Expert: Terrence Cullen - 4/30/2007

Question
I live in the UK {united kingdom } and I am thinking of buying a private property in Canada and turning it into a commercial B/B I would run the business for 9 months out of 12  and return back to the UK for 3 months and do the same every year from then on, could you tell me if I could do this as a British citizen and how I could go about it {raising money,insurers,licenses,tax,etc,}and any think else I may need to consider . thanks kev.

Answer
I am not very well versed on Canadian law. I am not positive but I don't think you can actually own Canadian property being   a non-Canadian citizen. A ground lease is setup --usually 99 years. The problem with that is that borrowing money against a ground lease is always more difficult. I would not have any idea about who and what terms you can get. Good luck--sorry I couldn't be more help. TC