Two senators are preparing a bill that would offer every overseas property buyer spending over $500,000 a US residence visa.

The proposal is part of a larger immigration package designed by Charles Schumer (Democrat., N.Y.) and Mike Lee (Republican., Utah) which aims to stimulate foreign investment in the US.

The proposed measure would offer visas to any overseas buyer making a cash investment of at least $500,000 in residential property.  To get the visa, buyers must a spend a minimum of $250,000 on a residence but are free to invest the rest in other residential projects, which can be rented out.

Foreigners immigrating to the U.S. with the new visa wouldn't be able to work here unless they obtained a regular work visa through the normal process. They'd be allowed to bring a spouse and any children under the age of 18 but they wouldn't be able to stay in the country legally on the new visa once they sold their properties.

The provision would create visas that are separate from current programs so as to not displace anyone waiting for other visas. There would be no cap on the home-buyer visa program.

According to Senator Schumer, the aim of the move is help soak up excess supply as domestic buyers are holding back due to concerns over the economy and difficult credit conditions.

"This is a way to create more demand without costing the federal government a nickel," he said in an interview this weekend.

Figures published by the National Association of Realtors (NAR) show that international buyers accounted for around $82 billion in U.S. residential real-estate sales for the year ending in March, up from $66 billion during the previous year.

Over the past year, Canadians accounted for one quarter of foreign home buyers, and buyers from China, Mexico, UK, and India accounted for another quarter.