The 100 per cent property tax for non-EU buyers announced in the media raises many questions. On the air of Biznes24 TV, Agnieszka Marciniak-Kostrzewa explained that this is only a preview of the changes, which – even if they were to come into force – would not affect Polish investors.
During an economic forum in Madrid, Prime Minister Pedro Sánchez announced the idea of introducing a 100 per cent tax on property in Spain for non-EU buyers. Agnieszka Marciniak-Kostrzewa stressed that this raised many questions, but it should be emphasised – formally such a legislative initiative has not even started yet, and the possible tax would apply to investors from outside the European Union, which does not include Poles.
According to the Spanish Prime Minister, such a solution would be a response to the increase in property prices to make them more accessible to Spaniards. Agnieszka Marciniak-Kostrzewa pointed out that the British have been in first place among foreign buyers for years.
Purchases of houses and flats by foreigners account for 15% of transactions and 85% are made by Spanish citizens. Of this 15%, only a few percent are non-EU clients – so it is safe to say that this is a drop in the ocean and will not solve the housing affordability problem, so it is hard to imagine that this will apply and actually be voted through.
In Andalusia, after a recent reduction, property tax is 7%. Poles are therefore increasingly keen to invest in houses and flats on the Costa del Sol, ranking just behind the podium of foreign investors with a market share of 5.32% already in Q3 2024. The leaders were once again the Brits, but in the context of the announced changes, most notably the abolition of golden visas for non-EU nationals effective from May, the ranking may change dramatically in the coming quarters.
In the context of the announced 100% property tax for non-EU purchasers, it is also crucial on what value the tax would be calculated and how, as the various autonomous communities shape their tax policies differently. Agnieszka Marciniak-Kostrzewa also pointed out that it would be necessary to specify whether the new rules would apply to individuals or companies.
