Visas could be used as a dangling carrot for real estate investors.  Legislation is in the works to attract foreign investors into the US real estate market to help boost the economy.  A similar program to boost jobs has been in operation for years.

A little publicized program, the EB-5 Regional Center Program that has been in existence for a little over 20 years.  The program allows wealthy foreigners to invest a minimum of $500,000 in areas deemed as high unemployment areas, and a minimum investment of $1 million in more stable areas.  In return for the investment the investor can obtain permanent green cards after a two year period, if at least 10 jobs were created and still in existence.

In today’s economy the EB-5 program is being revisited by many communities as a way to bring in money, development, and jobs.  Regional investment centers must be approved, and the process is not easy or seamless, but when it works it can be extremely helpful for a community’s economy.  This is, in essence, allowing wealthy immigrants into our country legally, using their money to create jobs, and accepting their money into our economy.

A new bill being introduced in congress is similar to the EB-5 program but is intended to boost the nation’s real estate market.  The goal is to offer visas to foreign investors who buy a primary residence of at least $500,000 in value.  The home-buying bill is supported by the US Chamber of Commerce and is seen as a way to entice wealthy foreign investment to communities across the nation.  The bill would require investors to live in their US homes for at least 180 days a year.  At the same time, if the home is sold the visa is no longer valid.

Foreign investors who have money to spend on US real estate also spend money in the communities in which the real estate is located.  Many of these investors are not intending to work in the US but they certainly will be spending money in the US, something which could add significant aid to our languishing economy.

Keep it in mind if you are looking/living in Washington DC’s real estate market.

Click here to read more about the home-buying bill.

You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.