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17 Aug 2007 12:00 AM by niglam1 Star rating in Wakefield W. Yorks (.... 147 forum posts Send private message

Hi all

Now that we are nearing completion does anyone have any information on Spanish wealth tax?

We would like to know the %age and if it applies only to people who are renting or is it to include everyone buying in Spain?

This could potentially be a substantial sum!

Comments anyone please.

Nigel & Stella




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17 Aug 2007 7:24 PM by bobby49 Star rating in spain. 142 forum posts Send private message

bobby49´s avatar

Hi

hope this helps

Along with the Personal Income Tax, Spanish residents and non-residents property owners are also liable to Wealth Tax (Impuesto sobre el Patrimonio). They should declare for both taxes at the same time.

Wealth tax is a direct tax levied on your assets and property located in Spain as at 31st December of every year.

Provided that taxpayers' principal wealth is normally their home, most of resident taxpayers do not pay this tax as the first € 108,182.18 is exempted. However, non-resident property owners are always taxed on their assets located in Spain (car, houses, bank accounts etc…)

The value of the house to be declared is the official catastral value which can be found on any I.B.I receipt, the amount you have deposited in a Spanish bank is the average cleared balance over the previous year.

Tax Rates are progressive depending on the type of property, ranging from 0.20 to 0.50% according to the Spanish law applicable; national or regional law.

These are only general guidelines, it is suggested that all technical and legal matters pertaining to taxes be referred to professionals for advice, guidance and execution.




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