Spain is a beautiful country and lots of people want to visit and/or buy property there. But here's what Prime Minister Pedro Sánchez recently had to say about this:
Just to give an idea, in 2023 alone non-European Union residents bought around 27,000 houses and flats in Spain. And they didn't do it to live in them, they didn't do it for their families to have a place to live, they did it to speculate, to make money from them, which we – in the context of shortage that we are in – obviously cannot allow.
And by cannot allow, he means that Spain is preparing to implement a 100% tax on property purchases made by buyers of non-EU countries, such as the UK. It's not quite a foreign buyer ban, but it's certainly a punitive tax that should, in theory, dissuade the majority of buyers.
I am, however, unclear as to how this will interact with Spain's golden visa program. For over 10 years, Spain has been encouraging foreigners to buy real estate in the country (minimum value of €500,000) in exchange for permanent residency.
Will this program remain, and will these foreign buyers now be taxed at 100%? Or will permanent residency also exempt you? I don't know.
Whatever the case, it is yet another example of government trying to appear as if they're doing something meaningful about housing affordability. You might also remember that, last year, Barcelona came out with a complete ban of short-term rentals starting in November 2028.
But once again, I think it's important to remember that economics is the study of choice and that there are always tradeoffs. A decision in one place, will create second-order consequences somewhere else.
Here are some photos from Caló del Moro, Cala s'Almonia, Cala Llombards, and Cala Pi (all in Mallorca). As I mentioned two days ago, these are some of the most beautiful public spaces that I have ever seen. We loved swimming in these coves. The Mediterranean is such a special place in the summer. But here's a tip: If you're planning to roam around on and jump off of the rocks, you're going to want to invest in a good pair of water shoes.
Next up: Marrakesh, Morocco.
Camera: Fujifilm X-T3 (23mm lens)
Traveling is one of life's greatest experiences. Pack a carry-on (so you bring only what you really need). Strip yourself of your regular surroundings. And explore the world with new eyes -- maybe with a camera in your hand.
Camera: Fujifilm X-T3 (23mm lens)