UK Property Tax Totalling €1.38 billion Owed by Spaniards.

Spanish love buying property

The British remain the largest foreign investors in Costa del Sol  property and Spanish property as a whole, but data from the Spanish tax authorities show that it’s not an unrequited love as Spaniards owe €1.38 billion in UK property tax.

The information comes from the Spanish Form 720, which Spaniards use to declare any assets they own outside of Spanish territory when they have a value of higher than €50,000. Overall Spanish citizens are the proud owners of over €9 billion in overseas property.

The love spreads across all of Europe as France is where the majority of Spanish homeowners buy property. In France Spaniards own €1.73 billion in property, with the UK in a close second. Germany comes third with Spanish brick and mortar assets totalling €728 million. Fourth place is shared by Mexico and Portugal with €682.3 million.

This data is based on Spaniards who are still based in and living in Spain and doesn’t take into account expats who have long since said goodbye to the motherland.

Spaniards have also bought property in other places including Andorra (€627.4 million), Belgium (€485 million), the USA (€374 million), Switzerland (€354.6 million) and finally Italy (€309 million).

Many Spanish also own second homes on the coast and when the summer months come or its holiday time where the temperature inland is so high, the Spanish decent to the coast areas such the Costa del Sol.