Panic for Brits as Spain confirms new law crushing the dreams of tourists
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Brits dreaming of swapping our rainy isles for sunny Spain have been dealt a massive blow by the PM Pedro Sánchez. This morning the Spanish Prime Minister announced that non-resident citizens from countries outside the European Union, including the UK, would face a big tax bill if they wanted to buy a home in the country. It is part of a string of announced measures designed to lower the cost of living and housing for Spanish citizens.
According to El Econimista, Brits looking to buy a place in Spain could face paying double for the pleasure. "For them, the tax burden will be up to 100% of the value of the property," Sánchez announced, according to Ultima Hora. "In 2023 alone, non-residents from outside the European Union bought 27,000 houses and flats. Not to live in them, but mainly to speculate. To make money out of them. Something that, in the context of the shortages we are experiencing, we cannot afford'.".
While Brits could still technically buy homes in Spain, the ultra-high tax rate would make it incredibly expensive and essentially force all but the most determined buyers out of the market. The move - which is yet to be given a timetable or be announced in much detail - is the latest in a series of policy announcements from the leftwing PM that are designed to tackle the issue of international money making everyday life more difficult for Spanish citizens. Sánchez recently abolished “golden visas,” which granted residency to individuals buying property worth over €500,000.
