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Wealth tax in Spain

налог на роскошь в Испании

Only private persons are required to pay wealth tax Spain. This tax is not related to the revenues obtained within a reporting period, since it is imposed only on property assets and rights. When calculating the tax sum, the net value of a private person’s property is determined. The tax deduction includes debts, encumbrances, and a taxpayer’s personal liabilities. Tax returns on the Form 714 are filed online together with the private persons’ tax returns in the period between April and June.

On what kinds of assets is wealth tax levied in Spain?

A wealth tax in Spain is levied on assets with a value of more than 700,000 euros (although some autonomies have decreased the indicated minimum on their territories). The main housing of a taxpayer has benefits in the amount of 300,000 euros. The tax is levied as of December 31 of a reporting year.

Wealth tax in Spain refers to different property objects, including: immobile property, transport vehicles, antiques, personal savings in the banking deposits, investment portfolios represented by the shares listed on organized stock exchanges, jewelry, intellectual property rights, etc.

Wealth tax in Spain is one of the so-called progressive taxes. Its rate varies, on average, from 0.2 to 2.5% and can be different in various autonomies (for example, Extremadura established the maximum rate at 3.75% in 2016, while in Catalonia this tax rate equals 2.75%). In comparison with other countries, the average maximum rate of wealth tax in Spain is one of the highest in the world. However, the autonomies are authorized not only to set the individual rates, but also to establish a tax-exempt minimum. As mentioned before, this minimum constitutes 700,000 euros in all autonomies except for Aragon (400,000 euros), Catalonia (500,000 euros), Comunitat Valenciana (600,000 euros), Navarra (650,000 euros). Alava and Vizcaya, on the contrary, have raised the minimum to 800,000 euros.

If you need to obtain more information on the wealth tax in Spain, schedule a consultation with our INEEDSpain service center. The competent specialists with vast experience in the field of taxation will render you a consultation and answer all your questions related to the calculation and payment of this tax.


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