MADRID, June 19 — The conservative government of Madrid said today it would slash taxes for foreigners who invest in the central Spanish region, a move that seeks to countermand...
The proposed legislation is the latest attempt by the region’s firebrand leader, Isabel Diaz Ayuso of the People’s Party , to present Madrid as a business-friendly bulwark against the progressive policies spearheaded by Socialist Prime Minister Pedro Sanchez.
In late 2022, Spain’s leftist coalition government launched a temporary “solidarity tax on large fortunes” that effectively annulled the regional exemption from an existing wealth tax practised in Madrid, which in recent years has vied with Miami to attract Latin American fortunes. To qualify, applicants cannot have lived in Spain in the past five years and they must maintain their investment and tax residence in the region for a minimum of six years.However, it does not include investments in real estate, a controversial feature that was dropped after Ayuso’s previous attempts to impose the tax cut sparked a clash with her allies.
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