New Spain '100 per cent tax' rule change could hammer Brits
The Spanish government, led by Prime Minister Pedro Sanchez, is looking to implement new rules that could affect Brits
UK residents could face a 100 per cent tax increase if new legislation is approved in Spain. The government is reportedly pushing for a 100 per cent tax on property purchases by non-European Union (EU) residents in the Mediterranean nation, as reported by Bloomberg.
Given that the UK is no longer part of the EU, this means people from England, Scotland, Wales, and Northern Ireland could all be affected. Spain has long been a favourite holiday spot, with a record-breaking 94 million tourists visiting in 2024 alone, making it the most-visited country that year.
Of these, 18.4 million were Brits. Spain is also a popular choice for UK expats, with nearly 300,000 currently living there permanently - although that is slightly down from the peak of 316,000 in 2013.
The influx of both tourists and foreign residents has led to a surge in housing costs. Approximately 20 per cent of property purchases in Spain are made by foreigners, with Brits leading the pack, reports Bristol Live.
Consequently, the proposed tax could have a significant impact on them. However, it's understood that the tax will not affect non-EU professionals or business people working in Spain.
What are the Spanish government's '100 per cent' plans?
Introduced to parliament last Thursday (May 22), the legislation aims to promote 'measures that enable access to housing, since we are facing one of the largest problems our society is currently confronted with', according to Prime Minister Pedro Sanchez.
He further noted that non-EU residents purchased 27,000 properties in 2023, and he hopes the bill will eventually address the growing frustration over soaring property prices, particularly in popular areas like Madrid and Barcelona. The bill also proposes an increase in value added tax on short-term rentals, a hike in taxes on publicly-listed real estate investment trusts, and a levy on unoccupied houses.
The plans come after a backlash against holiday rentals, with Barcelona planning to prohibit all short-term rentals by 2029. Earlier this month, the Spanish government demanded the removal of nearly 66,000 property listings from rental platform Airbnb, arguing that they violate regulations for tourist accommodation.
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Western Telegraph
an hour ago
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