With over 29,000 homes currently listed on the MLS, the fact that we’re sitting on a ton of inventory is no secret to investors in South Florida.

In a joint effort to reduce this number and stimulate the nation’s real estate market, Senators Charles Schumer (D., N.Y.) and Mike Lee (R., Utah) have drafted a bi-partisan bill that would reward “cash rich” foreigners with an instant visa to the United States.

If this bill is approved, foreign investors with an interest  in receiving American Visa status will be able to buy their way into the country by investing in US real estate.  Of course, there will be strict guidelines to be followed – the program will require an investment of at least $500,000.
The Wall Street Journal Reports -

…the proposed measure would offer visas to any foreigner making a cash investment of at least $500,000 on residential real-estate—a single-family house, condo or townhouse. Applicants can spend the entire amount on one house or spend as little as $250,000 on a residence and invest the rest in other residential real estate, which can be rented out.

Even with the stipulation that a large amount of capital must be invested into the US real estate market, critics are claiming that there will be no change in our economy.
The Wall Street Journal Reports -

“Canadians made up a quarter of all foreign home buyers in the U.S. last year, and buyers from China, Mexico, Great Britain, and India “accounted for another quarter,”

According to the Journal’s stats, half of last year’s real estate purchases were already from foreign investment.  How much more will they invest?  Should we be dependent on more foreign investment?

Warren Buffet seems to think so.  In fact, he’s predicting that this strategy of

inviting in wealthy residents will solve many of our nation’s economic problems.  He actually suggested the idea several months ago in an interview on PBS’s “Charlie Rose”.

Buffet Stated:
(Full Video Of Interview Here)

“If you wanted to change your immigration policy so that you let 500,000 families in but they have to have a significant net worth and everything, you’d solve things very quickly…”

Regardless of opinions, there is definitely a demand for American citizenship.  This is especially true for wealthy Chinese investors who are seeking a government with less control over business.  An independent study by Bain & Co. shows that aprox. 60% of wealthy Chinese citizens are considering a relocation from China.   Take into account ambassador Gary Locke’s (United States Embassy, Beijing) claim that the US has received over 1 million visa requests in fiscal 2011 (a record year).

I’m not sure if this bill will pass, but if it does, I’ll be sure to head over to Virtual Worker and have someone make me a nice website in all Chinese Characters to start selling some South Florida Real Estate.  Any Opinions?