Senator Lee introduces bill to give US visas to foreign home buyers

Foreigners who spend at least $500,000 on residential property would qualify for a visa to live in the United State under legislation introduced Thursday by Sen. Mike Lee (R-Utah) and Sen. Charles Schumer (D-N.Y.), according to an Los Angeles Times report.

Visa applicants would be required to buy a primary residence of at least $250,000 and spend a total of $500,000 on residential real estate, the newspaper reported. The visa could be renewed every three years, but would not put recipients on a path to citizenship.

Sen. Lee described the bill as a free-market way to boost demand in the real estate market after "big-government programs have failed to work," according to the Times article.

While most states had at least one international transaction last year, according to the National Association of Realtors, certain states would see a larger increase of purchases.

"California, Florida, New York, Colorado, Hawaii and Texas — those states will see a huge increase in demand," international real estate broker Sandra Miller told the Los Angeles Times. "The whole Westside would certainly benefit."

Jon Byington is the founder of DosLives.com, a news and entertainment website that reaches the growing number of Latinos in the U.S.