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Saturday, April 13, 2024

Prohibition of foreign real estate promotions not linked to the rental market

Andorra la VellaThe Minister of the Presidency, Economy, Work and Housing, Conxita Marsol, was part of the ministers who, together with the head of government, presented the country’s new economic sustainability laws.

With regard to foreign real estate investment, Marsol has explained the new conditions for both nationals and foreigners when going to the market.

Individuals or legal entities with more than two years of residence will not have any restrictions to acquire real estate, while if they do not have this time, the maximum will be two properties. The first will be taxed with 3% of the current tax in this respect, and the second with 5%.

Foreign real estate developments are also prohibited, as long as they are not intended for the rental market. It will be considered that these projects are of common interest and not just individual, so that the objective of massively increasing the housing stock available for rent can be achieved.

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