Newly proposed legislation that would grant resident visas to international buyers who spend at least $500,000 in cash on residential properties in the U.S. is one of the most intriguing ideas we’ve heard to help shore-up the nation’s housing markets.

The bill, titled ‘The Visa Improvements to Stimulate International Tourism to the United States of America Act (or Visit-USA Act), shows early signs of bi-partisan support.  The legislation proposes a three-year residential visa for foreign nationals who invest no less than $500,000 in residential real estate in the U.S.

“This is a way to create more demand without costing the federal government a nickel,” said Senator Schumer (D-NY).  “Our housing market will never begin a true recovery as long as our housing stock so greatly exceeds demand.  This is not a cure-all, but it could be part of the solution.”

Its purpose, adds Senator Lee (R-Utah), is “to support a free market method of increasing demand for housing at a time when so many Americans  are desperate for prices to rise again, and big-government programs have failed to work.”

For more information about this proposal or any property on St. John contact Jane Kelly at :    340.776.6666