New legislation in Congress will allow wealthy residents of China to purchase property in the United States. The purchase of a home in the United States will not result in American citizenship for Chinese buyers. If a Chinese buyer purchases a home in the United States, the home must be purchased for an amount higher than the last appraised value of the home. Also, the buyer must spend at least $500,000 on property in the United States and half of that must be toward a primary residence. The effects of the conditions created by this legislation may be twofold.
The first is that wealthy Chinese purchasers will be able to get a five-year visitor visa, which would allow them to enter the United States through multiple locations, or a three-year residential visa that can be renewed. In so doing, the United States has relaxed its visa requirements, at least as far as wealthy Chinese investors and purchasers are concerned. They will not be able to obtain federal aid or work in the United States. Attracting foreign investors and businessmen to purchase in the United States may bring some stability.
The second is that having wealthy foreign investors purchase property in the United States may help to improve the stability of the housing market. However, this legislation will work more toward removing “bureaucratic red tape that stifles travel and investment in the U.S” than it will to stabilize the housing market. That is most likely good news for Chinese investors looking to buy nice properties for pennies on the dollar.
We have helped a myriad of international clients buy and sell property in Florida and have also aided people in obtaining various visas. So, if you are looking to obtain a visa in order to enter the United States, purchase property in Florida, or both, then please contact Boyer Law Firm.