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Spanish Prime Minster, Pedro Sánchez, announced Sunday a series of government reforms and policy proposals, including harsh restrictions on non-EU residents purchasing property. The measures aim at tackling the Southern European nation’s burgeoning housing crisis.
Specifically, the proposal seeks to create a tax equivalent to the entire property value for non-EU and non-resident individuals purchasing Spanish property and to regulate so-called “tourist apartments” via additional fees and targeted regulations. The proposals also include plans to develop a state social housing policy by 2026, planned reductions in regulation and zoning policies, and reduction in tax benefits for home retrofitting and rentals for zones in dire need of new rentals. This is a continuation of the ruling party’s recent increase in funding and prioritization of social housing policies to reduce rents.
Per Article 25 of the UN Universal Declaration of Human Rights, everyone is entitled to a standard of living “adequate for the health and well-being of himself and of his family”, and specifically cites housing as an example of one of the necessities of life relevant to the provision. In addition, Article 31 of the European Social Charter guarantees the right to housing and has been interpreted to require signatory states to try and make social housing as financially accessible to low-income residents as reasonably possible.
This comes in the backdrop of a serious housing crisis gripping the Spanish economy, with homelessness on the rise and social housing well below EU averages. The crisis is widely attributed to short-term tourism rentals and strong government regulation on rental units, sparking criticism of the tourism and short-term rentals sector. Since 2022, the number of citizens taking advantage of the pathway has doubled and represented more than seven percent in some popular Spanish tourist destinations, such as Barcelona and the Balearic Islands.
Shortly prior to the proposed policy, Spain also banned the so-called “Golden Visa” that enabled the acquisition of Spanish citizenship through investment, a policy often criticized for encouraging real estate speculation by non-residents and limiting Spain’s housing supply.
The post Spain PM proposes strong restrictions on non-EU residents purchasing property appeared first on JURIST - News.
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Specifically, the proposal seeks to create a tax equivalent to the entire property value for non-EU and non-resident individuals purchasing Spanish property and to regulate so-called “tourist apartments” via additional fees and targeted regulations. The proposals also include plans to develop a state social housing policy by 2026, planned reductions in regulation and zoning policies, and reduction in tax benefits for home retrofitting and rentals for zones in dire need of new rentals. This is a continuation of the ruling party’s recent increase in funding and prioritization of social housing policies to reduce rents.
Per Article 25 of the UN Universal Declaration of Human Rights, everyone is entitled to a standard of living “adequate for the health and well-being of himself and of his family”, and specifically cites housing as an example of one of the necessities of life relevant to the provision. In addition, Article 31 of the European Social Charter guarantees the right to housing and has been interpreted to require signatory states to try and make social housing as financially accessible to low-income residents as reasonably possible.
This comes in the backdrop of a serious housing crisis gripping the Spanish economy, with homelessness on the rise and social housing well below EU averages. The crisis is widely attributed to short-term tourism rentals and strong government regulation on rental units, sparking criticism of the tourism and short-term rentals sector. Since 2022, the number of citizens taking advantage of the pathway has doubled and represented more than seven percent in some popular Spanish tourist destinations, such as Barcelona and the Balearic Islands.
Shortly prior to the proposed policy, Spain also banned the so-called “Golden Visa” that enabled the acquisition of Spanish citizenship through investment, a policy often criticized for encouraging real estate speculation by non-residents and limiting Spain’s housing supply.
The post Spain PM proposes strong restrictions on non-EU residents purchasing property appeared first on JURIST - News.
Continue reading...
Note: We don't have any responsibilities about this news. Its been posted here by Feed Reader and we had no controls and checking on it. And because News posted here will be deleted automatically after 21 days, threads are closed so that no one spend time to post and discuss here. You can always check the source and discuss in their site.