The approval of Article 50 of the 2018 Lebanese budget that grants Arabs and foreigners who buy an apartment in Lebanon temporary residency sparked a huge debate in the country.
Although the real estate crisis encouraged the Lebanese state to take such a decision, it does not eliminate fears shared by many factions over the possibility of settlement of foreigners in the country, which would destabilize the demographic and sectarian balance.
Christian religious figures and political parties, including Maronite Patriarch Beshara al-Rahi and the Kataeb Party, rejected Article 50.
On Sunday, the Patriarch criticized the approval, saying it paves the way for settlement.
"We don't know the reason behind approving Article 50," Rahi said during a mass service in Bkirki. "Such a process is a precursor to settlement and grants foreigners the right to citizenship."
However, financial and economic expert Walid Abu Suleiman shared a different view.
He told Asharq Al-Awsat: “We always believe that the world is conspiring against us.”
Abu Suleiman explained that the policy of granting a temporary residency for foreigners, who buy an apartment, was already adopted by many countries that suffered from an economic crisis, such as Greece, Portugal and Cyprus, as a means to revive the real estate sector and improve the economic situation.
“Article 50 of the 2018 budget grants any foreigner who buys an apartment in Lebanon a residency permit, not the nationality,” he said.
Cyprus’ economy was boosted after it adopted such a policy, he revealed.
“This article was placed to generate foreign revenue,” Abu Suleiman said.
Kataeb Party chief MP Sami Gemayel disagreed with Abu Suleiman, deeming Article 50 as unconstitutional.
It paves the way for a permanent residency, he warned.
