A new immigration bill which is currently being considered by the US senate could see foreign investors in US property given their own residency visa. This means that anybody who buys a property in America could automatically gain a right to live in the country.

The proposal is still at initial stages, but should it be approved it’s likely it would attract many investor to the USA. The proposed bill would come with strict restrictions, with the first condition being that properties purchased must be over $500,000 in order for the investor to be eligible for a visa. The USA is notoriously difficult to gain residency in and it is hoped that the legislation, should it be enforced, will help to boost the economy.

Any investors buying property in the US will need to live in the country for at least 180 days of the year in order to qualify for the visa, yet they will not be automatically granted a work permit under the proposal. Senator Schumer, who put forward the proposal said: “This is a way to create more demand without costing the federal government a nickel.”

Many hope that the approval of the scheme will help to draw attention to the property market which currently has too much stock and not enough demand. Investors in the USA are advised to use a currency specialist when buying and repatriating income from investments there. For more information contact Smart Currency Exchange.

To understand the full step-by-step process to buying a property in America, collect The Overseas Guides Company’s ‘USA Property Buying Guide’