The European Commission is initiating court proceedings against Spain for imposing a discriminatory tax on non-resident taxpayers concerning capital gains from asset transfers. Prime Minister Pedro Sanchez's recent proposals, including a supertax or a complete ban on non-resident buyers, come as the country grapples with a housing crisis. Unlike resident taxpayers, who can defer capital gains tax payments, non-residents are required to pay the tax in full at asset transfer, limiting their financial flexibility. This situation highlights the EU's concern over Spain's adherence to capital movement principles.
The European Commission has announced that it will take Spain to the Court of Justice for applying a discriminatory tax against non-resident taxpayers.
Spanish law allows residents to defer capital gains tax on asset transfers, benefiting from a cash flow advantage that non-residents do not receive.
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