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Restoration of Wealth Tax. Consequences for non-resident homeowners in Spain


Royal Decree-Law 13/2011, of September 16 resets the Wealth Tax, temporarily, which may affect the taxation of nonresidents. Some of these latter will have to pay Wealth Tax, which was ceased to be applied in 2008.

During the years in wich the tax was in force (until 2008), non-residents were obliged to pay tax on the ownership of a property. Not being residents, that property could not be considered as principal residence and property were obliged to pay taxes, whatever it was the value of the property.

From now on, non-resident will have to pay, by real obligation, for economic goods located in Spain, but only from 700,000.00 euros. The Autonomous Region may set a higher limit.

It is also set up the obligation to appoint a fiscal representative when operating through a permanent establishment or when by the size and characteristics of the assets of the taxpayer is required by the Administration, with fines, in the event of default, of 1,000 euros.

In short, apart from local taxes, non-residents individuals will be subject to the following taxes:

  • Wealth Tax, when the value of goods located in Spain was higher than 700,000.00 euros.
  • Non-resident Income Tax. The mere ownership of a property, even if it is not rented, also generates income and therefore an annual tax.

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