The wealth tax is a direct, and personal tax. In other words, it is a tax that does not take into account the income or salary/pensions or profits of individuals, but which directly affects the personal assets of individuals.
In other countries like France, UK, etc., it is known as tax on fortune, or tax on wealth.
It taxes the value of the ASSETS (properties, rights, bank accounts, shares, cars, etc) whcih belong individually to a person.
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- If case you are not a Spanish resident: Then, this tax is levied on the assets you may own in Spain
- If case you are a Spanish resident: then this tax is levied on ALL assets you may have in Spain, and in any other country in the world.
It is a tax that is derived to the autonomous communities, with which its calculation, its discounts, and its conditions depend on the region in which the citizens’ assets are located.
Therefore, we establish a summary of the different regulations of this tax with respect to the different regions. Thus, and to serve as an example, we establish the following:
- Andalucía (0,24%-3,03%);
- Baleares (0,28%-3,45%);
- Cataluña (0,21%-2,75%); Minimum exempted 500.000 EUR
- Región de Murcia (0,24%-3%)
- Comunidad Valenciana (0,25%-3,12%); Minimum exempted 600.000 EUR
- Madrid: 100 % exempted up to 2.000.000 EUR