Spain Proposes 100% Tax on Property Purchases by Non-EU Residents to Tackle Housing Crisis

Jan 14, 2025, 11:42 AM

Spain is set to propose a significant increase in taxes on property purchases by non-EU residents, with the tax potentially reaching up to 100% of the property's value. The measure, announced by Prime Minister Pedro Sánchez, aims to address the country's housing crisis by limiting foreign property speculation. Sánchez highlighted that in 2023, non-EU residents purchased around 27,000 homes in Spain, primarily for speculative purposes rather than for personal use. This proposal is part of a broader package of measures intended to tackle the housing emergency, which also includes plans to increase the supply of social housing and regulate short-term rentals like those on Airbnb.