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America’s Housing Bust A Boom For Wealthy Foreigners

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America's housing boom earlier this millennium turned out to
be a bubble that brought down the economy when it burst.  The fallout from the housing bust has not
been limited to the United States, however - nearly every major economy in the
world across several continents has been affected. 


But now, as other countries emerge from the worldwide
economic downturn, wealthy citizens from some of these nations are turning once
again to the United States housing market as a secure and reasonably affordable
place to invest.  That in turn is helping
the U.S. to slowly rebound from its worst recession in decades.


As of March 31st of this year, foreign nationals
and immigrants who have lived in the U.S. for less than two years spent over
$80 billion in the previous twelve months (from March 31, 2011 to March 31,
2012) on America real estate, making up about 9% of all housing purchases
during this period.  Foreign investors
and new immigrants on average tend to spend $150,000 more on each of their
property purchases than other buyers, and they also tend to pay for their homes
in cash.


Apart from viewing the American housing market as a safe
place for their money, foreign investors also choose to buy property,
particularly homes or condos, in the U.S. for business purposes, for leisure,
and for retirement. 


The EB-5 visa, which is awarded to foreign entrepreneurs who
invest at least $500,000 in a commercial enterprise in the United States and
create 10 permanent full-time jobs, is also a factor driving foreign investment
in the American housing market.  That is
because the United States Citizenship and Immigration Services agency gives a
temporary visa to a foreign investor whose EB-5 visa application has been
approved.  With a temporary visa in hand,
an immigrant investor can come and stay in the United States with his or her
family while the EB-5 project is developed. 
If the job creation requirements are met within two years, a foreign
entrepreneur can have a temporary visa converted to an EB-5 visa, which grants the holder the ability to work and live in the US.  The American housing market benefits from the
EB-5 visa program, since foreign entrepreneurs need a place to live.


Certain states appeal to foreign investors and new
immigrants who are looking for homes for a variety of reasons.  For example, Florida is a popular housing
market for citizens of Latin and South American countries.  Although Brazil, Argentina, Venezuela and
many other countries in the region are prospering, wealthy citizens from these
nations perceive American real estate as a sound investment option, at least
compared to their home countries.


Canadians and Germans, perhaps as a result of the colder
climates that they experience at home, prefer warm-weather states like Arizona
and Florida.


On the other hand, wealthy Mexican citizens tend to buy
homes in Texas, which has both geographic and cultural appeal for them.  California, the biggest state of all,
attracts people from all over the world.


Eb5Investors.com provides an abundant amount of information on the EB-5 visa process and offers professional legal assistance to its clients. 

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