Buy a house, get residency

Spain is the latest real estate bubble country to consider giving extra residency privileges to foreigners who buy property.

If they go ahead with this plan they would join Portugal, Hungary and Ireland.

Greece is also considering a similar measure.

The Spanish proposal is the cheapest so far, requiring only a $200k real estate purchase:

The Spanish government is considering offering residency to foreigners who buy property worth about $200,000 or more. With discounts as deep as 50% along the Mediterranean, a 1,100-square-foot three-bedroom beachfront apartment in Alicante goes for $130,000. Or how about a 1,200-square-foot four-bedroom with a view of Barcelona’s skyline for $175,000? A few miles inland, a two-bedroom house goes for $90,000.

The idea is to attract buyers for an estimated 700,000 empty homes scattered across Spain’s landscape, the remnants of the nation’s dramatic housing boom-and-bust. The offer is aimed at Chinese, Russians and Americans, who are usually limited to a three-month tourist visa in most parts of Europe.

Full article in the LA Times.

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gokou3
Guest
gokou3
3 years 3 months ago

Canada got some serious competitions in the cash-for-immigrant-visa market!

Guy Smiley
Member
Guy Smiley
3 years 3 months ago

Makes Gerard Depardiue’s move to Russia look ill-conceived:)

Whattup forum?? I just got back from Kuala Lumpur. Happy new year etc.

Malaysia has it too. It’s called the second-home program and costs $350,000 ringgit (approx $115k CAD) for retirees or $500k ringgit for those of us still far from 50 and even further from retirement.

An interesting twist there, foreigners are not allowed to purchase a property under $1M ringgit ($333k) thus, in theory, protecting everything but the very high end market from overseas speculation.

patriotz
Member
3 years 3 months ago
It’s still unclear whether the residency granted would be temporary, for one or two years, or unlimited, and whether foreigners would be required to buy private health insurance or have access to Spain’s public health and education system, which could end up costing the state. In other words it appears to be a long-stay tourist visa rather than immigration as we know it. Note also that Spain, like many other European countries, does not grant citizenship to children who are simply born there. However I would bet that Spain, like every other country, would consider such people resident for income… Read more »
patriotz
Member
3 years 3 months ago

“Makes Gerard Depardiue’s move to Russia look ill-conceived:)”

He didn’t move to Russia. The whole thing was just a stunt, and the Russian citizenship does not affect his tax obligations to Belgium or any other place where he might choose to live.

Q
Guest
Q
3 years 3 months ago
CBC article on retirement planning says that for some seniors it is better to rent than to own: “Cayford says she has had several clients who were painted into corners by their supposed dream homes. “You’re in the middle of nowhere, and there’re no facilities around,” she said. “Nobody wants to think they’ll get to a stage that they’re not able to drive. It comes as a shock to some people.” She says seniors should be more open to renting. “Renting gives you a lot more flexibility and lets you use your equity elsewhere,” Cayford said. “People get this fixation… Read more »
Q
Guest
Q
3 years 3 months ago

From Maclean’s:

“The result is a growing pool of well-educated twentysomethings scrapping it out for a limited number of prized positions—a cohort one might describe as history’s most cultivated underclass. Yesterday’s stereotypical B.A. bussing tables now has a law degree. Or a B.Comm. in finance.”

http://ca.news.yahoo.com/the-new-underclass-213043737.html

“History’s most cultivated underclass”–I just love that phrase. Impoverished, unemployed twenty something’s with multiple university degrees at least have the intellectual capacity and command of language to understand and analyze their plight. These are the most highly educated paupers the world has ever known.

Guy Smiley
Member
Guy Smiley
3 years 3 months ago

“He didn’t move to Russia.”

Yes, the articles all mentioned that. Actually it was only meant as a topical joke (hence the smiley punctuation).

