djkutch: Drug dealers. It's a win/win.

"Mr. Zeta Cartel leader, can we set up a meeting location to finalize your home purchase, and to give you a boat?"

If I had a spare 500,000 USD to spend on buying property, I would look for a place that was more sane than the US - and preferable somewhere warm, sunny and with a great beach.

tallguywithglasseson: US senators are preparing to introduce a bill next week that would hand visas to foreigners who spend at least $500,000 on residential real-estate - a single-family house, condo or townhouse.

This is great news for those who feel wealthy foreigners don't have enough advantages in our current immigration system.

Exactly.
I work in immigration, and think an idea like this could have potential, but (as usual), it's just giving rich foreigners a shortcut.

Here's one idea to fix it:
With a real estate purchase worth a minimum of $150,000, the petitioner can enter the country and obtain work authorization. However, if at any point during the first ten years the petitioner is convicted of a felony or more than two misdemeanors (similar to the current "Temporary Protected Status" recipients), the Visa is immediately revoked.
Maybe allow one immediate family member to join the petitioner after 5 years as well.

This is really a money grab. Get all the worlds richest people here and then declare it illegal to have more than a billion dollars in assets.

bighasbeen: Purchase guarantees citizenship.

Would you like to know more?

Holy shiat. I had a couple of jokes I was gonna try out, but I guess the thread is over. So never mind.

/favorites list, etc.

FTFA: While foreigners would not be able to use the proposed visa to work in the US or stay in the country legally after they sell their properties, it will further fuel offshore demand for bargain houses in hard-hit areas such as Detroit and Atlanta.


Then what the fark is the point? It's already legal for foreigners to own property in the US.

bighasbeen: Purchase guarantees citizenship.

Would you like to know more?

You know how I know when I need to favorite someone?

apoptotic: FTFA: While foreigners would not be able to use the proposed visa to work in the US or stay in the country legally after they sell their properties, it will further fuel offshore demand for bargain houses in hard-hit areas such as Detroit and Atlanta.


Then what the fark is the point? It's already legal for foreigners to own property in the US.

It's for rich people who want to buy US citizenship.

Because we don't already have enough rich people, dontcha know.

What's the point? There are already cheaper investment visa that do allow people to work in the US.

Boy, another way to sell bits of America off piecewise to wealthy foreigners. Sounds great, guys.

Just what we need. China buying up millions of US homes, thus literally owning most of the United States.

cool, so we lure more rich people here then tax them boosting the economy right?

DarwiOdrade: A Dark Evil Omen: Boy, another way to sell bits of America off piecewise to wealthy foreigners. Sounds great, guys.

What...how...but....

Dude, I mean, it's a nice idea as far as bringing money into the country but what the sense make? Buying residency in exchange for helping to inflate a new property bubble? As someone else pointed out, there's already mechanisms for rich people to "invest" their way to residency. I just don't see how this can possibly end well, and I am an immigrant.

Well, at least our representatives are working tirelessly coming up with ways to stimulate and protect the high-end home market.

Do they have to purchase the home outright?

Or can they get loans and work it off, like any other native born schlub?

You know, like indentured servitude.

This article (new window) has a little more detail, such as stating that the properties would have to be purchased outright and that "The buyer would have to live in the home for at least 180 days each year, which would require paying U.S. income taxes on any foreign earnings."

It also contains this gem: "For too long, we have created barriers, and too many hoops and hurdles, which act to deter visitors from other countries coming to the United States to spend their money and create jobs," said Chamber of Commerce President Thomas Donohue. "This is a loss we can ill afford in today's economy."

I'm trying to figure out how I can hate this.

At first I thought "great, why embrace economical home ownership when we can all be renting from foreign investors" but then I saw "foreigners who spend at least $500,000 on residential real-estate - a single-family house, condo or townhouse."

They have to live here for some measure of time, they have to pay taxes....

If you blindly hate immigration because of derp
or
If you buy into the 'foreigners buying up the country omg no more 'merica' because of derp
...then it makes sense to fear it I suppose.

I'm for immigration regardless of economic status. I'm not going to just hate on people because they come here for a better opportunity, I'm sure not going to hate on them because they can afford a home better than me...

Any way I look at it, this is money coming here that could be going elsewhere. Perhaps someone else can point out why this is bad? Maybe I just haven't found the right angle to look at it from.

Just when I thought I could stop worrying about terrorist anchor babies, now they want to give them anchor houses. Great.

This should fix that unemployment problem. I bet Joe Biden thought it up.

I suppose this has advantages over an anchor baby. Like no diapers and no
stretch marks.

bighasbeen: Purchase guarantees citizenship.

Would you like to know more?

