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2 U.S. senators, Schumer (N.Y.) and Lee (Utah) came up with an idea that could be of highest interest for our European investors. They proposed to implement a new resident visa category for retirees who invest $500,000 in U.S. Real Estate.
This proposal has many supporters who hope that an initiative like this would bring relieve to the still overloaded Real Estate market; especially Arizona and South Florida are expected to greatly benefit from a move that could get some of the excess inventory off the plate.
Even without a resident visa on the horizon foreign investors have the pot of gold at their doorstep: prices for residential Real Estate are at a very low point and for those who profit from the Euro vs Dollar gap the promises are even higher and fulfill every investor’s dream.
The Wallstreet Journal (10/20/11) states that international buyers are responsible for 5.5% of home sales in the Miami area while by end of March 2011 the amount of money international buyers spent on U.S. Real Estate was $82 billion for the last 12 months. This is a tremendous increase compared to $66 billon the year before.