The Canadian government has restrained Nigerians, Americans and other non-Canadians living in Canada from purchasing residential properties in the country.
Investors King reports that the ban on foreigners’ purchase of private houses in Canada takes effect from January 1, 2023.
A new Canadian law, ‘Prohibition on the Purchase of Residential Property by Non-Canadians Act’ prohibits foreigners from buying residential properties for the next two years, Investors King understands.
The law, however, exempts immigrants and permanent residents as they are allowed to own housing properties.
According to a piece on the website of the Prime Minister Justin Trudeau’s Liberal Party, the law was made to reduce prices of residential properties in Canada.
The rising cost of houses was linked to foreigners’ purchase of the homes as investments leaving indigenes with no choice but to buy from them at high prices.
“The desirability of Canadian homes is attracting profiteers, wealthy corporations, and foreign investors. This is leading to a real problem of underused and vacant housing, rampant speculation, and skyrocketing prices. Homes are for people, not investors,” it read.
Investors King gathered that taxes have been introduced to non-residents and vacant properties in some cities like Vancouver and Toronto, in order to discourage foreign investors and make houses cheaper.
The Canadian Real Estate Association (CREA) revealed that average home prices from more than $590,000 at the beginning of 2022 have dropped to $465,000.
CREA expressed worry over the consequence of the law saying if the United States, Mexico and other countries enact similar laws, Canada citizens will be at the receiving end.
“Canadians purchase vacation and residential properties in many countries, but particularly in the United States. If Canada places a ban on Americans owning property in Canada, we should expect them to respond in kind,” the association said.
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Nigeria to Implement Biometric Clearance Gates at International Airports by March 2024
Nigeria is gearing up to introduce a significant upgrade to its airport security measures with the implementation of biometric clearance gates at international airports by March 2024.
This move aims to streamline passenger processing and bolster national security efforts.
Under the plan, five major international airports across Nigeria, including the Murtala Muhammed International Airport in Lagos, Nnamdi Azikiwe International Airport in Abuja, Mallam Aminu Kano International Airport, Port Harcourt International Airport, and Akanu Ibiam International Airport in Enugu, will be equipped with biometric clearance gates.
These gates will utilize advanced technology to provide seamless clearance services for passengers entering the country.
Minister of Interior, Olubunmi Tunji-Ojo, emphasized that the installation of biometric gates reflects Nigeria’s commitment to enhancing border control management and adhering to global best practices.
The gates are expected to significantly reduce clearance times, with a passenger clearing in just 30 seconds.
Tunji-Ojo highlighted the gates’ dual purpose: expediting passenger processing while also enhancing national security by allowing for quick identification of persons of interest.
The initiative aligns with President Bola Tinubu’s Renewed Hope Agenda, aiming to provide quality services to Nigerians while ensuring national security.
This modernization effort is poised to address long-standing issues of delays and improve the overall travel experience for passengers at Nigeria’s international airports.
Foreign Embassies Given Two Weeks to Settle $5.36M in Ground Rents
The Nigerian Government has issued a firm ultimatum to 43 foreign embassies and diplomatic houses in Abuja, the nation’s capital, demanding the settlement of outstanding ground rents totaling $5.36 million within two weeks.
In an official advertorial published by the Federal Capital Territory Administration in the Newspaper, the government emphasized the urgency of the matter.
Failure to comply within the stipulated period could result in the revocation of the rent titles held by the diplomatic entities.
The notice serves as a final warning to embassies, including prominent ones like the British High Commission, South African High Commission, Royal Embassy of Saudi Arabia, and the Embassy of Japan, among others.
These embassies and diplomatic entities have been identified as defaulters in the payment of their ground rents.
This directive underscores the Nigerian government’s commitment to ensuring compliance with legal obligations and financial commitments within its jurisdiction, regardless of the status of the entities involved.
The ultimatum is reminiscent of a similar notice issued last September to organizations in Abuja, emphasizing the importance of timely payment of annual rents.
The consequence of non-compliance, as stated in the notice, is the potential revocation of land titles.
The deadline creates a sense of urgency among the affected diplomatic missions, as failure to meet the payment deadline could lead to diplomatic tensions and logistical challenges for the embassies involved.
As the clock ticks, attention is focused on how these foreign embassies will respond to the Nigerian government’s ultimatum and whether they will meet the financial obligations within the stipulated timeframe.
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