New law in Canada may be a cause for concern for Canadian real estate investors
As you may have heard, a new law has been passed in Canada that bans foreigners from purchasing second homes in the country. This law has sparked a lot of debate and has left many Canadians wondering how it will affect their ability to purchase a second home in other countries, such as Italy.
Why is this a potential issue for Canadians looking to purchase a second home or investment property in Italy?
Italy has a reciprocity law that allows citizens of countries that allow Italians to purchase property in their country to purchase property in Italy. This means that if Canada does not allow Italians to purchase property in the country, then Canadians potentially wouldn’t be able to purchase property in Italy in return.
So far, there has been no indication from the newly instated Italian government that this new Canadian law will immediately impact Canadian buyers in Italy. And although it’s difficult to predict exactly how the new law banning foreigners from purchasing second homes in Canada will affect Canadians looking to purchase second homes in Italy, it's important to keep an eye on any developments in this story.
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