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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It sounds like the measures the government is taking there will be worthless and only a talking to point to the citizens who are actually being hurt by this. I still applaud any effort, but actions with teeth would be better.