Wealthy Chinese citizens with half a million bucks to plunk down for a primary residence in the U.S. could soon be fast-tracked for a residential visa – and they aren't the only ones.
With a huge overhang of unsold homes slowing the recovery of the U.S. housing market, Senators Chuck Schumer (D-N.Y.) and Mike Lee (R-Utah) have added legislation to their new immigration bill that would offer wealthy foreign buyers a renewable, three-year residential visa – typically a laborious process – once they purchase a house in America.
The senators claim the initiative, which is part of their bigger VISIT USA Act, would remove bureaucratic red tape that stifles travel and investment in the U.S., especially for the Chinese, who face tougher visa requirements than other foreigners but spend about $6,000 per visit. Currently, Chinese nationals must apply for a new U.S. tourist visa every year – the same requirement for U.S. citizens traveling to China. But this bill would allow Chinese tourists access to five-year multiple-entry visitor visas in addition to expedited residential visas.
To qualify, at least $500,000 must be spent on U.S. real estate, with at least $250,000 of that on a primary residence. Thus, the bill would benefit a relatively small number of wealthy buyers who have the ability to pay cash and spend half the year at their new U.S. digs without a U.S. based job because the visa prohibits homebuyers from seeking employment, says Brian Phillips, Senator Lee's communications director.
Here's another catch: the sale price must be greater than the most recent appraised value of the property. The bill would also introduce videoconferencing as a means of screening foreign nationals for visas, and fees, including the $150 application fee, would be reduced during off-peak months. Applicants for the new visa would still be subject to standard criminal and national security background checks and, once approved, would not be able to receive government benefits such as Medicare, Medicaid, and Social Security. The program would not serve as a path to citizenship for foreign nationals. Chinese tourists with five-year visas would also be required to use the Electronic System for Travel Authorization, an automated procedure used to determine the eligibility of U.S. visitors.
National Association of Realtors (NAR) spokeswoman Leanne Jernigan says the organization has not yet taken a position on the legislation but prefers “comprehensive approaches to addressing the housing problems rather than piecemeal legislation.”
Foreign investment in residential homes nearly doubled from 2008 to 2010, to $64 billion, according to NAR. Chinese investment was also higher in 2010 than in previous years: It made up about 9 percent of international real estate purchases compared with about 5 percent in 2009, 7 percent in 2008, and 5 percent in 2007. The NAR says California is the top market for Chinese real estate purchasers, but it doesn't track individual sales. Phillips says critics of the bill claim it won't do much to save the housing market, and that it doesn't specify that purchases be made in markets that need it most. But Senator Lee “doesn't want to write legislation...that tells people where they can spend their money,” Phillips says.
While China's ultra-rich have been buying property in the U.S. for years, of late many Chinese lawyers, real estate developers, and corporate executives are visiting the U.S. on special buying tours in search of bargain deals in U.S. real estate, according to SouFun.com, China's largest real estate search site for domestic and overseas real estate. SouFun.com organizes 50 trips annually on “home inspecting” trips abroad, and the company claims on its Web site that they are the best way to attract Chinese buyers. Rising Chinese income levels and plunging American real estate prices since 2006 have made attracting Chinese buyers easier.
The U.S. Chamber of Commerce, which has endorsed the visa changes, says making it easier for international visitors to visit the U.S. is a priority with the goal of creating an additional 1.3 million jobs by 2020. “For too long, we have created barriers, and too many hoops and hurdles, which act to deter visitors from other countries coming to the United States to spend their money and create jobs,” said U.S. Chamber of Commerce President and CEO Thomas J. Donohue in a statement. “This is a loss we can ill afford in today’s economy.”
Wealthy Chinese citizens with half a million bucks to plunk down for a primary residence in the U.S. could soon be fast-tracked for a residential visa – and they aren't the only ones.
With a huge overhang of unsold homes slowing the recovery of the U.S. housing market, Senators Chuck Schumer (D-N.Y.) and Mike Lee (R-Utah) have added legislation to their new immigration bill that would offer wealthy foreign buyers a renewable, three-year residential visa – typically a laborious process – once they purchase a house in America.
The senators claim the initiative, which is part of their bigger VISIT USA Act, would remove bureaucratic red tape that stifles travel and investment in the U.S., especially for the Chinese, who face tougher visa requirements than other foreigners but spend about $6,000 per visit. Currently, Chinese nationals must apply for a new U.S. tourist visa every year – the same requirement for U.S. citizens traveling to China. But this bill would allow Chinese tourists access to five-year multiple-entry visitor visas in addition to expedited residential visas.
