In the United States, Senators Chuck Schumer and Mike Lee proposed a similar initiative in October to offer visas to foreigners who invest $500,000 cash in a residential property in the U.S. The homebuyer visa program would operate in addition to other immigration quotas, and have no cap.
Last year in the U.S., according to a report from the National Association of Realtors, the hottest cities for foreign property buyers were Miami and Phoenix, where foreign buyers represent 5.5 and 4.3 percent of purchasers, respectively. In Florida, more than a quarter of sales were made to foreign buyers. Over 60 percent of foreigners who bought homes did so in just seven states: Florida, Arizona, California, Texas, New York, Nevada, and Georgia.
This proposal wouldn’t do much to offset the Spanish capital flight. Not many people want to live in Spain, nor do they want to risk re-appropriation of the houses bought in Spain by the socialist left.