But thank-you once again, Inspector Patriotz, for your tireless efforts to stomp out factual inaccurracy in the blogosphere:)

macafee is cool
Guest
macafee is cool
3 years 3 months ago

Hey Guy Smiley,

How is things in Malaysia ? Are they feeling pain of recession or that they got used to it over the years and it is “normal” for them? How the avarage folk live? There is below article how Canadian graduates can’t find any jobs after graduating, how is in Malaysia? I have two kids in elementary school yet but i really don’t feel they will have better life then myself.

Thanks

Anonymous
Guest
Anonymous
3 years 3 months ago

Hi Macafee. Everything seemed to be fine… KL feels very vibrant and upwardly mobile. Recession and financial events of the past 5 years was not something i purposely talked about with anyone while there and i never heard it mentioned. The Asian Financial Crisis of ’97 did come up several times however. Seems like a nice place to raise kids. You could definitely golf and sail most days of the year and then take a decent ski vacation in the alps with the money you save by not living here.

HAM Solo
Guest
HAM Solo
3 years 3 months ago

Edgemont Village, a somewhat trendy hood in North Vancouver. Never seen so many open houses in January. A fair number of “sold” signs on routes I frequent, but listing activity is pretty heavy.

Guy Smiley
Member
Guy Smiley
3 years 3 months ago

Oops. #9 was me again.

Just poking around on CL this morning and the first ad i opened seems to confirm recent suspicions about people taking houses off the market and becoming amateur landlords…

$2500 / 3br – 1500ft² – Available 1st of March

“We are moving to Burnaby on March, so we decided to keep our place and give it rent, it has never been rented before, very well cared …”

VMD
Member
3 years 3 months ago

G&M: “Kerrisdale condo knocked down $100,000”
– Sold price 424k; prev sold 420k (2007).
– don’t know how this is news-worthy but people are going to be reminded more and more on the risks of RE.
http://www.theglobeandmail.com/life/home-and-garden/real-estate/kerrisdale-condo-knocked-down-100000/article7573684/?cmpid=rss1

Aleksey
Guest
Aleksey
3 years 3 months ago

I doubt that anybody missed this post, but if you disgust Garth for whatever reason and don’t read his blog, this one has just a few sentences written by him.
http://www.greaterfool.ca/2013/01/20/moral-hazard-2

Anonymous
Guest
Anonymous
3 years 3 months ago

@Aleksey

Your comment is unintelligible. I have no idea what you are trying to say. I think the word “disgust” was supposed to be “discussed”? Still, I can’t make sense of what you are saying. Are you saying that people should actually read Garth Turner’s blog before discussing it? When you say his blog post has “just a few sentences written by him”, are you suggesting Garth is plagiarizing his blog?

Anonymous
Guest
Anonymous
3 years 3 months ago

@Guy Smiley:

“We are moving to Burnaby on March, so we decided to keep our place and give it rent”

This makes me wonder, how does one give rent to a place they already own? I’m so sick of renting and working for and generally being an underling for people who have very poor command of the English language.

macafee is cool
Guest
macafee is cool
3 years 3 months ago

thanks Guy 🙂

i moved two provinces away from “skiing and surfing on the same day” but i should have moved a continent away.

Aleksey
Guest
Aleksey
3 years 3 months ago

@ Anon 14
Sorry. What I meant is that if you don’t like Garth and don’t follow his blog you should read this post anyway. It has just one paragraph written by him and rest of the post written by somebody else.

Anonymous
Guest
Anonymous
3 years 3 months ago

@Aleksey #17:

Thank you. Now I understand.

