Who is subject to Net Wealth Tax in Spain?

Net Wealth Tax

Individuals who are tax resident of Spain will be subject to the Net Wealth Tax in respect of their worldwide net worth (personal obligation), regardless of where it is located.

Non-tax residents in Spain, but residents of an EU or EEA Member

State, may choose to pay personal obligation.

Non-tax residents in Spain, unless they choose according to the preceding paragraph, as well as taxpayers under the Special Regime, will be taxed in respect of their worth located in Spain (that is, on the assets that are located, could be exercised, or had to be fulfilled in Spanish territory applying state law).

As a general rule, the is a reduction from the Tax Base that will differ depending on each Autonomous Region. If no specific reduction has been approved, the reduction will amount to 700.000 euros.

The taxable base will be subject to the progressive rates approved by the corresponding Autonomous Region. If no regional regulation has been approved, the following progressive rates will apply:

Tax Base Tax liability on lower limit Remaining taxable base Tax rate
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 En adelante 3,5%

The Net Wealth Tax Return must be filed in the following scenarios:

  • The tax return shows a tax payment.
  • If there is no tax payment but the net valuation of the worth Euro 2.000.000.

The return is filed through Form 714 and the deadline for filing is from April to June of the year following the year of assessment.  Electronic filing is mandatory for this tax return.

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