To qualify, at least $500,000 must be spent on U.S. real estate, with at least $250,000 of that on a primary residence. Thus, the bill would benefit a relatively small number of wealthy buyers who have the ability to pay cash and spend half the year at their new U.S. digs without a U.S. based job because the visa prohibits homebuyers from seeking employment, says Brian Phillips, Senator Lee's communications director.
Here's another catch: the sale price must be greater than the most recent appraised value of the property. The bill would also introduce videoconferencing as a means of screening foreign nationals for visas, and fees, including the $150 application fee, would be reduced during off-peak months. Applicants for the new visa would still be subject to standard criminal and national security background checks and, once approved, would not be able to receive government benefits such as Medicare, Medicaid, and Social Security.
The program would not serve as a path to citizenship for foreign nationals. Chinese tourists with five-year visas would also be required to use the Electronic System for Travel Authorization, an automated procedure used to determine the eligibility of U.S. visitors.
National Association of Realtors (NAR) spokeswoman Leanne Jernigan says the organization has not yet taken a position on the legislation but prefers “comprehensive approaches to addressing the housing problems rather than piecemeal legislation.”
Foreign investment in residential homes nearly doubled from 2008 to 2010, to $64 billion, according to NAR. Chinese investment was also higher in 2010 than in previous years: It made up about 9 percent of international real estate purchases compared with about 5 percent in 2009, 7 percent in 2008, and 5 percent in 2007. The NAR says California is the top market for Chinese real estate purchasers, but it doesn't track individual sales.
Phillips says critics of the bill claim it won't do much to save the housing market, and that it doesn't specify that purchases be made in markets that need it most. But Senator Lee “doesn't want to write legislation...that tells people where they can spend their money,” Phillips says.
While China's ultra-rich have been buying property in the U.S. for years, of late many Chinese lawyers, real estate developers, and corporate executives are visiting the U.S. on special buying tours in search of bargain deals in U.S. real estate, according to SouFun.com, China's largest real estate search site for domestic and overseas real estate.
SouFun.com organizes 50 trips annually on “home inspecting” trips abroad, and the company claims on its Web site that they are the best way to attract Chinese buyers. Rising Chinese income levels and plunging American real estate prices since 2006 have made attracting Chinese buyers easier.
The U.S. Chamber of Commerce, which has endorsed the visa changes, says making it easier for international visitors to visit the U.S. is a priority with the goal of creating an additional 1.3 million jobs by 2020.
“For too long, we have created barriers, and too many hoops and hurdles, which act to deter visitors from other countries coming to the United States to spend their money and create jobs,” said U.S. Chamber of Commerce President and CEO Thomas J. Donohue in a statement. “This is a loss we can ill afford in today’s economy.”
This post originally appeared on The Fiscal Times.
It's time to free American democracy from the devastating social and economic consequences of the systemic and wholesale bribery of politicians and elected officials. Thanks to the growing Occupy Wall Street (OWS) movement, the consciousness of millions of people across the United States has been irreversible raised about this counterproductive predicament.
Public politicians ought to be "free" from the monetary bribes of the avarice and psychotic greed of the 1% who, many of whom, do not give a damn about the masses of poor and working class people.
There are some who have shown an arrogant disdain for the democratic principles of fairness, equal justice and opportunity, inclusiveness, and diversity. They openly buy politicians and pimp them to do whatever they want to obtain their insatiable desires for monopoly control.
As a means of stopping the bribery, there needs to be a Constitutional Amendment to make it illegal to buy, financially contribute to or to use money to influence federal elected officials. That would mean that the future election campaigns for all members of Congress as well as for the office of the President and the Vice President will be totally publicly financed. This will stop the partisan gridlock that has plagued Washington for too long, because the politicians will be working for the people again, not for the corporations who line up outside their office to lobby.
This would definitely not limit or deter freedom of speech, but would rather significantly enhance public political accountability, transparency and the "freedom" of political discourse from the often hidden reactionary hands of a few who would only manipulate the political system for their own narrow exclusive gains.
We welcome the sight of increasing numbers of people in protest actions that have been re-awakened on this issue. In order to effectively challenge income inequality, there needs to be a focus on establishing greater accountability between elected officials and the people who vote for them.
As the nation is about to go into full gear once again with the fast approaching 2012 national elections, there is a sense of urgency about making sure that the elections will be not be brought and controlled by the 1%. "Power to the people" ultimately means the empowerment of the masses through full participatory democracy and sustainable development. This idea benefits every American, whether you belong to the Tea Party, Democratic Party, Republican Party or no party.