Aleksey
Guest
Aleksey
3 years 3 months ago
Here is an anecdote from last weekend: Yesterday I met a neighbour who is immigrated from my hometown. I know that their family was going to move back because her husband couldn’t find a job in the financial field and currently works as a tennis instructor. They had tickets for September, but couldn’t sell their townhouse since last spring and returned tickets. They also relisted their home several times during last year, but gave up in November. Now they are waiting for spring “when sales will pick up” and already bought tickets for June, so they “must sell”. I haven’t… Read more »
Anonymous
Guest
Anonymous
3 years 3 months ago
You know those overpaid Transit cops who are double dipping by getting retirement pensions on top of their salaries. I am absolutely convinved they are an incompetent police force who just wants to check fares and not do any real police work. I was convinced of that after I read about how transit police allowing a sword-brandishing maniac who was threatening people to ride the skytrain from Metrotown to Burrard–they just watched as he exited the train and it was the Vancouver Police who took the guy down. Anyways, they’ve actually managed to top themselves with another stunning example of… Read more »
Anonymous
Guest
Anonymous
3 years 3 months ago

Sorry, I just re-read that story about the transit police leaving a bomb on a plane. It actually does not say the bomb was on the plane for the flight to Toronto. It says, they searched the plane and never found the bomb. But it does say a crew member left something that looks like the bomb on a seat. So they don’t know what happened to the bomb. It’s still out there somewhere. That’s even worse.

Anonymous
Guest
Anonymous
3 years 3 months ago
CBC actually explains the transit-police-bomb-on-a-plane debacle with more detail. Jordan Bateman of the Canadian Taxpayers Federation makes some good points, especially when he says two-thirds of their files are fare checks (they are not doing real police work, they are glorified overpaid farecheckers whose jobs are being made redundant by fare gates): “But Jordan Bateman, the B.C. director of the Canadian Taxpayers Federation, says it’s inexcusable for a police officer to forget an explosive device on a plane. “While it’s likely this explosive went into the trash, it could conceivably have ended up in someone’s hands. The Transit Police do… Read more »
HAM Solo
Guest
HAM Solo
3 years 3 months ago
@ Pink Helicopter Re: yesterday’s post with the regional MOI. That was really great work. I know you said you have 2 years of data, but what would be very interesting would be a comparison with 2006/07 timeframe and maybe also 2009/10. What I suspect the data will show was than in 2006/07, the whole province was running on 3-5 months of inventory. I suspect that in 2009/10 the inventory picture brightened up for select markets in the Lower Mainland and places like the Okanagan stayed piled up. Also I suspect that even at the worst part of 2008, the… Read more »
Groundhog
Guest
Groundhog
3 years 3 months ago

As a person who used both Skytrain daily for about 7 years and the Canada line daily for over a year, I have to agree with that they are little more then glorified fare checkers.

Prior to them, they had the transit workers checking tickets which worked just as well (which isn’t to say well), but I imagine a lot cheaper.

With the fare gates I think they could layoff at least half if not more of the transit police and have the same level of security.

painted turtle
Guest
painted turtle
3 years 3 months ago

Does the immigration process include a criminal record check?

Side note: Is this really new? The Russian mafia and Middle-East oil money invaded the French Riviera a long time ago.

gokou3
Guest
gokou3
3 years 3 months ago

Re #20:

Well at least they didn’t left the bomb to the sword-wielding man on the skytrain. 😉

gokou3
Guest
gokou3
3 years 3 months ago

Re #24

“With the fare gates I think they could layoff at least half if not more of the transit police and have the same level of security.”

Don’t count on it. Some subways in Europe have full-person height gates that do not open until you have inserted a valid tix. With the gates we have here, they will probably need these glorified fare checkers to man the gates.

Look on the bright side, it helps keep the unemployment down.

Many Franks
Guest
Many Franks
3 years 3 months ago

I don’t think I saw this story posted here yet. Meet the Ernst Zundel of the Canadian housing bubble:

James McKellar, academic director of the Real Property Program at York University’s Schulich School of Business, is even more blunt. “First of all, there never was a housing bubble. So it hasn’t burst, because it never existed.”

Groundhog
Guest
Groundhog
3 years 3 months ago

@gokou3

“Look on the bright side, it helps keep the unemployment down.”

Ya, because that theory’s worked so well in Europe.

