Foreign Real Estate Buyers in Vancouver Facing New Tax
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
Why Structure Is the Enemy of Innovation | Richard Dasher
About Richard Dasher Richard Dasher has been Director of the US-Asia Technology Management Center since 1994 and served concurrently as Executive Director of the Center for Integrated Systems since 1998. He holds Consulting Professor appointments in Electrical Engineering (technology management), Asian Languages (Japanese business), and at the GSB (with the Stanford Program on Regions…
Inspiring a Sustainable Future Through Storytelling | Rita Whitney
About Rita Whitney Rita joined the Board in June 2010 and serves on the Mission Fulfillment Committee. She is CEO of Ravivant LLC, a Board member of United States Fencing Association (Central California Division) and Executive Director of the Stanford Fencing Association. Having grown up in New York City, Rita observed many situations where…
What Venture Capitalists Want | Wally Hawley
About Wally Hawley Wally Hawley is a co-founder of InterWest Partners (1979), one of the larger venture capital partnerships in the United States, formed to make equity investments in diversified U.S. growth companies. His prior experience includes seven years as President of SHV North America Holding Corp., a wholly owned subsidiary of a Netherlands…
Venture Capital’s Role in Nuclear Science | Ray Rothrock
About Ray Rothrock As a venture capitalist for more than two decades, Ray has assisted entrepreneurs in achieving their dreams and produced outstanding financial returns for his limited partners. He has personally discovered, created and guided more than 50 companies in the Venrock portfolio through their early stages of formation and emerging growth. Beginning…