Spain's €20k gift for every young citizen

What if everybody in your country received a tax-free inheritance when they turned 18?

A minister in Spain is making this a key policy ahead of a big general election this month.

Yolanda Díaz is proposing €20,000 ‘universal inheritance’ for every Spanish citizen when they turn 18. The goal is to offer more equal opportunity, or as Diaz puts it: ‘to allow the young people of our country to have a future regardless of their surname’.

Here’s how it works:

• Payments start from age 18 and continue until age 23
• The money is to be used for personal development - either study, training, or starting a business
• Receipients would also get access to additional support like mentoring and career coaching
• The total cost is €10bn (0.8% of the country’s GDP), which would come from higher taxes on Spanish citizens who earn over €3m per year

What’s also interesting is how it’s divided opinion on both the sides of the political spectrum.

Some conservatives see it as a way to expand the economy; while a number of progressives are questioning the long-term viability of the scheme.

What do you make of Diaz’s idea?

The perfect springboard to support every young person? Or a waste of precious public resources…?

And what would the 18-year-old you do with €20,000 in your pocket?

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