Spain is planning to impose up to 100 per cent tax on properties bought by non-EU residents in light of the housing emergency being experienced by the country. This includes UK residents, who are known for their love for Spain.
Commenting on the proposed measure, Prime Minister Pedro Sánchez stated that the West faces a decisive challenge, “to not become a society divided into two classes, the rich landlords and poor tenants.”
He refers to the fact that in 2023, 27,000 properties were acquired by non-EU residents for financial gain, rather than residential purposes. This, he added, cannot be tolerated anymore because of the crisis.
More information is yet to be revealed by the Government as it is yet to be finalised.
The Prime Minister also announced further planned measures to improve housing affordability. This includes tax exemption for landlords who provide affordable housing, transferring more than 3,000 homes to a new public housing body, stricter regulations and higher taxes on tourist flats.
“It is not fair that those who have three, four or five apartments as short-term rentals pay less tax than hotels,” he said.
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