Spain has a wealth tax for its residents. There is also a wealth tax for non-residents, for example people with a second residence in Spain. In this article, we will discuss the two wealth taxes, namely the national wealth tax and the solidarity tax for large wealth.
Spanish wealth tax for non-residents
The wealth tax for non-residents is calculated based on net assets located in Spain. Examples include real estate, shares of Spanish companies and Spanish bank accounts. By net assets, we mean the assets after deducting the debts you incurred to acquire these assets.
An example. You bought a Spanish property for a price of 1,000,000 euros. To realise this purchase, you took out a credit of 600,000 euros. This means that your net assets amount to 400,000 euros (1,000,000 - 600,000 euros).
In Spanish wealth tax, there are several exemptions. For instance, as a non-resident, you have a standard exemption of €700,000 per person, which also applies to married couples with community of property. Within this exemption, no wealth tax is due.
An example. You bought a Spanish property as a married couple for a price of 1,000,000 euros, without financing. Since both partners are half owners, the net assets in Spain are 500,000 euros per person. Both partners then stay within the exemption of 700,000 euros per person and pay no wealth tax.
If you exceed the exemption, the rates below. The taxable base ('base liquidable') is the amount above the exemption. For example, if you have net assets in Spain of €800,000, the taxable base is €100,000 (800,000 - 700,000) and you pay 0.2% tax on €100,000 annually.
| Base liquidable Hasta euros | Cuota euros | Resto Base liquidable Hasta euros | Tipo aplicable Porcentaje |
|---|---|---|---|
| 0,00 | 0,00 | 167.129,45 | 0,2 |
| 167.129,45 | 334,26 | 167.123,43 | 0,3 |
| 334.252,88 | 835,63 | 334.246,87 | 0,5 |
| 668.499,75 | 2.506,86 | 668.499,76 | 0,9 |
| 1.336.999,51 | 8.523,36 | 1.336.999,50 | 1,3 |
| 2.673.999,01 | 25.904,35 | 2.673.999,02 | 1,7 |
| 5.347.998,03 | 71.362,33 | 5.347.998,03 | 2,1 |
| 10.695.996,06 | 183.670,29 | and adelante | 3,5 |
Net assets are determined annually on 31 December.
For completeness, you can always opt for the asset tax rules of the autonomous region. For Com. Valenciana and this is less interesting, for example (lower exemption), but for Andalusia (no wealth tax) and the Balearic Islands then again (higher exemption, but different rates).
Learn more about the basics of Spanish wealth tax here.
The temporary solidarity tax on large assets
In addition to the ordinary wealth tax, Spain has a solidarity tax for large wealth (Impuesto temporal de solidaridad de las grandes fortunas ). This tax was introduced in 2022 for years 2023 and 2024 and was supposed to be temporary, but has obviously since been shifted for an indefinite period.
This Spanish wealth tax also applies to non-residents with net assets in Spain of at least EUR 3,000,000. On the first bracket of EUR3,000,000 - EUR5,000,000, the rate is 1.7%. Thereafter, 2.1% up to EUR 10,000,000. On the highest bracket from EUR 10,000,000 onwards, the rate is 3.5%. You can offset the solidarity contribution due against the ordinary wealth tax paid.
