Politicians, considering the difficult economic situation in Spain, decided to bring back the Wealth Tax, which had been eliminated from the taxation system.
The wealth tax is a tax that takes into account your total assets (property, vehicles, jewelry, furs, antiques, intellectual property rights, savings and other financial assets), but not your income.
Spanish wealth tax limits & allowances.
First €700.000 assets worth of every each individual are exempt from tax.
If you are an Spanish resident, you can deduct €300.000 from the value of your family home before adding it to the total assets base determination.
Taxation of husband and wife.
Each person pays tax independentely. Jointly owned properties (and other assets) are split between the two owners. Regarding the family home, the allowance is divided and each havbe a deduction of €150.000.
Spanish wealth tax rates
Once the wealth tax base has been calculated (total assets less exemptions), these rates apply: