SPAIN is to scrap tax on property purchased by foreign companies, the government has announced.
The move, which comes into force next year, is seen as the latest attempt to encourage foreigners to invest in Spain’s struggling property sector.
Property tax can be a large expense for home owners in Spain, with the government raking in €30,000 a year on houses worth €1 million.
The reforms also include a plan to end taxation on the Spanish equivalent of real estate investment trusts, which is expected to go down well with foreign investors.
- Sierra Nevada’s biggest ski school EOE celebrates 30th birthday - 2 Jan, 2017 @ 21:11
- San Pedro New Year concert tickets on sale - 31 Dec, 2016 @ 18:30
- Queen’s New Year honours for two British residents in Spain - 30 Dec, 2016 @ 23:30
- Merry Christmas to all our valued readers and advertisers - 25 Dec, 2016 @ 09:07
- Police helicopter crew rescue dog and owner from Malaga floods - 4 Dec, 2016 @ 18:09
- Costa del Sol torrential rain alert raised to orange - 23 Oct, 2016 @ 14:45
- Police investigate death of Brit found bound and semi-naked at Malaga airport - 23 Oct, 2016 @ 10:58
- Spain’s PSOE leader resigns with Andalucia regional head Suzana Diaz favourite to succeed him - 2 Oct, 2016 @ 13:14
- Velez-Malaga gas explosion injures at least 77 people - 2 Oct, 2016 @ 12:16
- Chinese hotel group Wanda has got its eyes on the Costa del Sol - 23 Sep, 2016 @ 09:33