A new study shows that immigrant homebuyers are lifting the U.S. housing market. Over the last two decades, foreign-born home ownership has steadily increased. Immigrants accounted for almost 40% of the growth in homeownership from 2000 to 2010, while they account for about 13% of the U.S. population.
Between 2000 and 2010, immigrant homebuyers accounted for 82% of the growth in home ownership in California, 65% in New York, and about 40% in Florida and Texas.
Between 2010 and 2020, immigrants nationwide are expected to account for 32 percent of the growth in all households, including 36 percent growth in homeowners and 26 percent growth in renter households.
Buy A House, Get a Visa? No, Not Yet. Two senators have proposed a new immigration regulation which would encourage investment in the US and at the same time would not take away jobs from Americans and would not reduce the number of visas for those waiting to enter the US legally.
We stress that this is proposed legislation. It has not been passed yet. It is not a law yet. This bill would help the housing market, but we need to take a close look at what the Visit USA or “real estate visa” would allow.
If (repeat IF), this proposed legislation becomes law, foreign investors could obtain a US visa by purchasing real estate valued at $500,000 or more. This could be any type of residential real estate – a single-family house, condo or townhouse. Applicants can spend the entire amount on one house or spend as little as $250,000 on a residence and invest the rest in other residential real estate, which can be rented out.
Foreigners coming to the U.S. with the new “real estate” visa wouldn't be able to work here unless they obtained a regular work visa through the normal process. They'd be allowed to bring a spouse and any children under the age of 18 but if they sold their properties, they wouldn't be able to stay in the country.
What exactly is the new bill proposing?
· The foreign buyer must use at least $500,000 in cash to purchase 1 or more residences in the United States. Each property must be sold at more than 100 percent of the most recent appraised value of such residence.
· The foreigner must maintain ownership of residential property in the United States worth at least $500,000 during the entire period the foreigner remains in the United States as a nonimmigrant.
· The investor must reside for more than 180 days per year in a residence in the United States that is worth at least $250,000; and
· The foreigner’s spouse and children under 18 can accompany or follow to join the alien.
This is a temporary non-immigrant visa valid for three years and renewable if the investor still owns real property(s) valued at $500,000. or more. It is NOT (repeat NOT) an immigrant visa or a work visa and it is NOT a path to citizenship.
The investor will not be granted any government benefits such as Medicare and Medicaid. They will not be eligible for Social Security; therefore they will not be able to work in the US, unless they qualify for a work visa separately from this visa.
The buyer must purchase real property (e.g. condominium, single family home, townhouse) with cash only. They will not be able to purchase a home by taking out a mortgage.
The proposal gives the applicant flexibility on how to spend his or her money. For example, $250,000 could go toward the purchase of one home and the other $250,000 to purchase investment income properties that could be rented out.
Clearing the inventory of foreclosures is essential to repairing the housing market in the US. Many congressmen believe that foreign investors are eager and willing to come in and buy up that inventory. International buyers still see U.S. real estate as an undervalued asset. They bought $82 billion worth of residential properties in 2010, up from $66 billion in 2009.
BTW, Korea offers Green Cards to foreigners who buy real estate valued at $500,000 or more. Anyone like to eat Kim Chi?
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Q. 1. If this proposed legislation doesn’t offer a Green Card, how is it beneficial to foreign buyers?
A.1. It gives them the opportunity to make money in real estate, while at the same time helping the US economy. It also allows them and their families to spend three years at a time in the US without needing to leave after 6 months, as is the case with most tourist visas.
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Q.2. According to the proposed legislation, can the children of the foreign home buyer attend public schools in the US?
A.2. The children under 18 years of age can accompany the buyer and can attend US schools.
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Q.3. How to provide evidence of the money transfer from abroad is legal?
A.3. Usually bank transfer is accepted and the source of money can be documented from income and/or proceeds of real estate transaction.
ROBERT MULLINS INTERNATIONAL www.rmiodp.com
Immigration Support Services-Tham Van Di Tru
9070 Bolsa Avenue, Westminster CA 92683 (714) 890-9933
779 Story Road, Ste. 70, San Jose, CA 95122 (408) 294-3888
6930 65th St. Ste. #105, Sacramento CA 95823 (916) 393-3388
Cty Rang Mi: 47 Phung Khac Khoan, Q1, HCM (848) 3914-7638
Between 2000 and 2010, immigrant homebuyers accounted for 82% of the growth in home ownership in California, 65% in New York, and about 40% in Florida and Texas.
