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How Spain put up wealth taxes - without chasing away the billionaires

Amid calls for Rachel Reeves to bring in a new UK levy for the super-rich, Madrid offers lessons for policymakersCould a wealth tax work in the UK? A visual guideWith its green curtain of hanging gardens, the Planeta building is one of Barcelona’s most recognisable office blocks. Earlier this summer, it was acquired as part of a Monopoly board spending spree by Spain’s richest man, the Zara fashion label founder Amancio Ortega.Through his Pontegadea family office, which invests his personal wealth, Ortega has also just snapped up the five-star Hotel Banke in Paris, an apartment building in Florida, and a half-share in the operator of Teesport in the north-east of England, adding to a property portfolio already worth €20bn. Why the rush? Continue reading...

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