BC Foreign Buyer Tax
What is it?
If you are a foreign national, foreign corporation, or taxable trustee, you are required to pay an additional property transfer tax on your share of the property in certain regions of British Columbia. This additional tax is 20% of the fair market value of your proportionate share.
Applicable Regions:
- Capital Regional District
- Fraser Valley Regional District
- Greater Vancouver Regional District
- Regional District of Central Okanagan
- Regional District of Nanaimo
Calculation:
- If you own 50% of a property, the additional tax is only calculated on 50% of the property’s fair market value.
Exemptions:
- Properties located on Tsawwassen First Nation lands are exempt from this additional tax.
- Canadian Citizens and Permanent Residents: If you qualify for the standard property transfer tax exemption, you are also exempt from the foreign buyer tax.
- B.C. Provincial Nominee Program (PNP): Foreign nationals who have received confirmation under the B.C. Provincial Nominee Program and meet specific requirements can be exempt from the foreign buyer tax.