Spain's proposed 100% property tax on non-EU buyers has sparked debate and prompted speculation that other popular tourist destinations in Europe, such as France, Greece, and Portugal, may consider similar measures to address housing shortages. While these policies aim to prioritize local housing needs, experts warn of potential unintended consequences, including a decline in tourism, investment, and economic stability.
Three major Europe an countries could follow Spain's lead in imposing a harsh 100 per cent tax charge on UK tourists. Mike Harvey, managing director at 1st Move International, believes that this proposal has "set a significant precedent", reports Birmingham Live.
"A 100% tax on foreign buyers could hurt Greece's competitiveness and economic stability. The country is already tackling housing pressures by banning new short-term rental licenses in key Athens areas. Further changes could reduce investment and affect both the property market and the local economy."
"However, with the introduction of new property taxes on foreign buyers, this growth could be at risk. Portugal remains a top destination for Brits, but the introduction of these taxes could dampen that interest, affecting both the property market and the broader economy."
PROPERTY TAX TOURISM EUROPE HOUSING SHORTAGE FOREIGN BUYERS
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