Housing crisis: Andorra is getting fed up with wealthy foreigners

This is the best summary I could come up with:

Andorran MPs change real estate rules as internet celebrities and wealthy foreign investors flock to the tax haven.

Real estate prices in Andorra have climbed by over 30% since mid 2018, forcing many poorer residents to relocate into neighbouring Spain.

According to several Spanish real estate sources, the average square metre price in Andorra can reach €4,700 – higher than in most Barcelona districts.

The nature of the permit means you aren’t allowed to be employed by an Andorran-based company, but this makes it an ideal option for affluent digital nomads, who have income coming in from abroad.

It’s not just the new ban on overseas investment that will throw up obstacles for foreigners wishing to buy property in Andorra -- they’ll have to brush up on their language skills too.

Social media users condemned the 12 million subscriber YouTuber’s choice, pointing out that the low tax rate was likely his main motivation.

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create tax haven

wealthy foreigners come for the tax haven

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