 for entrepreneurs or a €600,000 property investment. Britons form the fifth-largest community of the nearly 60,000 foreigners living in Andorra, with expats from Spain, France, Portugal and Argentina making up the majority. YouTubers from nearby Spain, where the highest tax rate stands at 47pc, have been moving across the border to reduce their tax liabilities, according to local tax firm Abast. Approximately 3,000 empty homes were detected by the Andorran electrical company, Feda, and most are believed to be owned by foreigners. Conxita Marso, the Andorran Minister of Presidency, Economy, Employment, and Housing, said the temporary measure will help to address the rental market shortage in the principality. 'Each time more people are coming to Andorra, some of whom are wealthy, and they want to buy and stay here and enjoy the style of life, our security and health services,' she said. The minister said in a parliamentary session that the new rules would help in 'building a more diversified and sustainable Andorra'. An updated foreign investment law is expected to be presented to ministers during the first quarter of 2024, in order to further alleviate pressure on the housing market. 'We are going through a real estate epidemic. Some){kind=link}
Three-month ban aims to tackle the rental property shortage forcing locals out
A tiny European principality has banned foreigners from buying property in an attempt to keep local people in their homes.
With a population of less than 85,000, Andorra, in the Pyrenees between Spain and France, is popular with Britons as a result of low tax rates and good ski resorts.
But the principality has struggled with high housing costs, forcing many locals to move away.
The three-month ban, approved by ministers earlier this month, was passed by the Andorran General Council on September 7, with the support of 23 of the 28 parliamentarians.