Financialization of housing and the right to adequate housing 2017, para. 23
Paragraph- Paragraph text
- States have continued to focus on attracting capital and wealthy investors with reduced taxes and other benefits. Countries like Cyprus, Greece, Portugal and Spain, where harsh austerity measures have been implemented, have enacted policies to entice foreign investors into their domestic markets. One such measure, colloquially known as the "golden visa", allows foreign investors to receive permanent residence or even citizenship in exchange for a minimum amount of investment in property: €500,000 in Spain and Portugal, €300,000 in Cyprus and €250,000 in Greece. Australia has a similar programme for individual foreign investors who purchase $A 5 million in real estate through a real estate investment trust to qualify for an Australian significant investor visa. Programmes of that nature can contribute to housing affordability problems for local residents without providing any evidence of substantial benefits for the broader population.
- Legal status
- Non-negotiated soft law
- Body
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Document type
- Special Procedures' report
- Means of adoption
- N.A.
- Topic(s)
- Equality & Inclusion
- Governance & Rule of Law
- Year
- 2017
- Paragraph type
- Other
- Reference
- SR Housing, Report to the HRC (2017), A/HRC/34/51, para. 23.
- Paragraph number
- 23
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