Spain’s Prime Minister Pedro Sánchez has announced a plan to impose a tax of up to 100% on properties purchased by non-residents from outside the EU, including the UK, in a bid to address the nation’s housing emergency.
Citing a growing divide between wealthy landlords and struggling tenants, Sánchez highlighted that 27,000 homes were bought by non-EU residents in 2023, primarily for profit rather than residence.
The tax aims to prioritize housing for residents amid a severe shortage. Alongside this proposal, Sánchez unveiled broader housing reforms, including tax exemptions for landlords offering affordable rentals, transferring thousands of homes to public housing, and higher taxes on short-term tourist rentals.
While no timeline or specifics for the tax have been provided, the government stated the plan would undergo thorough review before parliamentary submission, where Sánchez faces legislative hurdles.
