Spain proposes 100% tax on homes bought by non-EU residents

8 comments

1. Of course the solution is always “tax more.”

   Why bother letting people build and live in the country when you can just price the young out until they migrate, then complain foreigners are moving in?

   Also don’t you need to live there to be a resident? So you can’t own a home in the country until you live in a home in the country. 10/10 logic right there lol.

2. Some Brexit supporters are going to be absolutely seething lmao, boomer bongs love buying property in Spain, they were already bitching about residency stuff.

3. Unintended consequence: rich non-EU residents buy property, but never sell because they can’t recoup their investment on a short time horizon. Thus, some housing supply remains in limbo. They pass it amongst rich friends, keep it in the family, etc. If you don’t think that’s likely, here’s something that is: non-EU residents with housing that don’t exit now might not do it in the future because they want to stay in the market, but can no longer move.

   The solution to housing problems is rarely more regulation and is especially almost never more taxes. It’s usually de-regulation (excepting safety regulations). Zoning multi-family, getting rid of things like building height limits, curb limits, parking limits, etc. Killing the NIMBY stuff especially.

   It looks like Spain might have height limit regulations from the photo (I honestly have no idea about the Spain situation, but this is typical of other cities). That’s capped their density and placed a supply-side constraint. You can’t have your cake and eat it too.

4. He failed to mention that Spanish property prices only just went up after being stagnant for over 15 years.

   Spain property taxes are already a joke and they tax foreigners a fortune.

5. That is not only fair but I have no clue how isn’t it normal. Higher tax for non residents. Higher tax for companies and corporations.

   Housing should not be investments.

6. This would be an odd law for rural Spain outside the tourist hotspots where they are trying to entice people. 

   Why not within the EU as well? Is that in contradiction with Eu law? I suppose so. 

7. Philosophically, this tax is a pretty good idea but I think it should come down to how they define residents. If I moved to France and became a french citizen, would I no longer have to pay the tax? Or is it a certain amount of time within the EU, or is it based on like fixed address?

   I actually think for the united kingdoms for example, a 100% tax on all second homes and properties aren’t a bad idea, or perhaps on houses in different counties then those of your fixed address. We have a major issue in the UK with second homes and land speculators which is contributing greatly to our housing crisis

8. Oh the people are about to be upset but this is a good idea I think Japan needs to start doing this too cause I think it’s currently only 20% for non residents

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