Spain plans to introduce a tax of up to 100% on real estate purchased by non-residents from countries outside the European Union, including the United Kingdom. This was stated by Spanish Prime Minister Pedro Sanchez during a speech at an economic forum in Madrid, BBC reports, according to UNN.
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According to Sanchez, this measure is aimed at solving the housing crisis in the country and providing affordable housing for citizens.
“The West faces a crucial challenge: not to become a society divided into two classes - rich landlords and poor tenants,” Sanchez said.
The Prime Minister of Spain also added that in 2023, EU non-residents purchased 27,000 properties in Spain not for the purpose of living but for earning money.
“Which, given the housing shortage we are experiencing, we obviously cannot allow,” he said.
According to him, this step was designed to prioritize affordable housing for residents.
The exact details of the new tax have not yet been made public, and the Spanish government has promised to carefully finalize the proposal before submitting it to parliament. In addition, it is known that the prime minister often faces difficulties in gathering enough votes to pass legislative initiatives. Nevertheless, his government has stated that the proposal will be finalized after careful consideration.
This is one of a dozen planned measures announced by Sanchez aimed at increasing housing affordability in the country. Other measures announced include tax exemptions for landlords who provide affordable housing, the transfer of more than 3,000 homes to a new state housing authority, and stricter regulation and higher taxes on tourist apartments.
“It's not fair that those who rent out three, four or five apartments for short-term use pay less tax than hotels,” Sanchez said.