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PSOE proposes law raising taxes on tourist rentals and vacant homes limiting foreign purchases
The PSOE parliamentary group has introduced a new bill in the Spanish Congress aimed at improving housing access by increasing taxes on tourist apartments and vacant properties, and restricting purchases by non-resident foreigners. This legislative initiative, announced earlier this year by Prime Minister Pedro Sánchez, includes raising VAT on tourist rentals to 21%, imposing higher taxes on empty homes, and implementing a state tax on foreign buyers from outside the EU to curb speculative acquisitions.
Developed collaboratively with the Ministries of Housing and Finance, the bill also seeks to encourage affordable renting by offering income tax deductions to landlords who rent below state reference prices. These deductions can reach up to 100% for affordable rents, especially benefiting young tenants and areas under housing pressure.
To boost the housing supply, the proposal increases taxation on vacant properties progressively, though it excludes second homes used seasonally. It also extends energy rehabilitation tax credits until 2025, incentivizing renovations that improve energy efficiency.
Another key measure targets "socimis" (real estate investment companies), increasing their corporate tax rate from 15% to 25%, unless they dedicate a majority of their properties to affordable rental housing, in which case tax reductions apply.
Finally, the proposed state tax on non-EU foreign buyers aims to reduce speculative purchases, with the exact rate yet to be defined by the central government. The bill is expected to enter parliamentary debate by June.
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