Yes, due to the crisis in Spain, and as a temporary measurement, the Spanish Wealth tax for individuals is applicable for the financial years 2011 and 2012.
As you may know, the Spanish Wealth Tax has been reactivated last 17th September 2011 as by Spanish Royal Decree-Law 13/2011 issued on the 16th September. Since 2008, the Wealth Tax was not taken out of Spanish Tax law but an 100% tax profit was introduced leaving the same without any effect. Read more »
Dear Sir,
Are you the owner of a property in Spain but a non-fiscal resident? If this is the case, you should know that it is compulsory as per Spanish Legislation to pay a tax to the Spanish Inland Revenue, which is due for owning your property in Spain. This is the Non-Resident Income Tax, which is different to the Real Estate Tax “IBI”, a local tax to be paid to the Local Town Hall of where the property is located.
The Non Resident Income Tax is to be paid to the National Government, being a consequence of owning one or more properties in Spain. In addition, pursuant to a law approved by the governing Council in October2011, atemporary restoration of Wealth Tax has taken place in Spain with the particularity that there is a minimum exemption of 700.000 Euros, taking into account that there is a 10% surplus on a general scale applicable for those properties located in Andalucía. Read more »
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