If you go left - you will find a home. If you go right - you will waste time, money, buy nothing, and only get more upset. If there were such signs in the real estate market, it would be much easier to choose countries for investing. Unfortunately, no one makes such clear identifying signs, so you have to figure it out on your own. We have gathered three countries with three different approaches to foreign investors to show that money does not always solve everything.
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Canada may not seem very friendly to foreigners, but there are reasons for that. In 2020, 5.6% of condominiums in Ontario were owned by foreigners. And in British Columbia, non-residents owned 7% of all condominiums. Wealthy foreign investors were buying real estate to earn rental income, so they not only controlled prices and raised them at their discretion, but also deprived Canadians of the opportunity to buy housing.
In 2023, Canada introduced a ban on the purchase of residential real estate by foreigners and foreign companies. Initially, it was planned to be effective until 2025, but the authorities decided to extend the ban until January 1, 2027. It is not excluded that after the expiration of the term, the government will extend it again. In case of violation of the new law, a fine of $10,000 will have to be paid, so it is better to wait a few years or choose another place for investment in the new strict rule, there were several exceptions. For example, a foreigner can buy real estate if:
- has refugee status;
- has a temporary work visa;
- is an international student and meets several additional requirements.
The purpose of the ban is to care for the citizens of the country. Housing should be more affordable for Canadians and their families. Of course, this is not the only initiative taken by the government to increase the purchasing power of its residents. The introduction of new taxes for foreign investors is already planned. They also promise to increase the scale of construction and put more affordable housing into operation.
You can look, but you can't buy
To see originals by Picasso, Monet, Modigliani, walk among ancient sarcophagi of Ancient Egypt and end the promenade in the greenhouse with butterflies - a typical morning for a resident of Vienna. It is not surprising that so many foreigners dream of their own apartment in Austria. However, often their dreams remain just dreams. To purchase property, one needs to obtain a special permit from the local authorities, and it is only issued if the sales contract has significant economic or social value for the country.
- Economic interest - the investor plans to open a business in Austria, so he will have to regularly pay taxes to the state treasury.
- Social interest - foreigners have quite close personal relationships with Austria, such as having a residence permit.
As you can see, buying residential real estate is a challenging task that not everyone can handle. In case of absence of residency, there is a "plan B" - to buy real estate through a company registered in one of the EU countries. This is quite problematic and expensive, so this option is resorted to only when purchasing an expensive property. If an investor was considering buying agricultural land, it is better for them to forget about it altogether, as permissions for such deals are issued very rarely.
Each federal state independently decides whom and which properties to sell. Thus, the strictest rules apply to popular ski resorts such as Salzburg, Tyrol, and Vorarlberg. It is easiest to buy an apartment or house in such regions:
- Upper Austria;
- Lower Austria;
- Burgenland;
- Styria;
- Carinthia.
Lucky ones who managed to snatch a piece of coveted space will have to pay diligently for its maintenance and not forget about timely tax payments.
All doors are open for you
Did you like the apartment? Here is the key. Did you like the villa? We have already prepared the contract. Maybe you need office commerce - here you go! Turkey's hospitality is expressed not only in lavish buffets, but also in the real estate market. Here, a foreign investor can buy everything. The main thing is to have enough money. Your faith and nationality do not matter, as long as there are no questions about solvency. The only limitation for Ukrainians is the temporary absence of loans. During the war, their issuance was decided to be stopped to protect against unforeseen situations. But for those who want to invest in the primary market, there is still a pleasant interest-free installment plan with an initial payment of 30-40% of the total cost of the property."
To buy property in Turkey, you will need a standard set of documents:
- Ukrainian citizen's passport;
- passport;
- Identification code, made in Turkey.
Confirmation of income source, which is mandatory in many countries, is not required. Particularly generous buyers purchasing property worth over $400,000 can obtain Turkish citizenship.