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Spanish Wealth Tax Re-Introduced

By Jim Baerselman & Val Ellis — last modified Feb 08, 2013 10:29 AM

Published: 2013-02-08 10:29:29
Countries: Spain

Wealth tax

In 2008 the Spanish government decided to apply a 100% tax credit against each person’s liability for any payment due on their ‘Wealth tax’, but now this rule has been rescinded.

Anyone who spend more than 182 days in any calender year in Spain is regarded as resident for tax purposes.

This tax can be varied region by region and the Comunidad Valenciana (Valencia, Alicante and Castellón provinces), Islas Baleares and Madrid have decided that they will continue to apply the 100% tax credit, which means residents of these regions will not, therefore, pay the tax.

For tax years 2011 and 2012 this tax is payable by individuals whose net worldwide wealth exceeds seven hundred thousand euros. Currently, this tax is expected to only apply for 2011 and 2012, but in the current ecomomic climate this can change.

The rate of tax applied is 25% of the ‘imputed income’ available each year from the asset, which in the case of property is taken to be 2% of its value. This applies whether there is any actual income or not.

The total must be declared before the first of April 2013. Assets discovered after the declaration date will be taxed at over over 50% of the imputed income, plus 150% of the tax due.

So, if you are a Spanish tax resident with a valuable boat and maybe a house in UK as well, talk to your Spanish accountant or Gestor! And if you haven't got one, find one!

Complied with help from Jim Baerselman’s website

See http://jimbsail.info
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