Why is Spain considering a 100% tax on homes bought by non-EU buyers?

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Why is Spain considering a 100% tax on homes bought by non-EU buyers?

//politics-government.news-articles.net/content/ .. -a-100-tax-on-homes-bought-by-non-eu-buyers.html

Published in Politics and Government on Tuesday, January 14th 2025 at 15:01 GMT by MSN
^{🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source}

Spain is planning a raft of measures to address its brewing housing crisis, including an up to 100% tax on properties bought by people who are neither citizens nor residents of the European Union. Spanish Prime Minister Pedro SÃ¡nchez announced the plan this week to tackle housing affordability and high rents in the Southern European

Spain is contemplating a 100% tax on property purchases by non-EU buyers, particularly targeting wealthy foreigners, as a measure to address the housing crisis exacerbated by soaring property prices and a lack of affordable homes. This proposal, part of a broader housing law, aims to curb the influx of foreign investment that has been driving up real estate costs, making it difficult for local residents to afford housing. The tax would apply to properties in areas where housing is deemed to be in short supply, with the goal of discouraging speculative buying and ensuring more homes are available for Spanish citizens. Critics argue that this could deter foreign investment, potentially harming the economy, while supporters believe it will help stabilize the housing market and prioritize local needs.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/politics/government/why-is-spain-considering-a-100-tax-on-homes-bought-by-non-eu-buyers/ar-BB1rqHWK ]

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Why is Spain considering a 100% tax on homes bought by non-EU buyers?