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In Spain they'll give a residency permit to foreigners buying a home over 500k euros.

garbagecoder 4y ago
Costa Rica it’s $150,000 US and they just lowered it in 2021 from 200. Portugal also has/had a similar setup, but it seems gridlocked by the bureaucracy. I thought Canada actually had a similar law several years back, but maybe not. There are easier ways to get residency in Portugal and Spain, the difference is these let you be absentee 90% of the time. This Canadian law is typical of left-isolationism as opposed to right-isolationism. Keep out the rich instead of keep out the poor.
- blitzar 4y ago
  Eligible applicants must invest CAD $350,000 into a Canadian “authorized designated organization”. Accredited investors must also demonstrate their net worth with an income of at least $200,000 or proof of $1,000,000 of financial assets https://www.goldenvisas.com/canada https://www.goldenvisas.com/canada
kennend3 4y ago
This is where Canada's new law gets really weird. We also have an "investment" class visa and almost everyone who has used this bought a house to meet the "minimum requirements" https://www.cic.gc.ca/english/helpcentre/answer.asp?qnum=653&top=6 https://www.cic.gc.ca/english/helpcentre/answer.asp?qnum=653... So.. earlier they encouraged foreigners to buy houses in order to get PR cards, now they ban it??
- runnerup 4y ago
  >> So.. earlier they encouraged foreigners to buy houses in order to get PR cards, now they ban it?? Yes, because at one point they thought they had enough property and could use more money. Either they were wrong or at some point that changed, and now they’ve reacted in acknowledgment that Canadians need local property more than they need foreign cash.
- dmix 4y ago
  Both foreign housing sales and startup visa-style investments flood foreign capital into the country making everyone wealthier (either getting reinvested in more housing/jobs or spent in stores then taxed). So hopefully the new law won't do much to stop that. It's probably not surprising that for all the things to get upset about, re: lack of housing supply, people always choose the foreign boogeyman route.
  - housingisntbiz 4y ago
    >"making everyone wealthier" That's not the case. More like "making everyone suffer the consequences of inflation more". And even more stronger point is that Canadians shouldn't be more wealthier. Especially so if the excess wealth comes from foreign countries. And if the country of wealth origin belongs to the third world it's outright evil, nothing less. It's just another form unholy imperial colonialism and I can't believe somebody still defends that kind of immorality.
    - happyopossum 4y ago
      > It's just another form unholy imperial colonialism Given that we are talking about attracting immigration, that’s a really weird definition of colonialism you’ve got there.
- antoniuschan99 4y ago
  Difference is they live here
- cgh 4y ago
  Canada's Immigrant Investor visa program was canceled in 2014. This new law has nothing to do with visa applications and is intended to address foreign speculation in local housing markets.
dzhiurgis 4y ago
Doesn’t Spain has excess residential housing? Visited recently and there seemed tons of empty housing and it’s quite cheap.
- jq-r 4y ago
  Is it cheap for Spaniards though?

Costa Rica it’s $150,000 US and they just lowered it in 2021 from 200. Portugal also has/had a similar setup, but it seems gridlocked by the bureaucracy. I thought Canada actually had a similar law several years back, but maybe not. There are easier ways to get residency in Portugal and Spain, the difference is these let you be absentee 90% of the time. This Canadian law is typical of left-isolationism as opposed to right-isolationism. Keep out the rich instead of keep out the poor.

blitzar 4y ago
Eligible applicants must invest CAD $350,000 into a Canadian “authorized designated organization”. Accredited investors must also demonstrate their net worth with an income of at least $200,000 or proof of $1,000,000 of financial assets https://www.goldenvisas.com/canada https://www.goldenvisas.com/canada

kennend3 4y ago

This is where Canada's new law gets really weird. We also have an "investment" class visa and almost everyone who has used this bought a house to meet the "minimum requirements" https://www.cic.gc.ca/english/helpcentre/answer.asp?qnum=653&top=6 https://www.cic.gc.ca/english/helpcentre/answer.asp?qnum=653... So.. earlier they encouraged foreigners to buy houses in order to get PR cards, now they ban it??

runnerup 4y ago
>> So.. earlier they encouraged foreigners to buy houses in order to get PR cards, now they ban it?? Yes, because at one point they thought they had enough property and could use more money. Either they were wrong or at some point that changed, and now they’ve reacted in acknowledgment that Canadians need local property more than they need foreign cash.
dmix 4y ago
Both foreign housing sales and startup visa-style investments flood foreign capital into the country making everyone wealthier (either getting reinvested in more housing/jobs or spent in stores then taxed). So hopefully the new law won't do much to stop that. It's probably not surprising that for all the things to get upset about, re: lack of housing supply, people always choose the foreign boogeyman route.
- housingisntbiz 4y ago
  >"making everyone wealthier" That's not the case. More like "making everyone suffer the consequences of inflation more". And even more stronger point is that Canadians shouldn't be more wealthier. Especially so if the excess wealth comes from foreign countries. And if the country of wealth origin belongs to the third world it's outright evil, nothing less. It's just another form unholy imperial colonialism and I can't believe somebody still defends that kind of immorality.
  - happyopossum 4y ago
    > It's just another form unholy imperial colonialism Given that we are talking about attracting immigration, that’s a really weird definition of colonialism you’ve got there.
antoniuschan99 4y ago
Difference is they live here
cgh 4y ago
Canada's Immigrant Investor visa program was canceled in 2014. This new law has nothing to do with visa applications and is intended to address foreign speculation in local housing markets.

dzhiurgis 4y ago

Doesn’t Spain has excess residential housing? Visited recently and there seemed tons of empty housing and it’s quite cheap.

jq-r 4y ago
Is it cheap for Spaniards though?