In 2008 100% of exemption was introduced but on the 17th of September 2011 Spanish Government reintroduced Wealth Tax as an emergency measure of recovering some income and they changed the 100% exemption to a tax free allowance of 700.000€ for 2011 and 2012. So all those individuals with net wealth that exceeds 700.000€ will be obliged to file the Spanish Wealth Tax.
The calculation of this tax is based on a scale which starts with a tax rate of 0.2% up to 2.5% of the value of the property as a tax rate band. Wealth Tax has been ceded to the autonomous regions of Spain. They have extensive powers to modify the tax. Regardless of where they have property non-residents will have to follow the state system for this tax.