Spain’s government has submitted a draft bill to Parliament that would impose a 100% tax on property purchases made by non-resident, non-EU nationals. First proposed by Prime Minister Pedro Sánchez in January, the measure aims, according to Sánchez, to curb real estate speculation and improve housing affordability.
Tax Details
Under the proposal, non-EU buyers who don’t live in Spain would pay for the purchase of a €400,000 home, the property transfer tax (which varies by region from 6% to 10%) and an additional state tax equal to the purchase price — that is, €400,000. That means he would pay in taxes: 40,000€+400,000€. That measure would not apply to homes belonging to turnkey projects.
The bill is part of a broader housing reform package, which includes other new tax regulations for the tourist apartments and temorary rentals by introducing a 21% VAT on both of them.
The bill must now be approved in Congress with the support of the Spanish government’s coalition partners.
