New Act In Us Could Boost Property Market
News Posted On: 18 April 2012
A new act which is currently going through the US Senate could boost the property market, as it is aimed and try to speed up visa applications and could appeal to Chinese and Canadian tourists. Many people from both these countries are interested in investing in US property, and these numbers could grow substantially if they were allowed to buy property under an updated visa program.
The act which is called the Jobs Originated Through Launching Travel Act (JOLT) concentrates on many of the same items outlined in the VISIT-USA bill which currently includes provisions to allow Canadians over the age 50 years to stay for longer than 60 days in the US, but doesn't include $500,000 property purchases within the visa provisions.
Other new provisions include encouraging the State Department to issue visas lasting longer than one year for Chinese visitors. However some people believe the act doesn't go far enough, as it doesn't give sufficient provisions to those buyers who are looking to relocate permanently to the United States rather than just looking to buy holiday homes. Both JOLT and VISIT-USA are more about visiting the country for tourism purposes, rather than staying to work and pay taxes.
In Asian markets in particular there is huge interest in EB-5 visas which are investment visas. Under the terms investors have to prove their source of funds, and must create 10 new jobs within a two-year period. Once these terms have been satisfactorily fulfilled then the investor is entitled to a permanent residency visa, the so-called Green Card. The sole purpose of this type of visa is to create new jobs, and most of the interest in such visas is coming from the Chinese.
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Written by Les Calvert
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