A new bipartisan plan in the Senate to jumpstart the housing market would grant visas to foreigners who buy American homes, according to the New York Times.
Senators Charles E. Schumer, D-N.Y., and Mike Lee, R-Utah, proposed the measure Thursday. The provision, which comes out of a bill to bolster foreign investment in the United States economy, offers foreigners a three-year, residential visa if they invest at least $500,000 into the housing market and live in a home they have bought for at least 180 days each year.
Foreign buyers would have to pay for the homes with cash, not mortgages, as well as pay taxes. With the exception of earning income by leasing properties they have purchased, these visa holders will have to apply for a work visa to work in the United States, which Mr. Schumer said would prevent them from taking jobs away from Americans. The visa would not grant them citizenship or allow them to vote.
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