Spain plans 100% tax for homes bought by non-EU residents

Spain is preparing to introduce a tax of up to 100% on properties purchased by non-residents from outside the EU, including buyers from the UK.

Prime Minister Pedro Sánchez described the measure as “unprecedented” and essential to address the country’s housing crisis.

“The West faces a crucial challenge: to avoid becoming a society divided into two classes—wealthy landlords and struggling tenants,” Sánchez stated. Speaking at an economic forum in Madrid, he noted that in 2023, non-EU residents purchased 27,000 properties in Spain, often “not to live in, but to generate profit.”

“In the current housing shortage, this is something we simply cannot permit,” he added, explaining that the proposal aims to ensure that available housing prioritises residents.

However, Sánchez did not outline specifics of the tax or provide a timeline for introducing it to parliament, where he has often faced challenges in securing the necessary support for legislation.

via BBC