Canary Islands seek to restrict purchases by non-resident foreigners

The Canarian Government will send representatives to Brussels in November to petition for the ability to restrict property purchases by non-resident foreigners.

Currently, such restrictions are not permitted under EU discrimination laws, but the Canaries wish to take advantage of the status of the Canaries as a peripheral zone in order to obtain concessions and exemptions. 

Canarian Housing Minister, Pablo Rodríguez, said “The aim is to raise the specific features of our region based on the Treaty on the Functioning of the European Union, so that the conditions of the Canary Islands are taken into account, including the limitation or possible limitation of home purchases by non-resident foreigners.”

A ban of purchases by non-resident foreigners is also being considered in the Balearics, but would have to be approved by similar means. In Denmark and Malta, rules restricting sales to non-resident foreigners were included as opt-outs in accession treaties.