Proposed tax hikes on Britons buying properties in Spain will boost interest in the Florida homes market, an expert claims. 

Spanish Prime Minister Pedro Sanchez announced earlier this month that he wants a tax of up to 100% on properties bought by non-EU residents – and because of Brexit, that means Britons, amongst others, 

There remains some uncertainty about the measure as the legislation needs to get through the Spanish parliament, which may be difficult as Sanchez does not have a significant majority. 

However, even with the idea still far from the statute book, a Florida property expert claims some Britons are turning to his area as a possible alternative. 

Alastair Brown – chief executive of Florida real estate agency ABI Group – says: “These changes to Spain’s tax laws will lead to a significant shift in demand towards Florida, not least because property prices remain favourable and tax implications are far less burdensome. Spain has long been a favourite destination for British property buyers, but these proposed tax hikes could change that landscape dramatically.

Brown adds: “Florida, on the other hand, offers a more favourable tax environment, stable house prices, and fewer financial barriers to entry. We expect many Britons who were considering buying a property in Spain will look at alternative destinations, such as Florida.

“[It] offers favourable tax benefits for Britons, particularly due to its lack of a state income tax. This means that residents of Florida do not pay state income tax on their earnings, which can be a significant advantage for those looking to reduce their overall tax burden. 

“Additionally, Florida has relatively low property taxes and no inheritance or estate taxes, making it an attractive destination for British expatriates seeking tax-efficient living.

“Florida is undoubtedly the ultimate holiday home destination. With its year-round sunshine, world-class attractions, and strong rental potential, it’s no surprise that so many Britons are choosing to invest there.

“It offers not just a property but a lifestyle, with the added bonus of a favourable tax environment that Spain can no longer match.”