There is a good regulatory resolution pending before the Los Angeles City Council that also calls for a Constitutional Amendment that would ban corporations from using money under the disguise of free speech and to further prohibit money from corporations to use to influence elections and political campaigns. The resolution was brought before the LA City Council by a national grass-roots group know as Move to Amend. Other anti-bribery coalitions are springing up across the nation. Much respect goes out to the Occupy Wall Street movement as the most visible and diverse movement for economic justice and equality.
We cannot afford to let the current status quo inequities continue without a nationwide show of solidarity and demand for change. It's time for the 100% to demand a stop to the political bribery system.
http://cssa.mit.edu/forum/index.php?showuser=45958
http://www.ncv.unsw.edu.au/index.php/member/18835/
http://www.knopm.uw.edu.pl/forum/index.php?action=profile;u=37409
http://www.u.arizona.edu/~phlee/xenonapp/forums5/xenon/profile.php?action=get&id=7208
http://music.unt.edu/pianoresearch/discussion/profile.php?action=get&id=16272
http://sweb.uky.edu/StudentOrgs/Badminton/bbs/profile.php?action=get&id=8681
http://avidbbs.cuc.edu.cn/profile.php?id=1721
http://www.uta.edu/studentorgs/cgsa/forum/profile.php?id=33272
http://ftp.itcs.tsinghua.edu.cn/papakons/teaching/advalgorithmsS11/forum/member.php?action=profile&uid=68662
http://getreal.ous.edu/forum/member.php?action=profile&uid=36957
http://forum.loni.ucla.edu/member.php?u=10198
http://forum.portal.edu.ro/index.php?showuser=386978
http://www.jiexiu.gov.cn/user/profile/20442.page
http://forums.saa.edu/profile.php?id=263561
http://yakko.cs.wmich.edu/~digiband/index.php?section=showuser&subsection=lancemara
http://www.sas.edu.pk/vb/member.php?u=32029
http://www.sti.edu.vn/members/lancemara.html
http://forum.thcsnguyenbinhkhiem.edu.vn/member.php?u=5454
http://rkjsw.sh.gov.cn/user/profile/87172.page
http://portal.aerocivil.gov.co/foro/user/profile/25230.page
http://www.fjit.gov.cn/bbs/user/profile/173385.page
http://school41.edu.ru/smf/index.php?action=profile;u=9962
http://www.scribd.com/doc/75882708/Appliance-Repair-Services
http://www.docstoc.com/docs/108712775/Appliance_Repair_Services
http://www.slideshare.net/henryjohn34/appliance-repair-services
http://member.thinkfree.com/myoffice/show.se?f=d90342b9c507ddcc38f0d41fde4ffb82
http://www.divshare.com/download/16396780-375
http://www.4shared.com/document/0X9KkdQJ/Appliance_Repair_Services.html
https://share.zoho.com/preview/writer/685465000000083014/appliance_repair_services
http://www.box.com/s/e5ms3a5duhvte9n4zqig
http://issuu.com/henryjohn34/docs/appliance_repair_services
http://www.calameo.com/books/0004699018b34a74b13b0
http://www.keepandshare.com/doc/3361132/appliance-repair-services-doc-december-16-2011-10-50-pm-54k
http://www.wepapers.com/Papers/170344/Appliance_Repair_Services
http://www.gigasize.com/get/s485m5vogkd
http://www.doxtop.com/browse/96533712/appliance-repair-services.aspx
http://www.mediafire.com/?ciyw4482dy3atym
http://www.ziddu.com/download/17839907/Appliance_Repair_Services.doc.html
http://dl.dropbox.com/u/36250372/Appliance_Repair_Services.doc
http://speedy.sh/ChBFG/Appliance-Repair-Services.doc
http://mesendfiles.info/files/gnNd1324054830.html
http://www.largedocument.com/4/5d2c0f69/Appliance_Repair_Services.doc
http://uploadingit.com/file/ylcrcv2z7ucstwx7/Appliance_Repair_Services.doc
https://docs.google.com/document/d/1Kb1Go8YnHCzaOfSEaWqAeMYnX8h96pKUORofpujcsvQ/edit
http://www.myplick.com/view/6jNtKqnkbS8/Appliance-Repair-Services
http://www.viewdocsonline.com/document/sgzpdj
http://www.crocko.com/6B8A3E8E69FE448B90DB88104BD7FF9F/Appliance_Repair_Services.doc
No comments:
Post a Comment