Spain Plans 100% Property Tax Hike for non-European Union residents
UK buyers could be deterred by plans for a significant increase in property taxes in Spain, potentially leading them to consider alternatives such as Cyprus and Greece according to experts. The measures, proposed by Spain’s Prime Minister Pedro Sanchez, aim to alleviate the country’s housing crisis by introducing a tax of up to 100% on properties purchased by non-European Union residents
Stephen Abletshauser, International Private Client and Estate Planning Partner at Spencer West said: “This populist move by the Spanish government may well prove to be a long-term own goal,” flagging that rival destinations await: “The likes of Turkey, Italy, Malta, Cyprus and even France will welcome this decision in a fiercely competitive market for wealthy non-residents retiring in the sunshine.”
Read the full articles, including Stephen’s comments here:
Spain plans for 100% property tax in blow for UK buyers | The Independent
Spain’s plans for property tax hike ‘will be a blow to buyers from UK’ | The Standard
‘Extreme’ tax hike plan shock for Brits looking to buy or sell a home in Spain – Mirror Online
