In Spain, the Wealth Tax (Impuesto sobre el Patrimonio) is a direct tax levied on the net value of an individual’s assets. This tax applies to both residents and non-residents holding assets within Spain, with specific obligations and exemptions outlined by law.
Taxpayers (Sujeto Pasivo): Individuals are subject to the Wealth Tax based on their residency status:
Residents: Taxed on worldwide assets.
Non-Residents: Taxed only on assets located within Spain.
Taxable assets: The tax encompasses a wide range of assets, including:
Real estate properties.
Bank accounts and financial investments.
Luxury items such as vehicles, boats, and jewellery.
Business interests and shares.
Exemptions and allowances: Certain assets may be exempt or subject to allowances, such as:
Primary residence up to a specified value.
Business assets meeting specific criteria.
Filing deadlines: The Wealth Tax declaration is typically filed alongside the Personal Income Tax return, with deadlines usually falling between April and June of the year following the tax year.
At Svelsan International Lawyers, we offer comprehensive services to ensure your compliance with the Wealth Tax regulations:
Asset evaluation: We assess your asset portfolio to determine taxable values and applicable exemptions.
Documentation preparation: Our team meticulously prepares all necessary documentation for your tax return.
Timely filing: We ensure that your Wealth Tax return is filed punctually, adhering to Spanish tax deadlines.
Entrust Svelsan International Lawyers to manage your Wealth Tax obligations with professionalism and expertise, allowing you to focus on your personal and financial goals.
