The bill, the Wall Street Journal reported, would grant residence visas to foreign buyers who make a cash investment of at least $500,000 on residential real estate located throughout the U.S. The residence visa would allow a foreign buyer to bring a spouse and any children under the age of 18 into the country but would not allow them to work unless a regular work visa is obtained. Furthermore, once the property is sold, they would no longer be able to legally stay in the country.
If passed into law, this would be a tremendous boon for the South Florida real estate market. While a visa incentive likely won’t encourage further investment by most foreign buyers, it would encourage wealthy foreigners living in countries with political instability to purchase here. With that thought, two countries immediately come to mind – Venezuela and Argentina. This would be an almost ideal solution for the wealthy there. It should go without saying that a disproportionately high number of people from those two countries would choose a city like Miami – “the gateway to the Americas” – if they were to take advantage of the visa incentive.
Have an interest in buying, selling or renting a Miami condo or home? Contact me, Lucas Lechuga, of Miami Condo Investments. When hiring me as your agent, you can be assured that you will be working with a Realtor ® who is:
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Reliable - I always stay true to my word. If I tell you that I will do something, you can be certain that I will deliver and/or execute as promised.
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Please feel free to call me at 786-247-6332 or contact me via email at lucas@miamicondoinvestments.com.
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As a foreign buyer, I would appreciate it very much.
I hope this bill passes. But $500K is too low. That is chump change for a lot of people around the World. The minimum investment should have been $1Million. So just with $500k, You get a house/flat and you get a green card for you, your wife and kids!! that is not fair.
AJ
It won’t be a green card, you won’t be allowed to work. Only residence!