A bill working its way through the US Senate would offer a residence visa to foreigners who spend at least $500,000 (Dh1.8mn) on property.
Backers hope the bill will stimulate sales to overseas buyers, who are playing an increasingly important role in the US property market. Foreign citizens spent $82 billion on property in the US in the year ended March 31, compared to $66 billion the previous year, according to the National Association of Realtors
Despite the recent crash, US property is still seen as a haven for international investors, who are taking advantage of depressed prices. In some neighbourhoods of Miami international investors account for more than 50 per cent of sales.
Although the US is notoriously restrictive in its visa policies, there are options already available for investors. The most popular is the EB5 program, which offers investors a track to a visa if they invest in designated projects that create jobs.
The new bill would remove many of the restrictions and create a simple process for wealthy buyers, including retirees, to move to the US. The purchase would have to be in cash and the buyer wouldn't be allowed to work in the country, unless they had a normal work visa, under terms of the proposal.
Meanwhile there is still no word on the move to extend visas for property buyers in the UAE, which was announced in June.
UAE currency: the story behind the money in your pockets
Company Profile
Company name: Yeepeey
Started: Soft launch in November, 2020
Founders: Sagar Chandiramani, Jatin Sharma and Monish Chandiramani
Based: Dubai
Industry: E-grocery
Initial investment: $150,000
Future plan: Raise $1.5m and enter Saudi Arabia next year
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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