Wealth Tax

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Posted and filed under Taxes in Spain.

Wealth Tax

For those of you who remember the wealth tax which was previously abolished, Spain´s parliament have continued this year the wealth tax on those with net assets over 700,000€ .

This is worldwide for residents and on just assets in Spain for non residents. Non residents need a fiscal representative to present the tax return.

The main residence for residents in Spain is tax free (regarding wealth tax), until a value of 300,000 euros. The rest of the value increases the taxable base.

It is obviously important that if you are resident in Spain and believe that your worldwide assets are worth over 700,000€ net (taking into account the exemption of 300,000€ for your main residence) that you speak to your tax adviser in order to arrange the return.

Likewise if you are non-resident, and your assets solely in Spain are worth more than 700,000€ net.

 

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