Visas for Foreign Retirees Could Be a Boon

Some See Econ. Stimulus from Giving Visas to Foreigners Who Don't Want to Work - Just Spend their Retirement and Their Cash

(CBS)  The immigration debate in the United States isn't just about how many men and women seeking jobs to allow into the country.

If supporters of a new kind of visa get their way, the U.S. could soon be welcoming retirees who don't want jobs at all - just a place to spend their money, as CBS News correspondent Kelly Cobiella reports.

It's Michael Smith's American dream. A spacious house, heated pool. The garage alone is bigger than his home in Great Britain.

Smith built the house in Sebring, Fla. so he and his wife could retire in the sunshine after a lifetime of frying fish and chips.

He won't reveal his secret to frying a perfect batch, but the Smiths' winning recipe made them a lot of money in their native England. They want to spend it here. Yet, to get a visa they had to buy a business.

"It's going good, but I've gotten to the age where I want to spend money," Smith said. "I just want to go out and tour this beautiful country. Drive around, see different states and just enjoy what time I have left on this planet."

Problem is, there is no visa that lets people like the Smiths stay in the U.S., not work , and just spend.

"Go figure that one. Where's the logic?" Smith said. "I mean, I'm bringing money into the country. I pay property taxes - you don't want to know how much the property taxes are on this place - and every time I buy anything, sales tax. So yeah i bring a lot of money into this country."

Tony Macaluso has been lobbying Washington for a retirement visa program - he calls it a "silver visa" - for 10 years.

Macaluso is a real estate agent and sees foreign retirees as an economic stimulus without the price tag.

"When you look at the people we bring in for political asylum, that kind of stuff you know bring me your tired, your poor, we've done that very well as a country for many many year," Macaluso said. "These people are not in that category."

Still, immigration is a sensitive word in Washington and Macaluso is having a hard time convincing legislators to write a bill, let alone back one. And there are economic concerns. Applicants would have to prove that they have the means - and the insurance coverage -
to go without government help.

For people like the smiths, the silver visa is little more than a clever idea for now. Their best hope is to be saved by fish and chips. Mike has applied for a green card based on his extraordinary skill as a fryer.

If that doesn't work, they'll have to sell the dream house and find another sunny place to spend the rest of their years - and their money.

[JJBelize]

What an outrageously arrogant and backward mentality some of you people have. What an ATTITUDE towards foreigners! Without "foreigners" there would not even BE an America as it is today! Where do you think most of you came from??? And the truly wealthy already found loopholes, don't worry, they don't need a program like that. I am appalled at the arrogance I see here. Instead of welcoming the diversity of new and good people, who will NOT take anything away from any US citizen, but rather bring money etc. into the country. And they spend the money here, too, what on earth is wrong with that? Why don't you just build a big and high fence around the US and don"t let anybody in anymore. But don"t let anybody out anymore either. The world just doesn't need that attitude of an alleged superpower. Don't get me wrong, I love the US, but some of the above posts are just so small-minded, it is hard to bear. I bet most of them don't know anything about other countries anyhow.

[Belize4me]

This Silver Visa is a brilliant way of helping those who wish to retire in the US, have the freedom to. Many Countries are offering such a program for retirees, and therefore have the benefit of more funds coming into their Country. The retirees spend their hard earned money, on products, services and taxes in which ever Country they are living in. This is a program for specific group of people, and there are checks and balances in place, of course.
In Belize, I have seen how their offering of the Retired Persons Residency plan has brought in a wealth of people who invest in the labor force, local shops, property and taxes, thus providing Belize another consistent income stream. Myself, I moved to Belize, from the US, and started a real estate business, and have seen first hand, how Belize has benefited from Expats retiring here. For this program to be beneficial to the US, is an understatement. The US would do their background checks, confirm the financial stability of these incoming retirees, and thus would be able to accept these people in, as a benefit to all.
I appreciate CBS and Tony Macaluso for bringing light to this Silver Visa Program, as again, I have seen the true benefit of this in other Countries that have allowed retirees in and in fact invite them.
Macarena Rose- Rainforest Realty- Belize

[whitemale08]

This is standard 3rd world practice.

We are 3rd world territor now thanks to Goldman Sucks and JP Morgan for looting America.

Why anyone would be suprised at how banksters implode and blow-out economies around the world and now do the same to America amazes me.

An to those who criticize this 'visa for rich foreigners', what happened to Druggie Limbaugh when he criticizes Mexico for not doing the same thing.

[jasrunner]

I recommend people with money and the need for sunshine to move to Mexico. People are friendly, food is great, weather is great and the prices of real estate is more than 50% less than in places like Portugal, Spain or the south of France.

[grumps1948]

i wonder at the education of some of people by there answers, the whole point of the visa was to allow other people to spend money in the USA and not be a burden on the system.
i for one have contributed to the US economy by many thousands of $$$$$ and never had so much as a speeding ticket. so there for i am certainly not a leach on country.

[taxedmore]

Currently thousands of foreign retirees are in subsidized housing, on food stamps, collecting SSI payments and on Medicaid. If we let the idiots in congress write a bill to let more in, under any circumstances, they will only make the situation worse and the taxpayers will be getting screwed more than we are now. What we need is a law to get rid of the leaches we have here now.

[jasrunner]

and where did your family come from? Many Americans have parents, grand-parents from other countries, who brought prosperity to this country with their skills, their hard working ethic. Isn't that what all Americans are proud of? Their roots? So what is different here? These people want to spend money here and have worked hard all their life somewhere else, so the US is a country that could use a financial stimulus

[babooph]

My kids are dual nationals,prior to Bush,their US passport seemed more valuable ,now,I am not so sure.What a rapid decline for such a formidable nation.When this mess gets played out ,the US dollar may go much farther down the tubes& end up like a third world currency-the smart $ is going to Canada & China.

[IThoughtItWasFunnyNOPE]

Rich foreigners are welcome to come spend their money any time they want to, as long as they go home when their visitor permit tells them to.

The US doesn't need any more citizens of foreign birth...the one in our White House has absolutely convinced us we don't need anymore.

No permanent visas for foreign retirees...that's the stupidest thing I've ever heard....they can stay retired in THEIR country and suck off their own relatives.

[carolineb1255]

Most American's I know don't even know where Europe is or at best have a vague idea. Yet these same American's seem to have educated opinions on what is best for the US including immigration issues. Seems to me the only American's who's comments are weighted are those who are educated. Why should the US allow Brits or whoever spend money and contribute to the US economy? It ultimately aids the US economy and those who reside in the US duh! So I say, allow Mike and his Wife to spend their hard earned money, at least they are not draining from the US resources correct? They are contributing to the wealth of the US which benefits the US. Don't go back to the UK Mike... the weather is horrible there!

[voxpopulus]

Incidentally "evilnewbie" millionaires can ALWAYS get into America.

[voxpopulus]

That's okay. Brits can retire freely to Europe and spend their money there, and many do. It's nicer and cheaper.

[evilnewbie]

I hope Americans aren't stupid enough to know that this invites a big disaster... think about it... you are basically asking foreigners to buy up America and own it outright... tax shelter anyone? Most countries only allow you to own property before the state owns it, so that even if a foreign buyer buys a piece of property, it goes back into the government's hands after a number of years... unless they sell it... this allows the wealthy a LOOPHOLE to own American property... its not a good idea to SELL america for a few dollars... its the REASON we have these protections...