Classic house against Spanish flag background.
Credit: Shutterstock, nikkytok
Money talks: public guarantees and tax breaks galore:
The Spanish government is on a mission to get Spain’s four million empty properties into the rental market. But how? The penny seems to have finally dropped. The government has realised that public guarantees for property owners are the key. Spanish president Pedro Sánchez has proposed that if a tenant misses a rent payment, the state will step in. The plan is aimed at owners renting to young people under 35, making it easier for them to access housing without fear of default. It’s a French-inspired system, and the government’s pushing for it to launch this year.
And if you’re a property owner, you might want to listen up: The government is also offering tax incentives. Landlords who rent at prices set by the government will see their income exempt from IRPF taxes. But if you’re renting out property as a tourist let, you can kiss your tax perks goodbye – the government’s upping the taxes on those to ensure they’re taxed ‘like the business they are.’ Plus, if you’re a non-EU foreigner looking to buy property in Spain, expect to pay a whopping 100% tax on the value of the property if these proposals go through.
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