Spain plans to limit the number of homes foreigners purchase by raising taxes by up to 100% on properties bought by people who are not EU citizens and do not reside in an EU country — often buyers of investment or vacation properties. Sánchez didn’t provide a timeline or details on how he plans to implement the tax.

Spain is planning to impose a tax of up to 100% on the value of properties bought by non-residents from countries outside the EU, such as the UK. Announcing the move, Prime Minister Pedro Sánchez said the "unprecedented" measure was necessary to meet the country's housing emergency.