PSOE have published their proposed new properties law on their party website.
I have translated the section reverent to the the 100% tax on Property purchases by non EU, Non Resident buyers.
I will be updating on YouTube as soon as I have more information on this bills progress through to being passed or rejected by Spain's Parliament
Here is the text:
State Complementary Tax on the Transfer of Real Estate to Non-Residents in the European Union
Overview:
This article creates a new indirect tax that applies in addition to existing taxes on real estate purchases (like ITP or VAT), targeting non-EU buyers.
1. Name and Nature of the Tax
Official name: Impuesto Complementario Estatal sobre la Transmisión de Bienes Inmuebles a no Residentes en la Unión Europea
Type: Indirect tax
Scope: Applied to property sales and the creation or transfer of property rights (excluding mortgages or guarantees) in favor of individuals or entities who are non-residents in the EU.
2. Geographic Scope
Applies throughout Spain, including for usufruct, bare ownership, and rights of use and habitation.
Respects regional tax regimes in the Basque Country and Navarre, and international treaties.
3. Taxable Event
Any purchase of real estate or the creation/transfer of real rights (except mortgages) by a non-EU resident.
4. Exemptions
Exemptions are based on those already listed in the existing Transfer Tax and Stamp Duty Law (Royal Decree-Law 1/1993).
5. Taxpayer
The buyer (non-EU resident individual or entity) is the liable taxpayer.
6. Tax Base
Normally calculated on the reference value from the land registry (catastro).
If a higher price or declared value is provided in the transaction, the higher value is used.
If no reference value exists, the base is the highest of:
Declared value
Purchase price
Market value
7. Tax Rate
100% of the base value.
So if the base value of a property is €250,000, the tax due under this measure would also be €250,000.
8. Deduction of Transfer Tax
The amount of normal Transfer Tax (ITP) paid can be deducted from this new tax.
Example: If you paid €25,000 in ITP on a €250,000 home, you'd pay €225,000 in the new tax.
9. Declaration and Payment
Taxpayers must self-assess and pay the tax using forms and deadlines set by the Ministry of Finance.
Payment may also be made through cultural asset donations, in accordance with Spain’s Heritage Law.
10. Legal Enforcement
The tax will be managed, inspected, and collected by Spain’s central government.
Disputes must follow normal tax appeal procedures and, ultimately, the administrative court system.
This measure, if passed, would represent a de facto ban on property purchases by non-EU, non-resident buyers unless narrowly exempted. It is framed as a complementary tax, not a replacement of existing taxes.