For a state whose population boom has been fuelled by immigrants and retirees, Florida’s outlook in the economic downturn is a dire one. Negative population growth for the first time in years has leaders seeking new solutions to boost the economy.

A US visa for foreign retirees could boost the economy

One such solution is look overseas. Despite Florida’s reputation as a mecca for wealthy stockholders enjoying their golden years, US immigration policies manage to keep out foreign national retirees who can afford to live abroad – exactly the demographic that could make a difference to Florida’s economy.

Surveys have shown that foreign nationals consider Florida one of the most desirable places to live in the US. Yet government bureaucracy means more expat retirees are moving to Mexico, Australia, Thailand and other countries with more hospitable retirement immigration policies.

Independent policy-research organisation TaxWatch concluded in a report this year that a retirement visa could add billions of dollars to the US economy in the next ten years, including $27b to Florida alone. And it could lead to the creation one million jobs in the same timeframe.

The US government announced during the recent summit on immigration between the US, Canada and Mexico that immigration reform would have to wait till 2010. However, the government would be wise to consider implementing a retirement visa scheme in the meantime. It could prove an effective economic stimulus at a time when the country needs it most.