Sen. Mike Lee's bill would Give Visas to Foreign Homebuyers in U.S.

[bobbyw24]

Foreigners may get an added bonus when they invest in residential real estate in the U.S. – a visa.

Sens. Charles Schumer (D-New York) and Mike Lee (R-Utah) are proposing a bill that would offer residence visas to foreigners when they spend at least $500,000 in the U.S. residential real estate market, according to the Wall Street Journal.

Investors may split their spending between two or more properties, as long as they spend at least $250,000 on one home and $500,000 or more total, according to the Journal.

The visa granted would be a residence visa and not a work visa, according to CNBC, and when the investor sells the

property, his or her visa is no longer valid. These investors may apply for work visas through the traditional process.

http://www.dsnews.com/articles/proposed-bill-would-offer-visas-to-foreign-homebuyers-in-us-2011-10-20

[Kludge]

Is anyone actually affected by this bill? Under this proposal, foreigners'd be required to be migrate, spend $500k on US residential property, and remain unemployed in the US for at least 6 months (this isn't a work visa) to keep their visa.

[specsaregood]

Is anyone actually affected by this bill? Under this proposal, foreigners'd be required to be migrate, spend $500k on US residential property, and remain unemployed in the US for at least 6 months (this isn't a work visa) to keep their visa.

We had a nice long thread about it yesterday. This bill is basically another attempt to prop up home prices by selling visas to wealthy foreigners. A common strategy used by banana republics.

[bobbyw24]

Glad to see Mike Lee helping out the banks

[low preference guy]

I don't understand how this would make sense to wealthy foreigners. So if I understand correctly, they can buy a house, come here and use that house for 6 months without working, and then go back home? Is that what it is?

[TCE]

I don't understand how this would make sense to wealthy foreigners. So if I understand correctly, they can buy a house, come here and use that house for 6 months without working, and then go back home? Is that what it is?

Is there any added taxation that would come from this?

[qh4dotcom]

The 500k requirement seems too steep for me.

[Brian4Liberty]

Sens. Charles Schumer (D-New York) and Mike Lee (R-Utah) are proposing a bill that would offer residence visas to foreigners when they spend at least $500,000 in the U.S. residential real estate market, according to the Wall Street Journal.


Where were you yesterday Bobby? At least my head won't explode two days in a row... ;)

The thread:

http://www.ronpaulforums.com/showthread.php?324660-This-is-not-something-I-thought-I-would-see-from-Mike-Lee

[low preference guy]

Where were you yesterday Bobby? At least my head won't explode two days in a row... ;)

The thread:

http://www.ronpaulforums.com/showthread.php?324660-This-is-not-something-I-thought-I-would-see-from-Mike-Lee

I didn't read the other thread either. Title was too vague.

[Brian4Liberty]

Is anyone actually affected by this bill?

Yes, I am. And so is anyone who ever wants to buy a house. The price is being artificially kept high through a variety of techniques, not the least of which is keeping most of these houses off the market. This bill is an attempt, mainly by the bankers and housing industry to bring in new foreign buyers who will essentially pay higher than market prices. And after that house is sold, it will no longer be available for you or me to purchase.

[Brian4Liberty]

I didn't read the other thread either. Title was too vague.

Title was changed from it's original wording. Too inflammatory. ;)

[Brian4Liberty]

Glad to see Mike Lee helping out the banks

More than anything, that's what drove me crazy. That, along with the fact that it will make it harder for those of us who would like to purchase a home now or in the future.

[erowe1]

On the one hand, it's good that this will increase immigration. On the other hand, it's bad that it involves hoops they have to jump through.

[Chester Copperpot]

does anybody have text of the bill??

Lets give mike lee the benefit of the doubt.

I can see this being a way to bring money into america.

its not the best way, but maybe his thinking is along the line of Reagan back in the 1980s where he said that he didnt care whether America was selling computer chips or potato chips.. as long as it was making money..

[low preference guy]

More than anything, that's what drove me crazy. That, along with the fact that it will make it harder for those of us who would like to purchase a home now or in the future.

