Monday, May 13, 2013 Two relatively little-known provisions of the “Jobs Originating through Launching Travel Act” – the federal bill still in its early stages – could further stimulate a growing housing recovery in Southwest Florida. Many people have heard of the enforcement provisions, but these two key points could create a direct economic benefit for parts of the U.S., including Southwest Florida. Under the proposed federal reform, the stays in the U.S. of Canadian visitors and real estate buyers could be extended. It also would grant temporary visas to foreigners from any country who pay cash for luxury real estate in the U.S. Canadian buyers, in particular, have been among the biggest purchasers of Southwest Florida, and cash transactions now account for two-thirds of all deals regionally. Foreigners could apply for a temporary visa for year-round residency if they:
- purchase $500,000 or more worth of property,
- maintain ownership,
- reside in the U.S. for more than six months a year,
- are at least 55 years old,
- hold full health insurance coverage, and
- pass mandatory criminal background screening
- maintain a residence in Canada,
- be at least 55 years old,
- have purchased or signed a rental agreement for a property in the U.S. worth $250,000 or more,
- hold full health insurance coverage, and
- pass mandatory criminal background screening