Bwhahahaha oh man, you owe me a keyboard

More idiocy from the open borders crowd.

// NumbersUSA.com

It wouldn't be citizenship with a green card but the IRS would fark you up the ass with a baseball bat wrapped in barbed wire and on fire. NO THANKS.

MurphyMurphy: I'm trying to figure out how I can hate this.

At first I thought "great, why embrace economical home ownership when we can all be renting from foreign investors" but then I saw "foreigners who spend at least $500,000 on residential real-estate - a single-family house, condo or townhouse."

They have to live here for some measure of time, they have to pay taxes....

If you blindly hate immigration because of derp
or
If you buy into the 'foreigners buying up the country omg no more 'merica' because of derp
...then it makes sense to fear it I suppose.

I'm for immigration regardless of economic status. I'm not going to just hate on people because they come here for a better opportunity, I'm sure not going to hate on them because they can afford a home better than me...

Any way I look at it, this is money coming here that could be going elsewhere. Perhaps someone else can point out why this is bad? Maybe I just haven't found the right angle to look at it from.

It's a new spin on trickle down economics. It didn't work when the money concentrated at the top of the American food chain, but instead of realizing that it just fundamentally doesn't work and trying something else, they're trying to convince you that it'll work if it trickles down from the top of the international food chain.

IMO anyone that would actually qualify under this program would be stupid to apply for it. If they can convince rich foreigners to move to the US and 1) not be able to work, 2) not have a path to citizenship, and 3) pay US income tax on the foreign income that lets them be able to live without working, then yay for the US, I guess.

aearra: It wouldn't be citizenship with a green card but the IRS would fark you up the ass with a baseball bat wrapped in barbed wire and on fire. NO THANKS.

They're trying to attract wealthy Chinese, etc. If they want to move to the US, they'd probably be fine with the downsides, considering.

Me, I'm going the other way (living in China). It'd be really nice to be able to get a residency permit just for buying a house...

WegianWarrior: If I had a spare 500,000 USD to spend on buying property, I would look for a place that was more sane than the US - and preferable somewhere warm, sunny and with a great beach.

England has sandy beaches...

Bad idea, we are already overpopulated.

Hell no.

The best way to get rid of illegals is with intracranial deliveries of lead upon attempted illegal crossings, for corpses do not come back. Humanity was lost with the arrival of the first human traffickers. Showing the same humanity to the illegals & their traffickers, that the traffickers show the illegals, not only deters illegals, it also can employ US citizens willing to defend the border.

The last thing the US needs is another uncontrolled foreign influence.

Worst.Fark handle. ever.: Just what we need. China buying up millions of US homes, thus literally owning most of the United States.

Worst case, you find a way to foreclose on all of them, then take back the house. Win-Win for the US.

armoredbulldozer: Bad idea, we are already overpopulated.

Not really, China is the same size as the US and has over four times our population, and our birth rate is just at replacement level. Whatever problems we may have isn't going to hinge on whether a few more people come here with half a million each for real estate. However, those people could make a dent in the growing US deficit, which is a more immediate problem.

In other news "bargain houses in hard-hit areas such as Detroit and Atlanta" still cost more than $500,000.

Ok, so why would I want to buy property in Detroit and what will a 500k house look like after the housing crash?

/Is there even a house left that is still valued at 500k in Detroit?

WegianWarrior: If I had a spare 500,000 USD to spend on buying property, I would look for a place that was more sane than the US - and preferable somewhere warm, sunny and with a great beach.

QFT. Who in their right mind would want to go and live in the US at this time?

lucksi: Ok, so why would I want to buy property in Detroit and what will a 500k house look like after the housing crash?

/Is there even a house left that is still valued at 500k in Detroit?

Link (new window)

"The sale of the Silverdome, completed in 1975 at a cost of $55.7 million (approx. $220 million in 2009 dollars), and sold in 2009 for $583,000 was viewed by many as a symbol of the collapse of real estate prices in the Detroit metropolitan area"

So not only are we allowing more illegals into the country we're going to give them visas to buy houses? What's next American Express Black cards for people from Africa? This is an outrage and I'll be talking about this tomorrow on the O'Reilly Factor.

Release Captain Trips? Oh wait no, they said that was for dealing with OWS.

Nevermind.

sendtodave: Do they have to purchase the home outright?

Or can they get loans and work it off, like any other native born schlub?

You know, like indentured servitude.

You still in Beijing? Anyone chance I know you? I know two Daves, one younger than me, one older. If I don't know you, come to The Brick on Tuesday. I'll buy you a beer. If I already do know you, holler, and I'll buy you two beers.

skinnycatullus: That makes way too much sense and will be laughed right out of the right side of Congress.

Does it really make "sense" to you?