The Government has created an innovative solution, which it calls the Right to Lifetime Housing, which allows families to live in a property all their lives, without actually buying it. The plan begins with the payment of a deposit (a kind of down payment), which is held by the owner. In this scheme, the resident (who cannot be called a “tenant”) pays a monthly instalment (which cannot be referred to as “rent”). The owner receives the monthly income and “consumes” a portion of the initial deposit. In this model, without formally selling the property, the property rights remain limited, since only the resident can suspend the contract and vacate the dwelling.
The Government is studying a new requirement for Local Lodging that would mandate higher condominium levies for owners who engage in holiday lets. If adopted, it would collide with another bill where the condominiums would be given the power to authorise, on a case-by-case basis, the possibility of owners renting short-term to tourists. The latter proposal was made in absentia and without the governmental consent.