If the B1/B2 Visa Rule had been finalized, real estate agents, builders, apartment owners and property management companies doing business in Florida, California and other vacation destinations could have faced severe economic hardship. According to the U.S. Small Business Administration, foreign tourism contributes more than $70 billion annually to the domestic economy.
Foreign home owners in the Orlando area, for example, add some $1.6 billion a year in economic benefits to the central Florida economy alone, according to recent studies.
The INS is expected to review the rule again and could issue a revised regulation at some point in the future.
For more information, contact Neil Gaffney.
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