Spain is planning to impose a tax of up to 100% on properties brought by non-residents from countries outside the European Union – including the UK.
The measure was one of many announced by Prime Minister Pedro Sanchez on Monday, and differs to the planned increase in taxes on holiday rentals that the Money team covered yesterday.
Speaking at an economic forum in Madrid, Mr Sanchez said the tax would be “unprecedented” in Spanish history.
“In 2023 non-European Union residents bought around 27,000 houses and flats in Spain,” Mr Sanchez said.
“And they didn’t do it to live in them, they didn’t do it for their families to have a place to live, they did it to speculate, to make money from them, which we – in the context of shortage that we are in – obviously cannot allow.”
The prime minster stopped short of explaining how the plan would work or when it would be sent to parliament for approval.
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