The prohibition of the purchase of residential property by foreign nationals could help in increasing the availability of residential properties for housing and could also make owning a home more affordable.
Banning a “Golden Visa” where wealthy individuals are offered the chance to residency permit for a country through property investing would also be included. The “Golden Visa” is a pathway to permanent residency but not necessarily needing the investor to be physically in the country.
Exceptions to this policy would be legal permanent resident and lawful work visa holders.
Canada is one country that now has until January 1, 2027 a ban of non-Canadians being able to purchase property. It was found by a commission of experts that in 2019 alone, billions of dollars laundered through the city of Vancouver raised housing prices by as much as 7.5 percent. And this isn’t an isolated case: experts estimate that $43–$113 billion CAD is laundered throughout Canada each year.
Spain, Portugal, and the Netherlands have taken steps to end property investment by foreign nationals as well.
Thank you for your consideration.