More bubble insanity: Residential visa included if you buy at least $500K in real estate

[PSPS]

This is literally how a "banana republic" is created.


US homeowner visa: Invest $500,000 in property and stay in America?

PTI Oct 23, 2011, 09.38pm IST


WASHINGTON: Two American senators have introduced a bill that calls for the creation of a new homeowner visa that will allow foreigners who spend at least $500,000 on residential property in the US to obtain visas allowing them to live in the country.

The bipartisan proposal, part of a package that also would make it easier for international tourists to visit the US, is similar to an existing programme that puts foreigners on a fast track to a green card if they invest at least USD 500,000 in an American business that creates at least 10 jobs.

"Many people want to come and live in the United States," said New York's Republican Senator Charles Schumer, who introduced the legislation yesterday in the Senate along with Utah's Republican Senator Mike Lee.

More: http://articles.economictimes.indiatimes.com/2011-10-23/news/30306426_1_work-visa-temporary-visa-visa-policies

[varelse]

1. Disgusting

They've stolen everything from us and now cannot wait to begin fencing the goods.

[LiberalFighter]

2. Why can't current American citizens create the jobs?

[SheilaT]

3. Actually, there are other, perfectly respectable

countries who do the same thing. I seem to recall researching Canadian, Australian, and New Zealand citizenship requirements several years ago, and they all had some kind of way in if you brought enough money with you.

[dkf]

4. The propping up of home prices is disgusting.

Is it fair that they don't fall to a price where more people find them affordable?