CIR has created the Job Originated Through Launching Tourism (JOLT) Travel Act of 2013 as a way to promote tourism which would lead to job growth in the US.
The Act has two parts. The first has to do with encouraging Canadian tourism and allows Canadian Retirees to receive admission for up to 240 days provided they meet certain criteria: Canadian citizenship, over 55, residence in Canada, owns or rents a US residence, does not intend to work and does not require public assistance.
The other part of the act creates a Retiree Visa which will be granted in 3 year increments. In order to qualify, the foreign national must:
• Purchase one or more residences in the US for no less than $500,000 at an amount in excess of 100 percent of the assessed value for each;
• Maintain ownership of residential property valued in excess of $500,000 during the entire period they reside in the United States;
• Reside more than 180 days in a residence in the US worth at least $250,000;
• Be at least 55 years of age with health insurance;
• Not seek or require public assistance; and
• Not work other than to manage a residential property worth at least $500,000
This part of the CIR bill seems geared to assist in relieving the over-saturated residential market, but has placed a monetary value of $500,000 on the houses that would qualify under this visa.