Property tax on foreign companies that own a property in Spain to be abolished

The Spanish government is proposing to abolish a tax that is currently levied on foreign companies owning property in Spain in order to attract more investment from abroad.

The tax currently stands at 3pc per annum of the company’s holdings in Spain. The change in the law, currently going though the Senate, is expected to come into force early next year but will only benefit companies that are not domiciled in tax havens.