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Guardian: Ban Ownership By Foreign Non-Residents

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Interesting part about money creation:

This is how money is created banks lend it to people, and it appears in the economy. Of this lending, 85% is on existing residential housing stock. Essentially, what looks like economic growth is simply the extension of credit to fuel a housing boom. Banks cannot lose: instead of being indebted to them for 20 years, its 30; or owing them three times our salary, its six; the very luckiest among us have wandered into a state of debt peonage to a high street bank, while the unlucky who will never get on to the housing ladder work to service the investments of the lucky.

http://www.theguardian.com/commentisfree/2015/jun/22/housing-crisis-ban-ownership-foreign-non-residents

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No need to ban anything. Just tax the cr*p out of non-resident owners whether foreign or british. They'll soon move onto another investment area.

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Does she include EU residents? Not going to happen unless the UK pulls out of the EU and the Guardian is pro EU so they seem to be getting in a bit of a muddle.

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Does she include EU residents? Not going to happen unless the UK pulls out of the EU and the Guardian is pro EU so they seem to be getting in a bit of a muddle.

Different rules per country of origin might be banned in the EU, but it is possible to have rules based on current residency status.

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Different rules per country of origin might be banned in the EU, but it is possible to have rules based on current residency status.

I don't think that will work for EU nationals. I don't believe you will be able to stop, say a German resident, owning a second home in London. Not under existing EU rules. I say that because the French wanted to tax people differently based on residency and it was thrown out by the courts.

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Hmm, I thought they had managed it in France. Don't see why EU rules would be against it. Same rules for everybody regardless of nationality or country of origin.

EDIT - I suppose it would be regarded as protectionist, and hence against the neolib agenda.

Edited by Quicken

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How about if you are resident, but own the property via a company you set up in the Cayman islands so that you never have to pay any tax. Presumably that's fine?

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I don't think that will work for EU nationals. I don't believe you will be able to stop, say a German resident, owning a second home in London. Not under existing EU rules. I say that because the French wanted to tax people differently based on residency and it was thrown out by the courts.

It was indeed thrown out by the European Court of Justice - Torygraph story http://www.telegraph.co.uk/news/worldnews/europe/france/11468615/French-tax-on-Britons-second-homes-illegal.html

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Can you imagine how the Grauniad would react if someone from UKIP suggested the exact same thing?

Indeed - the screams of racism would be deafening. In fact, I expect the EAGLE is over there right now claiming that the Guardian is turning into a 'white supremacist forum'..

funny enough, when I used to be bothered to post in the Guardian forums, the thing that got me placed on mod watch and nearly banned was pointing out some of the comment is free articles were actually suggesting right wing fascist policies.

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Indeed - the screams of racism would be deafening. In fact, I expect the EAGLE is over there right now claiming that the Guardian is turning into a 'white supremacist forum'..

funny enough, when I used to be bothered to post in the Guardian forums, the thing that got me placed on mod watch and nearly banned was pointing out some of the comment is free articles were actually suggesting right wing fascist policies.

Yes, lefties really don't like it up 'em.

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