Foreign Real Estate Buyers in Vancouver Facing New Tax

vancouver

 

It’s no secret that many wealthy individuals own multiple homes, including vacation homes in foreign countries. In an effort to capitalize on this popular trend amongst the wealthy, many countries and/or cities have created new taxes aimed specifically at wealthy real estate buyers from foreign countries. Among the latest locations to enact a new tax on wealth property buyers is Vancouver, BC in Canada.

According to recent reports, the housing market has seen a huge shopping spree lately in the area as many wealthy foreign buyers, especially from China, have been snatching up homes at a fast pace. In fact, foreign buyers spent more than a billion dollars on homes and property in British Columbia between June 10 and July 14 of this year alone. With the increasing demand for property in BC, housing prices have soared almost 30 percent in the last year, which has left many local buyers unable to compete for these homes.

Therefore, in an effort to keep things fair, the British Columbian government has issued a new 15 percent tax, which will apply, to all “foreign nationals or foreign-controlled corporations” purchasing property in the metropolitan Vancouver area. BC is not the first place to issue such a tax. Australia and Singapore both recently raised the tax on foreign real estate buyers as well. The BC government said that anyone who attempts to avoid the new tax could face fines in the six figures and up to two years behind bars.

http://www.cnbc.com/2016/07/26/wealthy-overseas-buyers-to-face-new-real-estate-tax-in-vancouver.html

Posted in

Nuraxi Holdings: Pioneering the Future of Health and Longevity with Sparrow Rogers, Serial Entrepreneur

Introducing Nuraxi Holdings Nuraxi Holdings, a trailblazing venture operating in stealth mode, is at the forefront of unraveling the enigma of longevity. Our journey takes us through the intricate landscape of biomedical research, advanced AI models, and an unprecedented dataset that disrupts the norm. With an unwavering commitment, we strive to decode the mysteries of…

Unlocking Value: When ROI Transcends Monetary Gains with Mary D’Souza – Chief Investment Officer at Misha Investments

Unlocking Value: When ROI Transcends Monetary Gains with Mary D’Souza – Chief Investment Officer at Misha Investments

Introduction In this interview, Alan Olsen, CPA, MBA discusses with Mary D’Souza unlocking value: when ROI transcends monetary gains.  Mary is the Chief Investment Officer (CIO) at Misha Investments. Transcript: Alan Olsen Hi, this is Alan Olsen and welcome to American Dreams. My guest today is Mary D’Souza. Mary, welcome to the show.   Mary…

Rescuing Lives: Battling Sex Trafficking and Empowering Communities with Daphna Ziman - Founder of Children Uniting Nations

Rescuing Lives: Battling Sex Trafficking and Empowering Communities with Daphna Ziman – Founder of Children Uniting Nations

Introduction In this interview, Alan Olsen will discuss with Daphna Ziman about rescuing lives: battling sex trafficking and empowering communities.  Daphna is the founder of Children Uniting Nations. Transcript: Alan Olsen Hi, this is Alan Olsen and welcome to American Dreams. My guest today is Daphna Ziman. Daphna welcome to today’s show. Daphna Ziman Oh,…

Why Good Companies Face Preventable Lawsuits

Why Good Companies Face Preventable Lawsuits

Introduction In this interview, Alan Olsen, CPA, MBA discusses with Alex Gertsburg why good companies can face preventable lawsuits.  Alex is the Managing Partner of Gertsburg Licata. Transcript: Alan Olsen Welcome to Alan Olsen’s American Dreams Show. My guest today is Alex Gertsburg, Alex, welcome to today’s show. Alex Gertsburg Thanks, Alan. Really, really great…