Immigration Bills Boon to Foreign Grads, Investors
Sen. Charles Schumer
Two legislative measures currently under review will open up new avenues for legal immigration to the U.S.
The House Judiciary Committee subpanel on immigration recently discussed a bill to grant legal residency to international students who earn a graduate degree in a science, technology, engineering or mathematics field from a U.S. institution. The measure was introduced in June by Democratic Rep. Zoe Lofgren from California.
Called the Immigration Driving Entrepreneurship in America (IDEA) Act, the provision would grant residency to immigrants who earn master's degrees or PhDs in science, technology, engineering or math (STEM) from certain research universities.
Reporting on the hearing, The Hill said Judiciary Chairman Lamar Smith (R-Texas) expressed support for granting residency to some foreigners who earn advanced degrees, but noted that not all graduate degrees are the same.
"It takes an average of over seven years in graduate school for STEM students to receive a doctorate," he said. "A master's can be earned in two years."
Lofgren clarified at the hearing that the bill would only apply to roughly 200 research institutions approved by the National Science Foundation. “You don’t want some Internet U. That’s not what we have in mind,” she said.
The second measure is a senate bill introduced October 20 that aims at luring foreign investors to purchase homes for at least $500,000 and live in the US. With an excess of housing inventory stalling a recovery in the U.S. housing market, U.S. Senators Charles E. Schumer (D-NY) and Mike Lee (R-UT) introduced the bill, which is part of a broad immigration package, to boost demand for homes.
To confront the housing crisis, the legislation would provide, for the first time, a three-year residential visa for foreign nationals who invest at least $500,000 in residential real estate in the United States. At least $250,000 must be spent on a primary residence where the visa holder will reside for at least 180 days out of the year while paying taxes to the U.S. Applicants 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. Real estate analysts have said this proposal could lift demand for U.S. homes and help ease the housing crisis. Famed investor Warren Buffett has also supported the concept of enticing foreign homebuyers previously.
The new visa wouldn’t automatically allow foreigners to work here. They would have to obtain a work visa through the normal process. However, they could a spouse and any children under the age of 18. The visa is valid only so long as they own and live in the home.
Schumer said: “This concept has the potential to lift demand for the nation’s excess homes. Our housing market will never begin a true recovery as long as our housing stock so greatly exceeds demand. This is not a cure-all, but it could be part of the solution to the housing crisis and won’t cost the government a nickel."
Lee said: “This bill supports a free market method for increasing demand for housing at a time when so many working-class Americans are underwater on their homes, are desperate for prices to rise again, and big-government programs have failed to work. I am sponsoring this bill because I know that it makes economic sense while protecting American citizens.”
The House Judiciary Committee subpanel on immigration recently discussed a bill to grant legal residency to international students who earn a graduate degree in a science, technology, engineering or mathematics field from a U.S. institution. The measure was introduced in June by Democratic Rep. Zoe Lofgren from California.
Called the Immigration Driving Entrepreneurship in America (IDEA) Act, the provision would grant residency to immigrants who earn master's degrees or PhDs in science, technology, engineering or math (STEM) from certain research universities.
Reporting on the hearing, The Hill said Judiciary Chairman Lamar Smith (R-Texas) expressed support for granting residency to some foreigners who earn advanced degrees, but noted that not all graduate degrees are the same.
"It takes an average of over seven years in graduate school for STEM students to receive a doctorate," he said. "A master's can be earned in two years."
Lofgren clarified at the hearing that the bill would only apply to roughly 200 research institutions approved by the National Science Foundation. “You don’t want some Internet U. That’s not what we have in mind,” she said.
The second measure is a senate bill introduced October 20 that aims at luring foreign investors to purchase homes for at least $500,000 and live in the US. With an excess of housing inventory stalling a recovery in the U.S. housing market, U.S. Senators Charles E. Schumer (D-NY) and Mike Lee (R-UT) introduced the bill, which is part of a broad immigration package, to boost demand for homes.
To confront the housing crisis, the legislation would provide, for the first time, a three-year residential visa for foreign nationals who invest at least $500,000 in residential real estate in the United States. At least $250,000 must be spent on a primary residence where the visa holder will reside for at least 180 days out of the year while paying taxes to the U.S. Applicants 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. Real estate analysts have said this proposal could lift demand for U.S. homes and help ease the housing crisis. Famed investor Warren Buffett has also supported the concept of enticing foreign homebuyers previously.
The new visa wouldn’t automatically allow foreigners to work here. They would have to obtain a work visa through the normal process. However, they could a spouse and any children under the age of 18. The visa is valid only so long as they own and live in the home.
Schumer said: “This concept has the potential to lift demand for the nation’s excess homes. Our housing market will never begin a true recovery as long as our housing stock so greatly exceeds demand. This is not a cure-all, but it could be part of the solution to the housing crisis and won’t cost the government a nickel."
Lee said: “This bill supports a free market method for increasing demand for housing at a time when so many working-class Americans are underwater on their homes, are desperate for prices to rise again, and big-government programs have failed to work. I am sponsoring this bill because I know that it makes economic sense while protecting American citizens.”