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

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 ]