Toll Brothers' founder, chairman says proposed bill offering foreigners a three-year visa for buying US$500,000-worth of real estate is 'terrific idea'

LOS ANGELES , October 21, 2011 () – Founder and chairman of Toll Brothers Robert Toll said a bipartisan bill offering non-U.S. citizens a three-year residential visa if they purchase US$500,000 worth of real estate is a “terrific idea”, MarketWatch reported Oct. 20.

Proposed by Sen. Charles Schumer, D-Ny., and Mike Lee, R-Ut., the bill would allow foreigners to purchase a $500,000 residence or buy one worth $250,000 and invest the rest in additional residential real estate. The bill is expected to decrease the over-supply of housing.

Sen. Schumer expects the bill, which is part of an immigrant package to increase travel and investments from non-U.S. citizens, will bring in “a very significant number” of people, according to the article.

According to the National Association of Realtors, international transactions made up 3% of September’s existing-home sales market.

The primary source of this article is MarketWatch, New York, on Oct. 20, 2011.

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