Lee-Schumer Proposal Hopes to Draw Wealthy Foreign Homebuyers
One of the most liberal Democrats in the Senate is joining a risingstar among Republican conservatives to offer legislation that would use thevisa process to entice foreigners to buy property in the country. The bill,offered jointly by New York Democrat Charles E. Schumer and Utah RepublicanMike Lee, would grant foreigners a three-year residency visa if they buyresidential property worth $500,000 or more. At least half of that wouldhave to be spent on a personal residence where the buyer would have to livefor at least 180 days per year, and it would not count as a path tocitizenship.
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