Wealth Tax
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.
Contact our English-speaking team for all your legal, property, and accounting needs.
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.
Need help understanding the taxation system?
Download the FREE Guide to Taxes for Non-Residents in Spain, written by Raquel Perez, owner of Perez Legal.
Are you buying a property?
Then you need to know the process. Download the FREE Guideline Procedure for Purchasing a Property.
Confused with the legalities of buying a home?
Download the FREE Spain Legal Buying Guide, written by Raquel Perez, owner of Perez Legal Group.
Selling your property?
Get an overview of what is involved by downloading the FREE Guide to Selling Your Spanish Property Legally.
Do you need help planning for the future?
Find out more information on the inheritance system here in Spain by downloading the FREE Inheritance Services book.
Are you planning to run a company in Spain?
Download our Fiscal & Accounting Services Guide and Price List to find out all about running a company in Spain.