Sunday, October 23, 2011

Update - Will it do enough?

This was reported Saturday in the Gulf News out of Qatar. A friend who works there sent it and reports that the requirement to live in the US for 180 days a year and pay taxes on foreign income will limit participation.

From The GulfNews:

"Many people want to come and live in the United States," said Sen. Charles Schumer, the Democrat from New York, who introduced the legislation on Thursday along with Sen. Mike Lee, a Republican from Utah. "They will be here spending money and paying taxes, and the most important thing is they'll sop up the extra supply of homes we have right now compared to demand, and that's what's dragging our economy down."

The legislation would create a new homeowner visa that would be renewable every three years, but the proposal would not put them on a path to citizenship.

The programme would come with several restrictions. The purchase would have to be in cash, with no mortgage or home equity loan allowed.

And the property would have to be bought for more than its most recent appraised value, Schumer said.

The buyer would have to live in the home for at least 180 days each year, which would require paying US income taxes on any foreign earnings.

Buyers would no longer be eligible for the temporary visa if the property were sold. The buyer would be able to bring a spouse and minor children to live in the US but would need to apply for a work visa to hold a job. Neither the buyer nor dependents would be eligible to receive Medicaid, Medicare or Social Security benefits.

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