Spain is planning to impose a tax of up to 100% on properties bought by non-residents from countries outside the EU, such as the UK. Announcing the move, Prime Minister Pedro Sánchez said the "unprecedented" measure was necessary to meet the country's housing emergency.

Spain is planning to impose a tax of 100% on homes bought by non-EU residents as it looks to tackle an entrenched housing crisis in the country.

Prime Minister Pedro Sanchez is trying to reign in surging prices for real estate in Spain, and British citizens looking to buy beach houses in the country are set to bear the brunt of one of his flagship policies.

The new proposal is aimed at blunting the impact of steep increases to residential property tax bills sent out earlier this month, the mayor said.

Similar efforts from Boston Mayor Michelle Wu stalled in the State House last year. She is hoping to soften tax increases by March.

Boston Mayor Michelle Wu is attempting to revive a failed effort to ease the burden on homeowners hit with double-digit increases in their property taxes.