Wealth Tax

Taxation

This tax had been suppressed but was reinstated because of the severe recession. It applies to both residents and non-residents

 

If you own assets in Spain that exceed a net value of €700,000 you are liable for this tax. The first seven hundred thousand euros is a nil rate band and the excess is taxed following a sliding scale. If the property is mortgaged, this amount may be deducted as it is a liability. If you are liable for Wealth Tax, it is compulsory you appoint a fiscal representative in Spain.

 

Legal fees: minimum of €350 (plus VAT)

 

We will be very pleased to discuss your matter with you. You can contact us by e-mail at info@larrainnesbitt.com, by telephone on (+34) 952 19 22 88 or by completing our contact form.

 

Related article

 

The following article was originally written in 2007 and ranks number one on Google.

 

Spanish Wealth Tax – 8th November 2011


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