I doubt it would be significant. I don't think there are that many foreigners that will use the plan.

[Brian4Liberty]

I doubt it would be significant. I don't think there are that many foreigners that will use the plan.

Where I live I guarantee that 1000s of homes will be sold under this program. Then again, I live in New Asia, so it wouldn't be a dramatic change.

[Brian4Liberty]

Another Mormon candidate has a better idea:


“One is, don’t try and stop the foreclosure process,” the candidate told the Las Vegas Review-Journal in response to a question about what he would do to encourage housing. “Let it run its course and hit the bottom, allow investors to buy up homes, put renters in them, fix the homes up, and let it turn around and come back up.”

http://www.rawstory.com/rs/2011/10/18/romney-accelerate-foreclosures-to-allow-investors-to-buy-up-homes/

[low preference guy]

Where I live I guarantee that 1000s of homes will be sold under this program. Then again, I live in New Asia, so it wouldn't be a dramatic change.

lol. is that california?

[Brian4Liberty]

lol. is that california?

Yep. Formerly California. I am the last of the Californios. ;)

[Brian4Liberty]

On the one hand, it's good that this will increase immigration.

Of course, you share the globalist dream with the corporatists. You can go ahead and cheer the global corporatists every time they pay a little lip service to you. Don't be surprised when their end state is a little different from your dream.

This is like cheering Nancy Pelosi for supporting the Second Amendment if she says "hunters should be able to have one hunting rifle and five bullets, which will remained locked up at a government hunting facility until needed, with strict licensing, monitoring and strict supervision the entire time by the new Hunting Branch of the TSA".

[seapilot]

does anybody have text of the bill??

Lets give mike lee the benefit of the doubt.

I can see this being a way to bring money into america.

its not the best way, but maybe his thinking is along the line of Reagan back in the 1980s where he said that he didnt care whether America was selling computer chips or potato chips.. as long as it was making money..

Repatriot those devaluing FRN from overseas. Choice between Land or a fiat that is worth less every passing year? Housing prices are going to go up, but unfortunately its going to end with Americans renting from Foreigners.

[LibForestPaul]

So the elites want to sell US Non-working Visa's for 1/2 mil...pricey...

Are they able to bring in their Mom, Dad, Grandma, Great-Uncle, and 50 cousins as well? And how much of my stolen wealth will the Fed Gov give away to them through different avenues and programs?

since they will be paying property taxes, will they get to vote at the state level?
or will they be exempt from property taxes?

[Cdn_for_liberty]

does anybody have text of the bill??

Lets give mike lee the benefit of the doubt.

I can see this being a way to bring money into america.

its not the best way, but maybe his thinking is along the line of Reagan back in the 1980s where he said that he didnt care whether America was selling computer chips or potato chips.. as long as it was making money..

+1

why frown at foreign investment?

whether it's foreign companies investing in America (ie. Huawei investing in Texas) or something like this, it's the same folks who seem to be perpetuating this fear of a foreign takeover of America. I see this scenario is just one of many examples proving that free trade, even thought it's not pure unilateral free trade, is not a one way street.

[Imaginos]

We do NOT need to give out VISA for home buyers.
We need to give out VISA for the foreign investors who are willing to invest in manufacturing business or who can hire many American employees.
As Peter Schiff said, buying homes do not equal with economic growth.
I think we need to cater wealthy, well educated, and Austrian school type of foreigners for our new citizenship.
If we cannot do that, then, we must shut down all the welfare programs because that's the only way to screen people (in a true free society way) so only the hard work, disciplined, and productive individuals would come to America.

[axiomata]

We do NOT need to give out VISA for home buyers.
We need to give out VISA for the foreign investors who are willing to invest in manufacturing business or who can hire many American employees.
As Peter Schiff said, buying homes do not equal with economic growth.
I think we need to cater wealthy, well educated, and Austrian school type of foreigners for our new citizenship.
If we cannot do that, then, we must shut down all the welfare programs because that's the only way to screen people (in a true free society way) so only the hard work, disciplined, and productive individuals would come to America.

Exactly.