Forum Post: American Home + Visa for sale by Government for 500K
Posted 13 years ago on Oct. 20, 2011, 10:58 a.m. EST by littleg
(452)
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There is a bill prepared by Sens. Charles Schumer (D-N.Y.) and Mike Lee (R-Utah).
The bill would offer residence visas to any foreigner investing at least $500,000 on residential real estate. Foreigners have the option of spending a minimum of $250,000 on their own residence and investing the rest in other real estate that they could rent out.
http://www.politico.com/news/stories/1011/66449.html
Lets say, I am a third world Drug Mafia who was never prosecuted or arrested there and have no criminal record. I have murdered many innocent people and have amassed enormous wealth.
I will happily pay 500K to come to US, buy a house and lead a casual life here.
I know this visa is not meant for people like me. Since I have an incentive here, surely I would want to exploit it.
I guess Americans will sell you anything if you are ready to spend. I'm sure there are millions of people in third world countries who have made enormous wealth illegally and would be delighted to buy into this offer.
This has been possible from some Asian countries for quite a while, one in particular with whom we have massive trade agreements...
There is no Permanent Visa currently for direct applicants except for investor visa which costs upwards of 1M and lot of rules to be eligible. Hence it hasn't done much damage !
This is a rather ridiculous proposition, and the fact that it's currently in the Senate scares me. However, there is one possible grass-roots loophole in this law that I like; it may in fact be used to prevent the deportation of DREAM-eligible students. If 50,000 people each donate $10 to one DREAMer and his or her family, then they can not only stay in the country but get an immediate boost into the upper middle class.
This has Bipartisan support ! So it's most likely will get passed. Democrats think they need to do something to correct the Wallstreet created housing mess ! So they will jump on this..