Between 2010 and 2020, immigrants nationwide are expected to account for 32 percent of the growth in all households, including 36 percent growth in homeowners and 26 percent growth in renter households.
Buy A House, Get a Visa? No, Not Yet. Two senators have proposed a new immigration regulation which would encourage investment in the US and at the same time would not take away jobs from Americans and would not reduce the number of visas for those waiting to enter the US legally.
We stress that this is proposed legislation. It has not been passed yet. It is not a law yet. This bill would help the housing market, but we need to take a close look at what the Visit USA or “real estate visa” would allow.
If (repeat IF), this proposed legislation becomes law, foreign investors could obtain a US visa by purchasing real estate valued at $500,000 or more. This could be any type of residential real estate – a single-family house, condo or townhouse. Applicants can spend the entire amount on one house or spend as little as $250,000 on a residence and invest the rest in other residential real estate, which can be rented out.
Foreigners coming to the U.S. with the new “real estate” visa wouldn't be able to work here unless they obtained a regular work visa through the normal process. They'd be allowed to bring a spouse and any children under the age of 18 but if they sold their properties, they wouldn't be able to stay in the country.
What exactly is the new bill proposing?
· The foreign buyer must use at least $500,000 in cash to purchase 1 or more residences in the United States. Each property must be sold at more than 100 percent of the most recent appraised value of such residence.
· The foreigner must maintain ownership of residential property in the United States worth at least $500,000 during the entire period the foreigner remains in the United States as a nonimmigrant.
· The investor must reside for more than 180 days per year in a residence in the United States that is worth at least $250,000; and
· The foreigner’s spouse and children under 18 can accompany or follow to join the alien.
This is a temporary non-immigrant visa valid for three years and renewable if the investor still owns real property(s) valued at $500,000. or more. It is NOT (repeat NOT) an immigrant visa or a work visa and it is NOT a path to citizenship.
The investor will not be granted any government benefits such as Medicare and Medicaid. They will not be eligible for Social Security; therefore they will not be able to work in the US, unless they qualify for a work visa separately from this visa.
The buyer must purchase real property (e.g. condominium, single family home, townhouse) with cash only. They will not be able to purchase a home by taking out a mortgage.
The proposal gives the applicant flexibility on how to spend his or her money. For example, $250,000 could go toward the purchase of one home and the other $250,000 to purchase investment income properties that could be rented out.
Clearing the inventory of foreclosures is essential to repairing the housing market in the US. Many congressmen believe that foreign investors are eager and willing to come in and buy up that inventory. International buyers still see U.S. real estate as an undervalued asset. They bought $82 billion worth of residential properties in 2010, up from $66 billion in 2009.
BTW, Korea offers Green Cards to foreigners who buy real estate valued at $500,000 or more. Anyone like to eat Kim Chi?
--------------------------------------------------------------------------------------------------
Q. 1. If this proposed legislation doesn’t offer a Green Card, how is it beneficial to foreign buyers?
A.1. It gives them the opportunity to make money in real estate, while at the same time helping the US economy. It also allows them and their families to spend three years at a time in the US without needing to leave after 6 months, as is the case with most tourist visas.
---------------------------------------------------------------------------------------------------
Q.2. According to the proposed legislation, can the children of the foreign home buyer attend public schools in the US?
A.2. The children under 18 years of age can accompany the buyer and can attend US schools.
-----------------------------------------------------------------------------------------------------
Q.3. How to provide evidence of the money transfer from abroad is legal?
A.3. Usually bank transfer is accepted and the source of money can be documented from income and/or proceeds of real estate transaction.
ROBERT MULLINS INTERNATIONAL www.rmiodp.com
Immigration Support Services-Tham Van Di Tru
9070 Bolsa Avenue, Westminster CA 92683 (714) 890-9933
779 Story Road, Ste. 70, San Jose, CA 95122 (408) 294-3888
6930 65th St. Ste. #105, Sacramento CA 95823 (916) 393-3388
Cty Rang Mi: 47 Phung Khac Khoan, Q1, HCM (848) 3914-7638
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