The mere fact of having a home in Spain can generate the following non-resident taxes:
- Income Tax: a taxable base is declared for the imputation of income, for an amount of 1.1% or 2% of the cadastral value to which in this case a tax rate of 24% is applied, being resident of a non-member state of the European Union.
- Wealth Tax: assuming that the home is the only asset in Spain, if its net value (acquisition value minus pending mortgage) is greater than 700,000 euros, there will be an obligation to present and pay this tax.
On the other hand, if you decide to rent the house, it must be taken into account that the Wealth Tax continues to apply, and also the amount received for the rent will be taxed, by the Income Tax, at a rate of 24% fixed, without the right to deduct any associated expenses. The presentation of the returns corresponding to the rental income, for non-resident taxpayers, is quarterly, so the tax is paid every three months.