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Spain plans to impose a 100 percent property tax on buyers from non-EU countries such as the UK in a bid to improve housing affordability by deterring foreign purchases.
Prime Minister Pedro Sánchez announced the plan for the punitive property tax, which would apply to non-EU citizens who are not EU residents, as part of a series of measures intended to address a “serious” housing crisis.
Spain is one of many European countries where public anger is growing over the difficulty of finding affordable housing, as property prices rise and construction lags far behind demand.
“The West faces a decisive challenge: not to become a society divided into two classes, the rich owners and the poor tenants,” Sánchez said as he unveiled a set of 12 measures.
This is a developing story
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2025-01-13 15:17:00
