Very limited impact in the Balearics from Spain's non-resident non-EU citizens' home-buying tax measure
Around half the British purchases are by residents
Balearic property sector representatives believe that Prime Minister Sánchez's announcement on Monday of a tax measure designed to limit (or prevent) the buying of homes by non-resident citizens from countries outside the EU will have a very limited impact.
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Just Sanchez virtue signalling to his coalition. Will never pass the smell test with the EU
Estimates are 30-40% of balearic purchases are from foreign buyers. ~20% of these foreign buys are British. (if there are better estimates please add them). This would mean ~6% overall (~3% non-resident) british. I’d assume another 3% are American and maybe another 2% from other non-eu countries… 8% overall isn’t insignificant, but I do agree it’s not going to have the impact the people pushing this will think it does. I would focus on disincentivizing homes from being used as a store of value.