WEALTH TAX

Wealth tax is usually applied for big economic patrimonies so in Spain, there are taxes that may affect your wealth, for instance:

Patrimony tax:  This tax may vary according to the Spanish community where you live, but if you don’t live in Spain you are still subject of this tax payment if you own goods or rights in Spain

When you need to do patrimony tax?

As a general rule, you are exempted when your patrimony is less than 700.000 euros, but you still need to check according to the Spanish autonomous community, for instance in the late years this tax has been zero in Madrid and Andalucia but it has been 500.000 euros for Valencia. 

Usually, your main home is not considered as a part of this amount. 

What other wealth taxes are considered?

There is also a Solidarity Tax on Fortunes, this tax is complementary to Patrimony tax and it was supposed to be a temporary tax, but it is still running, it is usually applied to individuals with over 3.000.000 euros, tax residents in Spain or non-tax residents who has assets in Spain for such an amount. 

Need help with your wealth tax declaration? Please reach us!