Wealth tax was restored in Spain due to the economic crisis, initially on a provisional basis for two tax years, but its application has been standardised and it is levied annually.
Although each Autonomous Community has its own allowances, reductions and applicable limits, since it is a tax transferred to the autonomous communities, as a general rule, for Spanish residents it taxes the holding of assets, whether goods, money, funds, etc., and in certain cases debts and obligations can be deducted.
We will analyse the value of all your assets, obligations and debts to determine whether you are obliged to file the tax or not, as there is a minimum exemption depending on the autonomous community, and in the event that you have to file it, we can offer you tax planning to reduce your taxation in subsequent years.