This week, an article in the New York Times discussed the government program that grants “green cards” to foreign nationals who invest $500,000 or more in U.S. real estate. This program was introduced some months ago and has had its share of criticism. However, the program seems to be gaining ground. In New York City, the program has funded almost a billion dollars already.
To quote the article:
Affluent foreigners are rushing to take advantage of a federal immigration program that offers them the chance to obtain a green card in return for investing in construction projects in the United States. With credit tight, the program has unexpectedly turned into a mainstay for the financing of these projects in New York, California, Texas and other states.
The number of foreign applicants, each of whom must invest at least $500,000 in a project, has nearly quadrupled in the last two years, to more than 3,800 in the 2011 fiscal year, officials said. Demand has grown so fast that the Obama administration, which is championing the program, is seeking to streamline the application process…
It is certainly an interesting option for foreign buyers. For Real Estate in Naples, Bonita Springs and Estero, Florida, how long it will take until the luxury market in Southwest Florida sees the result of this demand?
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