Legislation where foreigners can buy $500K of RE for a Visa.

[Darryl Dahlen]

Two Senators have proposed a bill where foreigners can buy a Visa if they buy $500k worth of real estate.

One significant detail to this proposal is that the individual can break up the $500k. They only need to buy a primary residence for $250k or more, but can use the remaining amount to buy investment property.

Another upside is that all the transactions would require cash. No mortgages allowed.

If this bill becomes law it would seem it would have a positive impact on the real estate market, and for some of you here.

Here's a link to an article:

http://economictimes.indiatimes.com/news/nri/visa-and-immigration/us-homeowner-visa-invest-500000-in-property-and-stay-in-america/articleshow/10443154.cms

Any thoughts on this?