HE General Council (parliament) Andorra confirmed this Thursday invoice temporarily suspended investment foreigner in real estate. The proposal had the support of 23 of the 28 parliamentarians (only 3 of the Andorra Endavant voted against), but some differences and accusations between the majority and the opposition emerged during the session.
Conxita Marsol, Minister of Presidency, Economy, Labor and Housing, argued that the foreign investment law passed in 2008 contributes to “building a more diverse and sustainable Andorra”. Likewise, he reminded that the change made in the text in 2012 means: “economic paradigm shift” that contributed to the creation of He literally said wealth in the context of a crisis and many aspects need improvement. But he admitted that one of the “undesirable” influences is real estate speculation, which is currently shaping the housing market. That’s why they want a global legislative change and tax on real estate investments of foreigners.
From the creation and avoidance of the tax during the regulatory stalemate “call effect“The Andorran Government opted for a moratorium that, according to Marsol, would be temporary and very time-limited. At the session of the General Council, Andorran Endavant parliamentarians and Liberals expressed their skepticism about the measure and warned The dangers of putting all foreign investment in the same bag, Concòrdia and the social democrat on the other hand The group demanded that the moratorium remain in effect not only until the tax is created, but until the global amendment to the law is approved.
The General Council session took place just hours after the press conference, in which the Col·legi d’Agents i Gestors Immobiliaris (AGIA) expressed their “confusion and dismay” at this measure. Gerad Casellas, head of AGIA, assured that the measure would have “a lot of impact” on the industry, and showed more concern over the subsequent change to the law, beyond the moratorium. from your point of viewthe situation arises “Legal uncertainty” thinks that it can deter investment and therefore cause customer loss.
The AGIA was also asked the following question: foreign investors its spirit is speculative, and they believe that the “intrusive policy” on leasing deters potential buyers. Casellas also believes that the Andorran government has made a mistake by “interfering” with measures that have no effect on the real estate market, and advocates the free market for self-regulation of prices, according to him.