If someone buys/owns a land or house in US/Canada, does it give him right of residence over there?

Colleges and universities would not consider your children legal residents unless they have Permanent Resident status (have a Green Card) of the U.S. This cannot be achieved simply by owning property. You must go through the full immigration process, which is rather complex. You can, however, check with the colleges to see if there are any grants or scholarships available to foreign students.

Occasionally, outstanding foreign students may receive financial assistance.

No, you still need to go through the process of naturalization.

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