Spain Plans 100 Percent Tax on Non-EU Residents Buying Homes

The country’s prime minister announced the move in a bid to deal with the affordable housing crisis that has gripped the nation.

Jet fighters fly over the Spanish capital during a military parade marking the Spanish national holiday in Madrid on Oct. 12, 2007. Pierre-Philippe Marcou/AFP via Getty Images

Spain is planning to levy a 100 percent tax on homes purchased by non-European Union residents, the government announced on Jan. 13.

Spanish Prime Minister Pedro Sánchez’s socialist government stated that the measure aims to limit the purchase of homes by foreigners with the tax increase, pointing to similar schemes that have different mechanisms but similar aims in Denmark and Canada.