Giving people unproductive jobs that drain resources do no keep unemployment down except for a marginal blip when the position is created. They drive unemployment up in the long-term.

gokou3
Guest
gokou3
3 years 3 months ago

Re Groundhog,

Ya, i was trying to be sarcastic.

gokou3
Guest
gokou3
3 years 3 months ago

Just saw this MLS listing tidbit:

“Open house Sat. 2-4pm. Pls. call to confirm Open House.”

So I guess if no one calls the agent the entire week, the agent will not show up at the open house? He must have suffered through too many open houses with no visitors.

midnite toker
Member
midnite toker
3 years 3 months ago

When I grow up, I want to be a transit cop!

gokou3
Guest
gokou3
3 years 3 months ago
Anecdote: I was at the Vantage showroom near Brentwood mall yesterday. This highrise development by a Bosa offspring is scheduled to move-in in 3 months. The cute lady there told me the development is 70% sold, and then gave me a price list of all the units that are available. This is a complete 180 reversal of the attitude I experienced at other developments last year, when I almost had to beg for pricing of any sort and only received an unenthusiastic, snorty response. I wonder why. Btw, the adjacent Solo development has postponed the development of towers 2-4 per… Read more »
Vote Down The Facts
Guest
Vote Down The Facts
3 years 3 months ago

“Don’t count on it. Some subways in Europe have full-person height gates that do not open until you have inserted a valid tix. With the gates we have here, they will probably need these glorified fare checkers to man the gates.”

They’ll always need somebody present even when the gates are in service, to deal with people with large items of luggage, those who’ve crossed more zones than permitted by their fare, those who’ve lost tickets, etc, etc.

RealityCheck
Guest
RealityCheck
3 years 3 months ago

#32 Midnite Toker,

To be a Transit cop, you got to know somebody on the inside…or give a gift… Being Qualified means nothing when wanting a $500 a day job.

Anonymous
Guest
Anonymous
3 years 3 months ago
On the transit police: The transit police force should be disbanded now that we have faregates. Think about Toronto. Toronto does not have a special dedicated police force whose primary activity is boarding subway cars, armed with guns and tasers (an excessive level of armery for the task), checking passengers’ fares. They don’t need that in Toronto because they have a faregate system–you can’t just walk onto a Toronto subway without paying. Most Torontonians would probably think it is absurd to have a dedicated transit police force boarding trains and checking fares–and paying these people $100k a year to do… Read more »
patriotz
Member
3 years 3 months ago

“Meet the Ernst Zundel of the Canadian housing bubble.”

By accident or otherwise, the title of the article is almost the same as this classic of US bubble denial:

No Housing Bubble Trouble

macafee is cool
Guest
macafee is cool
3 years 3 months ago

“To be a Transit cop, you got to know somebody on the inside…or give a gift”

How much is a gift? are you serious or joking?

squeako
Guest
squeako
3 years 3 months ago
# “multiple university degrees at least have the intellectual capacity and command of language to understand and analyze their plight. These are the most highly educated paupers the world has ever known.” Yes, it is kind of sad, putting so many years into education and finding out there are no positions. A problem that have excisted now for a few years. So, then why do we keep churning them out? These degrees? I read a few times that what we need are trades persons, certain jobs in health care etc. What is going on in the universities/colleges? Are they pumping… Read more »
pricedoutfornow
Guest
pricedoutfornow
3 years 3 months ago

Anyone know about the River District development? Based on my views of craigslist, it looks like these are now coming up for completion in March-there are several unit listed for rent at exorbitant rents. Example-a 2 bed condo, 860 sq feet for $1890! I bet these landlords are going to have a tough time renting these out, from what I’ve seen, the rental market is really soft right now, I wonder if it will continue through the spring.

painted turtle
Guest
painted turtle
3 years 3 months ago
@39 Not to mention that university profs are scratching their heads on how to teach people who have no interest whatsoever in academic matters. For example, try teaching engineering to people who hardly know any math… while foreign students are two years ahead in math, and find it too easy! The level of many courses is definitely going down, to a point that one can only teach a simplified version of the official textbook. I have seen this happening at UBC. The problem is that a single institution (university) is offering the same courses to two different populations: people who… Read more »
HFHC
Guest
HFHC
3 years 3 months ago

Hi guys,
Could anyone answer what the possible reasons there are for listings that are (Cancel Protected)??

