This follows after the foreign buyers tax was implemented in July 2016, which had a skyrocketing effect on the market due to the decrease in residential real-estate sales and prices.
This seems to be an effort to encourage and welcome those who seek refuge around the world to work, stay, and pay taxes in B.C. They believe that the ‘best and the brightest’ should be able to stay in B.C and this change in tax law aims to attract these individuals.
This is due to South Africa still being busy with internal processes and the Department of Home Affairs will issue a directive once they are ready for the implementation.
There has been no official time-frame given, but the Russian Embassy expects the process to become effective by end of February 2017.
TRUMP FOLLOWS THROUGH ON CAMPAIGN PLEDGES
On Wednesday, 25 January 2017, The US President, Donald Trump took his first step to enact his pledge(s) by signing the executive orders to ‘Build a Wall’ on the Mexican border and to prevent sanctuary cities from offering protection to undocumented immigrants.
This wall will be built on the border between the United States and Mexico – the border is stretched by 2 000 miles (3 200 kilometres).
President Trump claims: “a nation without borders is not a nation”, by signing this order, he believes that the United States of America gets back their borders.