Summary
Spain plans to introduce a tax of up to 100% on properties purchased by non-EU residents, aiming to address a housing crisis.
The measure would limit property purchases for investment purposes by foreigners, prioritizing homes for residents.
The proposal, inspired by similar policies in Canada and Denmark, is part of broader efforts to improve housing affordability.
Other measures include tax exemptions for affordable housing landlords, tighter tourist rental regulations, and transferring thousands of homes to public housing programs.
Details and a parliamentary timeline are pending.
Yup. When we were in Portugal looking for vc funds to invest in, most of the real estate funds were owned by UAE backed investors, but had an office in PT to get around this law.
This will, unfortunately, solve few problems for Spain.