Wealth and solidarity taxArticle 1 of 5 · 4 min read
Spanish wealth tax (Impuesto sobre el Patrimonio) for residents
Explains whether Spanish wealth tax applies to you as a resident, what it counts, which allowance and home exemption reduce it, how the rates and the income-based cap work, and how couples are treated.
Key rules
- Who is taxed: Residents are taxed on worldwide net assets; non-residents only on assets in Spain.
- Per person: Each spouse or partner is taxed separately, with no joint return.
- Regions: Regions can change the allowance, home exemption and rate scale, so check your region.
Does wealth tax apply to you?
If you are a tax resident in Spain, yes, it can. You are taxed on your net assets worldwide, not only those in Spain. Net means what you own minus debts that are linked to those assets. Non-residents are taxed only on assets located in Spain.
Only wealth above the allowance is taxed. Many residents therefore owe nothing, but check your figures each year.
What is measured, and when
Your net wealth is measured on 31 December each year. What you own on that day counts, whatever happened earlier in the year. Include bank accounts, investments, property, vehicles and other valuables, wherever they are.
The allowance and the main-home exemption
The state allowance is 700,000 EUR per person. Your main home is also exempt, up to 300,000 EUR. These two work together. The home exemption takes the home's value down first, then the allowance applies to the rest.
Regions can set different figures, so check the rules of the region where you live. The figures here apply where a region has not set its own.
Rates
Rates are progressive, so only the slice of wealth in each band is taxed at that band's rate. The state scale starts at 0.2% on the first band of taxable wealth. It rises in steps to 3.5% on the very largest fortunes. Most people near the allowance are in the lowest bands. Regions can set their own scales, so the rate you pay depends on where you live.
The 60% cap
Wealth tax has a ceiling linked to your income. Wealth tax plus income tax cannot exceed 60% of your income tax base. If they would, your wealth tax is reduced. The reduction has a floor: at least 20% of the wealth tax is always payable. Income and taxes from exempt items are left out of this calculation.
Couples: each person is taxed separately
Wealth tax is assessed per person. There is no joint return. Each spouse or partner has their own allowance and their own return. How assets are split depends on how they are held. The choice below shows the three common cases: one name, both names, or a shared-property regime (gananciales), where assets are split half each.
Filing
The step-by-step guide below shows how to file and pay.
Choosing between options
How are your assets counted for wealth tax if you are married or have a partner?
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Assets in one person's name only: The asset is titled to one of you, so it counts only for that person, whatever your marital regime.
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Assets held jointly in both names: The title lists both of you, so each person is taxed on their own share.
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Assets under a shared-property regime (gananciales): You married under gananciales, where assets acquired during the marriage are split half each between you.
Wealth tax is individual, so there is no joint return: each of you is taxed on what is yours by title, or by your marital property regime, and each gets their own allowance.
Filing wealth tax and solidarity tax returns step by step
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Work out whether you must file: before the campaign opens
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Pick the right return: Modelo 714 for wealth tax, Modelo 718 for the solidarity tax: before you start
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Get online access: electronic certificate, electronic DNI or Cl@ve: before you start
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File online on the tax agency's electronic office (paper filing is generally not offered; tax offices can help by appointment): from early April to 30 June
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Choose how to pay: direct debit from a Spanish IBAN account, card or online banking, or a reference number (NRC) from a partner bank that you quote when filing: when you file
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File early if you want to pay by direct debit: a few days before the end of the period, around 25 June
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Ask for a deferral if you cannot pay in one go, since instalments are not automatic: when you file
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If you file late on your own, expect a surcharge of 1% plus 1% for each full month of delay, up to 12 months, with no interest; the surcharge drops by 25% if you pay on time: after 30 June
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After 12 months of delay the surcharge is 15% plus late-payment interest; if the tax office contacts you first, ordinary penalties apply instead (50% of the unpaid amount at the lowest level): more than 12 months late or after a tax office notice
Quick answers on who owes Spanish wealth tax
Does the main-home exemption cover my whole home?
No, your main home (vivienda habitual) is exempt only up to 300,000 EUR of its value. Any value above that counts toward your net wealth, and your region may set a different figure.
Do my spouse and I file wealth tax together?
No, wealth tax is assessed per person, so each of you files and gets your own allowance. Assets count for the owner named on the title, and under a community property regime such as gananciales each spouse is taxed on half.
Do I have to file if my wealth is below the allowance?
Usually no, because you only have to file when there is tax to pay after deductions. The exception is gross assets above 2,000,000 EUR, where you must file even if nothing is due.
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