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: From €350 (plus VAT)
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The following article was originally written in 2007 and ranks number one on Google.
Spanish Wealth Tax – 8th November 2011