Proposed New Visa Category for Canadians Buying US Real Estate

Canadiansbuying US real estate must know that there is a bill filed on the US senate floor. This bill, introduced by Sen. Charles Schumer a Democrat from NY and Mike Lee a Republican from Utah, is called the VISIT-USA Act. If made into law, it will establish a new visa category for foreign purchasers of US real estate called the “homeowner visa.” Foreigners need to make a minimum purchase of 500,000 US dollars in order to qualify.

Beneficial to Canadians

At present, Canadians can enter the United States without any visa requirements but only for a maximum of one hundred and eighty days. If this Bill becomes a law, it would establish a Canadian “retiree visa” that allows Canadians aged 50 and above the privilege of staying in the US and live there for two hundred and forty days each year and can be renewed every three years. The Act will also affect wealthy Chinese investors who want to purchase US real estate giving them more room to be able to do this minus the present visa restrictions.

More Opportunities for Canadians

This means that Canadians wishing to invest in US real estate will have more reasons to do so given the larger time allotment to stay in the country. This could not have come at a better time with the US needing a fresh influx of foreign investment in order to supplement the sluggish economy still reeling from the recent financial and real estate crisis.

The Rules Involved

Canadians need to know that they need to live in the home for at least 180 days a year in order to retain the visa. They also need to comply with disclosure rules regarding their foreign income as well as accounts. Finally, they also must reveal any interest they have in any foreign trusts, corporations, mutual funds, as well as any pension and retirement arrangements.

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