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Spanish Reforms to Impose 100% Tax on Homes Bought by Non-EU Residents
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Spain's government, led by Prime Minister Pedro Sánchez, is proposing a tax policy requiring non-EU foreign buyers to pay 100% of a property's value in taxes, aiming to address the country's housing crisis. In 2023, non-EU residents bought about 27,000 Spanish properties, a significant share of the market. British buyers, affected by Brexit, accounted for 16.5% fewer purchases compared to 2022. The measure seeks to curb foreign property sales and improve housing affordability for Spanish citizens, though its impact on the real estate market remains uncertain.
We are facing a serious problem, with enormous social and economic implications, which requires a decisive response from society as a whole, with public institutions at the forefront.
The West faces a decisive challenge: To not become a society divided into two classes, the rich landlords and poor tenants.
It is not fair that those who own three, four, five apartments for short-term rental pay less tax than hotels.
The tax rate that non-Europeans who do not reside in our country must pay when buying a home in Spain will be increased to 100 per cent, prioritising that the available homes are for residents.
We are going to limit the purchase of houses by non-resident non-EU foreigners. Non-residents bought 27,000 houses last year, mainly for speculation.
