Did you know many non-residents are actually exempt from the foreign buyers’ tax? That’s right!

Non-residents who’ve applied for their permanent residency through the BC Provincial Nominee Program and have received confirmation, are exempt from paying the foreign buyers tax.

This is a one-time exemption, and the property must be used as a principal residence.

The BC Provincial Nominee Program is a popular way for non-residents to receive their permanent residency. Under this program there are 3 different entry options: Express Entry BC, Skills Immigration and Entrepreneur Immigration.

Foreign Buyer’s Tax Minimization Strategy

Married/common-law couples in which only one partner has their Permanent Residency may be able to minimize the amount of foreign-buyers tax charged on their purchase based on how they decide to their names registered on the property’s title.

New home-owners can request to register 99% of the property’s title in the partners name who has their Permanent Residency, and the remaining 1% in the non-resident spouse’s name.

This will subject only 1% of the property’s purchase price to the foreign buyers’ tax, and could end up saving them thousands!!

If the non-resident spouse then gets their PR within 1-year of home ownership they may qualify for a full refund of the tax.

If you have any financing questions you would like to discuss please reach out to me @ 778-215-4121 | adamsale@dominionlending.ca

Warm regards,