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Spain plans to introduce a 100 percent property tax on buyers from non-EU countries such as the United Kingdom in a bid to improve housing affordability by discouraging overseas purchases.
Prime Minister Pedro Sánchez announced a plan for a punitive property tax, which would apply to non-EU citizens who are not EU residents, as part of a series of measures aimed at tackling the “severe” housing crisis.
Spain is one of many European countries where public anger is growing over the difficulty of finding affordable housing, while property prices rise and construction lags far behind demand.
“The West is facing a decisive challenge: not to become a society divided into two classes, rich landlords and poor tenants,” Sánchez said as he presented the set of 12 measures.
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