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.