Things could be set to change dramatically for the US overseas property market as Congress debates whether or not to allow a new visa which will allow foreign buyers easier access into the country.

The Visa Improvement to Stimulate International Tourism to the United States of America (VISIT-USA) Act will have several provisions for people outside of the US who wish to invest in property in the nation. These provisions include the creation of a non-immigrant visa for investors from overseas who spend at least $500,000 (£315,000) to purchase single-family homes. The investors will be allowed to buy more than one property under their visa restrictions provided that at least $250,000 (£160,000) be spent on a primary residence where the visa holder will live for at least 180 days of the year whilst paying US taxes.

If passed, the new Bill will also introduce a “Canadian retiree visa” which would last 240 days and is renewable every three years. The visa would be for Canadians over 50 who own a US residence. Currently, the visa for Canadians lasts just 180 days.

Although it looks unlikely that the Act will be passed immediately, revisions could see it enshrined in US law over the next few years.

The debate surrounding the new Bill comes at the same time at the new Timeshare Resale Accountability Act is signed and which is due to come in to force this July. The Act will take action against fraudulent timeshare companies by making it compulsory to disclose all terms and conditions of their business relationships with consumers and making it a legal requirement to provide a reasonable right of rescission. Companies who fail to comply with these conditions will be heavily penalised.

The Act is a significant and positive step towards battling the fraudulent companies who take advantage of innocent consumers.

For details of property for sale in America, visit the USA listings on Rightmove Overseas. One way to save money when buying in the USA is to use a currency specialist when transferring your pounds into dollars to complete the purchase of your property. For more information on this, 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’