As recently reported in the Wall Street Journal, a bipartisan bill has been proposed which would allow legal immigration status for foreign nationals who purchase a home in the United States worth $500,000.00 or more.
The provision which is part of a larger package of immigration measures is authored by Democrat Senator Charles Schumer of New York and Republican Senator Mike Lee of Utah. The obvious goal of the legislation is to increase foreign investment in the United States.
As the article notes, foreigners have accounted for a substantial amount of real estate purchases in some lagging markets, and this could be a way to increase or bolster an economic upturn.
The article can be found here.
DLG Luce LLP has a thriving international law and immigration practice. Our immigration attorneys assist many foreign businesses and individuals with their immigration legal needs. Contact us at 210.226.1331 at our San Antonio office to learn more.