Wednesday, March 04, 2009

Retirement Visa for Foreigners

A retirement visa that would allow foreigners who own homes and cars and pay taxes in Florida to stay more than six months at a time would help boost the state economy, according to Lee County businessman Eugene Borosch.

He says 50,000 couples with such a visa would add $8.75 billion to the local economy by purchasing homes for an average of $175,000, and they would add another $750 million if they each bought a $15,000 car. The economy would see even more money from investments in businesses, Borosch says, and goes as far as saying the government could bolster the national economy without stimulus packages or bailouts simply by approving a retirement visa program.

Under a proposal sent to President Barack Obama, the retirement visa could cover foreigners aged 45 and up who purchase a house and a car, undergo a financial review every three years, and agree not to work in the country. The Florida Association of Realtors® (FAR) offered support for a retirement visa in 2006, but the National Association of Realtors® (NAR) is researching demand for such a visa before taking a position