A survey conducted in 2008 found that 7.5 percent of foreign retirees were interested in retiring to the United States; however, unfortunately, the federal government does not offer a “Silver Card”, a retirement visa designed for those who wish to relax and play on American soil during their golden years.
Should there be a silver card for foreigners ready to retire? Many believe that the positives heavily outweigh the negatives:
- A real estate boost. After the housing bubble burst four years ago, many real estate markets have floundered, especially in retirement havens like California, Florida, and Arizona. If wealthy foreign retirees bought property in these areas, it could decrease the housing glut and raise prices once again.
- No harm to the job market. Unlike all other immigrants, Silver Card holders wouldn’t be looking for a job or competing with Americans for employment, which is one of the biggest fears that some lawmakers have about increasing the number of visas issued each year.
- A general boost to the local economy. Retirees don’t often make money, but they do spend it. Those who decide to retire in the U.S. will likely travel across the country, spend money on entertainment, and welcome guests from abroad. All of these lifestyle choices will pump money in to the American economy.
While there isn’t an official type of retirement visa in the United States today, retirees from other countries still have several options when attempting to spend their senior years in the U.S. To speak with a California immigration attorney about a possible EB-5 investment visa, contact our immigration law firm today by submitting a contact form located on the left of this page.