Does it just mean the deal fell through?

spit
Guest
spit
3 years 3 months ago

So where is the petition to disband the worthless overpaid useless louts of the Transit Police?

“On May 21, 2004 the Transit Police were approved by the Solicitor General as a Designated Policing Unit.”

So I guess we call/email out MLA’s.

N
Guest
N
3 years 3 months ago
@squeako #39 “Who is not doing their job?” The students. The universities sell a service and the government subsidizes that service, but I don’t think we want either the government or the universities deciding how many programmers and analysts to allow each year. The real problem is the students signing up for courses that teach skills for which there is not enough demand. It has always been this way in some sectors. If you want to study Theatre, you are welcome to do so, but you know going in that you are probably going to wait tables when you graduate.… Read more »
patriotz
Member
3 years 3 months ago

“Who is not doing their job?”

The students.

Please. Someone coming out of high school is supposed to do a cost-benefit analysis of higher education and employment options? Aren’t there people more competent to do this – like government economists?

The education bubble, if you want to call it that, is enabled by government policies that fund universities and back student loans. The government is directing education funding and education borrowing by students to the wrong areas.

JR
Guest
JR
3 years 3 months ago
#6 re: Q. I’ve worked with recent graduates from the undergraduate level all the way to the PhD level most of my professional life in several highly technical fields. The biggest problem I have found is in almost all instances is they are armed with knowledge but lack the ability to apply it. Their teachers and programs have failed them immensely, arming with a useless piece of paper. Many can’t even write a coherent cover letter let alone plan a project. It’s analogous to going to a dojo to learn karate, but instead of doing karate they hand you books… Read more »
Many Franks
Guest
Many Franks
3 years 3 months ago
@patriotz: Lots of blame to go around. I went through a computing science undergrad during the ascent and collapse of the dot-com bubble. Otherwise excellent professors were forced to teach the latest greatest thing of the moment and predictably did a bad job of it; terrible sessional lecturers were hired from the bottom of the barrel; pragmatic standards (e.g. basic literacy) were explicitly thrown aside by the university to court foreign student dollars. In many cases the school was simply responding to funding pressures due to the tuition cap (which I was very up$et to see removed at the time).… Read more »
JR
Guest
JR
3 years 3 months ago
I’ve worked at a major university and it’s the universities fault 100%. They sell the idea of the college experience and how it will get you ahead in life, how you earn more and can’t live without it. Once you are in most could give a sh1t you are there as long as you are paying your bill. Most universities don’t have an elastic business model, they have to fill the classrooms regardless of whether the world needs another womens study major or not. They have faculty that are there for most of their career; they cannot layoff and hire… Read more »
Vote Down The Facts
Guest
Vote Down The Facts
3 years 3 months ago

“Someone coming out of high school is supposed to do a cost-benefit analysis of higher education and employment options?”

Yes. Or they should talk to a careers advisor. The point is, they’ll be the ones on the hook for the money spent, and you can’t expect the government to protect people from their own stupidity. If people choose to borrow tens of thousands to pursue an education in a subject with limited career prospects, then that’s up to them.

Many Franks
Guest
Many Franks
3 years 3 months ago
Closer to the topic at hand: another credit counseling advertorial with some helpful hints for recognizing a debt problem: Other warning signs include using one credit card to pay off another, making only the minimum payment on credit cards and starting to overdraw checking accounts. “Overdraft interest at your bank is usually 21, 22 per cent higher than a cash advance on a credit card,” says Cudmore. The simplest sign of all, though, is recognizing that bills are piling up and it’s difficult to keep track of expenses. In other news, experts recommend cutting down to a pack a day… Read more »
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