The "Residential Visa" program will provide an opportunity for people worldwide to live in the United States by purchasing a half million dollars of Real Estate. Senators Charles Schumer and Mike Lee have recently proposed a program that would allow anyone in the world to obtain a United States visa by purchasing United States real estate.
However, it is important to be aware that the "Residential Visa" will not allow an individual to become a United States citizen. This is in contrast to an EB-5 investment visa, which is already available and can permit an individual to become a citizen of the United States.
There are going to be strict rules which must be followed under the program. In order to qualify for the program it will be necessary to invest $500,000 in residential property. A minimum of $250,000 must be used for the actual home in which the immigrant wishes to live.
There are rules and requirements, however. For example, the sale price will have to be greater than the most recent appraisal of the property. Video conferencing will likely be used in the process to determine whether or not a person qualifies for the program.
It is important to remember that the program is only a proposal at this point. There are very likely to be changes to the program as is typical with this sort of legislation.
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