Here’s an example of a country that takes its property market (very) seriously.
Once a war-torn nation with little to offer by way of real estate, Bosnia is now a hot destination for Arab investors who, in the past few years, have built residential complexes and tourist resorts to capitalise on the low prices and favourable investment climate.
But thing have gotten a little out of hand and the Bosnian government is now planning to expel 300 foreign
nationals amid suspicions that they evaded taxes when buying Bosnian investment properties.
According to real estate investment research firm Global Property Guide, most of the properties concerned are owned by Arab investors.
Over the past three months, Bosnian officials raided nearly 750 residential complexes, investment firms and tourist resorts owned by citizens from the Gulf, Libya, Russia and Ukraine.
The authorities appeared stunned at the extent of violations of Bosnia’s investment and residency rules.
Some owners were found to be living illegally there. Others were not even registered as having arrived in the country at all, some had violated their visa requirements and others misused their work permits.
About 500 firms owning more than 600 residential and business premises between them were found to be registered at false addresses, and to have no staff.
Government officials said they have identified 300 foreign individuals as having violated investment and residency laws and they intend to take action to expel them from Bosnia.