For residents the tax applies to worldwide wealth.
Net taxable wealth (NTW) is taxable at rates of up to 2.5 per cent per annum.
To arrive at NTW each taxpayer (whether resident or non resident) may deduct EUR700,000.
Additionally each taxpayer may deduct up to EUR300,000 in respect of the habitual residence but only if resident. For example a resident married couple who jointly own their principal private residence worth more than EUR 600,000 would be allowed to deduct a total of EUR 2,000,000.
The NTW is then subject to tax on the following scale:
|Taxable Base||Tax Due||Excess||Rate Applicable|
|Up to Euros||Euros||Up to Euros||%|
Are only liable to tax on assets withinSpain. The scale is the same but understandably deduction of EUR300,000 in respect of the habitual residence does not apply to Non Residents
Please note: The information contained in these pages is given without charge and without responsibility. It is not a substitute for proper professional advice which we shall be happy to give if so instructed.