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

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

Guy Smiley
Member
Guy Smiley

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

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 tax purposes regardless of status. Not necessarily such a great deal when you look at it closely.

patriotz
Member

“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

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 on buying and owning. And yes, it’s ideal to go into retirement owning your home, but that’s not to say you should always live in an owned property.””

http://www.cbc.ca/news/business/taxseason/story/2012/12/17/f-rrsp-2013-retirement-bigger-picture.html

Q
Guest
Q

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

“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

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

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

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

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

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

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

@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

@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

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

@ 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

@Aleksey #17:

Thank you. Now I understand.

Aleksey
Guest
Aleksey

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 said a word. What could I say? Can you imagine how many stories like that? There is always somebody who must sell, but never heard of anybody who must buy.

Anonymous
Guest
Anonymous
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 police incompetence. This time, the transit police left a bomb on an airplane for two days and the plane–with a bomb on it–took flight with passengers from Vancouver to Toronto. Although the bomb was apparently inert because it did not… Read more »
Anonymous
Guest
Anonymous

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
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 not know with 100 per cent certainty where their explosive ended up. “Any time a police explosive is outside the custody and sight of officers, it should be a concern to the public,” said Bateman. “Transit Police officers conducted dozens… Read more »
HAM Solo
Guest
HAM Solo

@ 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 picture was not as uniformly bleak as it is now. However, that’s just my general impression. If you have the data (or anyone here can give you the data) that would be great.

Lovely handle by the way.

Groundhog
Guest
Groundhog

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

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.

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