Isn’t it only the Luxembourgish and Chinese able to buy property in Lux?
I bet that this would be against EU law, so no.
Monsieur Trudeau is in an election campaign right now, so this is more of a statement of intent than law.
Otherwise, I am opposed in principle to anything that ties rights to nationality – but the concept of vacant properties or constructible, but unused land to be heavily taxed, sounds like a good approach to me.
A few thoughts:
​
Article 16 of the lux. constitution mentions right of ownership.
– What does Trudeau mean by banning foreign ownership? Does that apply only to new ownerships or existing ownership?
– What about companies? Simply open a subsidiary in Luxembourg (or Canada) and boom, your owner is Luxembourgish (Canadian). No serious real estate investor owns property in their own name; they are usually funds or family owned and each project gets its own company anyway.
This is populism. Stupid solutions for politicians to make headlines like this. Don’t think it will help anything to solve the problem in Canada nor here
“*Luxembourg communes are authorised to levy and collect a special annual tax on unoccupied or unused buildings and on vacant development land.*
*The purpose of this tax is to encourage owners to sell or rent their unused property or erect residential buildings on their land.*
*Currently, only the following 5 communes have enacted a regulation introducing the special tax on unoccupied buildings and vacant development land: Beckerich, Diekirch, Esch-sur-Alzette, Esch-sur-Sûre and Redange-sur-Attert.*”
Other than that, what does “ban foreign ownership” mean? Owned by non-residents?
He’s probably referring to the issue of non residents buying properties (read the chinese mostly) and driving the cost of housing up.
Actually happened to a cousin in Canada, she was priced out of the city she lived after her rental contract was over and the property was sold.
This happens in some European capitals, like Lisbon. Where there are whole apartment blocks sealed off and empty for many years.
Similar laws exist in other countries that I know of but it’s more related to agricultural lands.
I wouldn’t mind some restrictions on this regard, specially in places where there are some clearly predatory tactics going on, carried out by non residents.
WTF
A Luxembourgish version of the Lex Koller in Switzerland could help.
This would ban non-EU investors from investing in Lux real estate.
Other possibilities (ease of implementation)
* ban acquisitions by corporate entities of residential properties and land (easy)
* levy tax on empty residential properties (difficult)
* speculation tax on acquisition of buildable land if kept empty (medium)
* impôt sur la valeur locative: a tax on homeowners to pay for the privilege of living in their own dwellings as compared to renters. This to equalize burdens between owners and renters (medium)
* adapt impôt foncière to reflect current prices and not prices from 1940 plus inflation. Land value tax instead of ground tax (cf Estonia) (easy)
Many people, especially the natives (who vote), bought a place in Luxembourg and don’t want property prices to drop.
I really hope for Canada that he won’t get reelected.
I think most real estate in Luxembourg is owned by a few very Luxembourgish families.
We don’t have a smart Prime Minister by any means but I don’t think he is quiet is incompetent as Mr. Serial Ethic Violations in Canada.
This is what teenagers believe to be a viable idea and those that still hold on to the belief that Socialism has never been tried.
You don’t need a degree in economics to see how this is massively hurting the economy if applied.
13 comments
So only Luxembourgers can buy houses?
Isn’t it only the Luxembourgish and Chinese able to buy property in Lux?
I bet that this would be against EU law, so no.
Monsieur Trudeau is in an election campaign right now, so this is more of a statement of intent than law.
Otherwise, I am opposed in principle to anything that ties rights to nationality – but the concept of vacant properties or constructible, but unused land to be heavily taxed, sounds like a good approach to me.
A few thoughts:
​
Article 16 of the lux. constitution mentions right of ownership.
– What does Trudeau mean by banning foreign ownership? Does that apply only to new ownerships or existing ownership?
– What about companies? Simply open a subsidiary in Luxembourg (or Canada) and boom, your owner is Luxembourgish (Canadian). No serious real estate investor owns property in their own name; they are usually funds or family owned and each project gets its own company anyway.
This is populism. Stupid solutions for politicians to make headlines like this. Don’t think it will help anything to solve the problem in Canada nor here
“*Luxembourg communes are authorised to levy and collect a special annual tax on unoccupied or unused buildings and on vacant development land.*
*The purpose of this tax is to encourage owners to sell or rent their unused property or erect residential buildings on their land.*
*Currently, only the following 5 communes have enacted a regulation introducing the special tax on unoccupied buildings and vacant development land: Beckerich, Diekirch, Esch-sur-Alzette, Esch-sur-Sûre and Redange-sur-Attert.*”
Source: [https://guichet.public.lu/en/citoyens/impots-taxes/bien-immobilier/terrain-bien-immobilier/payer-taxe-inoccupation.html](https://guichet.public.lu/en/citoyens/impots-taxes/bien-immobilier/terrain-bien-immobilier/payer-taxe-inoccupation.html)
Other than that, what does “ban foreign ownership” mean? Owned by non-residents?
He’s probably referring to the issue of non residents buying properties (read the chinese mostly) and driving the cost of housing up.
Actually happened to a cousin in Canada, she was priced out of the city she lived after her rental contract was over and the property was sold.
This happens in some European capitals, like Lisbon. Where there are whole apartment blocks sealed off and empty for many years.
Similar laws exist in other countries that I know of but it’s more related to agricultural lands.
I wouldn’t mind some restrictions on this regard, specially in places where there are some clearly predatory tactics going on, carried out by non residents.
WTF
A Luxembourgish version of the Lex Koller in Switzerland could help.
This would ban non-EU investors from investing in Lux real estate.
Other possibilities (ease of implementation)
* ban acquisitions by corporate entities of residential properties and land (easy)
* levy tax on empty residential properties (difficult)
* speculation tax on acquisition of buildable land if kept empty (medium)
* impôt sur la valeur locative: a tax on homeowners to pay for the privilege of living in their own dwellings as compared to renters. This to equalize burdens between owners and renters (medium)
* adapt impôt foncière to reflect current prices and not prices from 1940 plus inflation. Land value tax instead of ground tax (cf Estonia) (easy)
Many people, especially the natives (who vote), bought a place in Luxembourg and don’t want property prices to drop.
I really hope for Canada that he won’t get reelected.
I think most real estate in Luxembourg is owned by a few very Luxembourgish families.
We don’t have a smart Prime Minister by any means but I don’t think he is quiet is incompetent as Mr. Serial Ethic Violations in Canada.
This is what teenagers believe to be a viable idea and those that still hold on to the belief that Socialism has never been tried.
You don’t need a degree in economics to see how this is massively hurting the economy if applied.