For some clarity, "non-EU residents" is clarified in the beginning of the article to refer to non-residents from countries outside the EU. This isn't particularly strict, given that -- it's really...
For some clarity, "non-EU residents" is clarified in the beginning of the article to refer to non-residents from countries outside the EU. This isn't particularly strict, given that -- it's really only going to affect the rich from non-EU countries who want a vacation home in Spain. Of course I suspect a large proportion of that population is from the UK, so it makes sense that the BBC is reporting on it. It makes a lot of sense to heavily tax any home where the owner isn't a resident, imo.
I'll be curious to see how it unfolds. I wonder if they will structure it to prevent an outside party from locally incorporating. If forming the Spanish equivalent of an LLC is as easy to do as in...
I'll be curious to see how it unfolds. I wonder if they will structure it to prevent an outside party from locally incorporating. If forming the Spanish equivalent of an LLC is as easy to do as in the US, then anyone with the means to buy foreign properties for income could easily form a local LLC to collect rent and pay taxes, and shield the owner. Structuring it to enforce taxes on purchases made by non-EU owned local business could become difficult to enforce.
Enforcing the taxes for all non-primary residences or for any property intended to be rented would be simpler to enforce, but would rile up local owners. I.e., voters and bloc partners.
It's a bold move (Cotton). But understandable. Spain is heavily urbanizing so the rural stuff is getting almost desolate at places and therefore cheap. People who dream about owning a plot of land...
It's a bold move (Cotton). But understandable. Spain is heavily urbanizing so the rural stuff is getting almost desolate at places and therefore cheap. People who dream about owning a plot of land with a huge villa on it in Spain probably are mouth watering about the idea.
For some clarity, "non-EU residents" is clarified in the beginning of the article to refer to non-residents from countries outside the EU. This isn't particularly strict, given that -- it's really only going to affect the rich from non-EU countries who want a vacation home in Spain. Of course I suspect a large proportion of that population is from the UK, so it makes sense that the BBC is reporting on it. It makes a lot of sense to heavily tax any home where the owner isn't a resident, imo.
I'll be curious to see how it unfolds. I wonder if they will structure it to prevent an outside party from locally incorporating. If forming the Spanish equivalent of an LLC is as easy to do as in the US, then anyone with the means to buy foreign properties for income could easily form a local LLC to collect rent and pay taxes, and shield the owner. Structuring it to enforce taxes on purchases made by non-EU owned local business could become difficult to enforce.
Enforcing the taxes for all non-primary residences or for any property intended to be rented would be simpler to enforce, but would rile up local owners. I.e., voters and bloc partners.
Edit: changes foreign to non-EU.
It's a bold move (Cotton). But understandable. Spain is heavily urbanizing so the rural stuff is getting almost desolate at places and therefore cheap. People who dream about owning a plot of land with a huge villa on it in Spain probably are mouth watering about the idea.