Spanish PM Pedro Sanchez plans ‘unprecedented’ 100% tax for homes bought by non-EU residents

Spain doesn’t seek to become a country of rich landlords and poor tenants. In order to meet this goal, the country is planning to impose a tax of up to 100% on properties bought by non-EU residents, such as those from the UK.

Prime Minister Pedro Sanchez recently announced the unprecedented plan to help meet Spain’s ongoing housing emergency. But he did not elaborate on the timeline for presenting the proposal to the Parliament.

In recent years, residents from countries outside the EU have bought tens of thousands of properties in Spain, PM Sanchez told an economic forum in Madrid, highlighting that the people purchased these entities not to reside in them but to “make money from them”.

The 100% tax for homes is just one of a dozen measures announced by the Prime Minister of Spain on Monday to enhance housing affordability. Other measures include higher taxes on tourist flats and a tax exemption for landlords offering affordable housing.

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