The new bill introduced to issue visas to foreign investors purchasing a house is attracting quite some interest. The bill is called “Visa Improvements to Stimulate International Tourism to the United States of America Act” (VISIT-USA Act, S.1746). Several people have contacted me asking whether this could apply to H1b visa holders. I have now looked a little closely at the proposal. Here is the relevant portion in summary:
- A three-year residential visa for foreign nationals who invest at least $500,000 in residential real estate in the United States.
- At least $250,000 must be spent on a primary residence.
- The visa holder will reside for at least 180 days out of the year while paying taxes to the U.S.
- Applicants would still be subject to standard criminal and national security background checks and, once approved, would not be able to receive government benefits such as Medicare, Medicaid, and Social Security.
- The program would not lead to citizenship.
Given the above, unfortunately, my current clients within the US who are particularly interested in this investment visa are unlikely to benefit from the bill in the way they wish. The visa will not allow work authorization it seems. So, unless you are someone very wealthy, who can afford to pay taxes on foreign income, this investor visa is not for you.
However, for those people who are looking to invest in the US from abroad, this bill is great. It will allow a cost effective way of receiving a residential visa in the US (there is no ‘residential’ visa at the moment). Many people I encounter are often looking for options to live in the US for a variety of reasons. For example, some want to ensure their children have the opportunity for an education in the United States.
As I have said in my previous posts, I don’t know if and when this will come into effect. Watson Immigration Law will post updates on this as and when available.