Wealth Tax in Spain

Wealth Tax in Spain is complex because it varies from one region (Comunidad Autónoma) to another, is subject to change year-on-year and is highly affected by politics !

All taxpayers have a reduction of up 300,000 Euros against their main residence in Spain. In addition, there are exemptions and personal allowance as follows according to region:

Andalucia Wealth Tax is zero but ITSGF may apply- see below

Aragon 400,000

Asturias 700,000

Baleares 700,000

Canarias 700.000

Cantabria Wealth Tax is zero but ITSGF may apply- see below

Castilla-La-Mancha 700,000

Catalunya 500,000

Madrid Wealth Tax is zero but ITSGF may apply- see below

Comunidad Valenciana 500,000

Extremadura Wealth Tax is zero but ITSGF may apply- see below

Galicia 700,000. 50% reduction in tax payable and ITSGF may apply.

La Rioja 700,000

Navarra 550,000

Murcia Wealth Tax is zero but ITSGF may apply- see below

By law, the maximum total income tax and Wealth taxes payable is 60% of taxable income, with a maximum reduction in Wealth taxes due of 80%.

Wealth Tax is payable on an individual basis so for married couples declarations are individual and main property and personal allowances above are applied per person.

ITSGF- Temporary Tax on High Wealth

This recently introduced tax may not be as temporary as it sounds, and has been introduced as an attempt to override the regions which have zero Wealth Tax.

It only applies to individuals whose net assets exceed 3.5 million Euros approx, if this applies to you please contact us and we will provide further details.