The three personal wealth-tax routes
| Status | Assets normally in scope | Regional rules | Debt deduction |
|---|---|---|---|
| Ordinary resident | Worldwide wealth | Community of residence | Qualifying debts |
| Non-resident | Spanish-located assets and rights | Option for region holding the highest-value Spanish assets | Only connected debts |
| Beckham / Article 93 | Spanish-located assets and rights | Option for region of residence | Only connected debts |
Ordinary tax residence brings worldwide wealth into view
A person resident in Spain is generally liable by personal obligation: assets and rights are considered regardless of where they are located. The usual state reference includes a €700,000 exempt minimum and up to €300,000 for a qualifying main home, but autonomous communities can set their own minimums, scales, deductions and rebates. Business interests and other statutory exemptions need a separate review.
Non-residents are taxed only on Spanish-connected wealth
A non-resident is liable by real obligation. The calculation covers assets and rights located, exercisable or payable in Spain, together with debts and charges directly connected with them. A foreign investment portfolio is therefore not pulled into Spanish Wealth Tax merely because the individual owns a holiday home in Spain. Anti-avoidance location rules can, however, bring certain non-listed company interests into scope when at least half of the underlying value consists of Spanish real estate.
Beckham-regime taxpayers follow the real-obligation route
A person using the special impatriate regime under Article 93 is a Spanish personal-income-tax taxpayer, but Wealth Tax is limited to Spanish assets and rights. AEAT also recognises the option to apply the rules of the autonomous community where the person resides. This distinction is important: the special income-tax regime does not automatically make a foreign portfolio part of the Spanish Wealth Tax base.
Which regional rules can a non-resident choose?
Since 11 July 2021, every non-resident—not only EU or EEA residents—may opt for the legislation of the autonomous community where the highest value of their Spanish taxable assets and rights is located. The option applies the community’s rules as a whole; it is not a menu from which individual allowances or rebates can be selected. Navarre and the Basque Country have foral systems and fall outside this simplified common-regime calculator.
Form 714: paying tax and filing are different tests
Wealth Tax accrues on 31 December. Form 714 must be filed when tax is payable or when the gross value of assets and rights exceeds €2 million, even if exemptions, debts or regional rebates leave no tax to pay. The second test is gross: debts and charges are not subtracted. For a taxpayer under real obligation, the test is applied to the Spanish wealth that enters that obligation.
Large Fortunes tax is a separate state calculation
The Temporary Solidarity Tax on Large Fortunes (ITSGF) complements Wealth Tax. It has a €700,000 exempt minimum and its scale applies 0% to the first €3 million of taxable base, then 1.7%, 2.1% and 3.5%. Wealth Tax effectively paid is deducted, preventing the same base from being charged twice. Form 718 is filed only when ITSGF produces tax payable. The tax remains in force pending the statutory review linked to reform of regional financing.
Worked examples
A non-resident has €300,000 of connected mortgage debt. Net Spanish wealth is €900,000. With the state €700,000 minimum and no main-home exemption assumed, the reference Wealth Tax is about €433 before any regional option.
A non-resident has €500,000 of connected debt. The net calculation starts at €1.8m, but gross assets exceed €2m, so Form 714 is required even if a regional rule later removes the payment.
Net worldwide wealth includes a €300,000 qualifying main home. After that exemption and the state €700,000 minimum, the taxable base is €500,000 and the state-scale estimate is about €1,664.
Valuation and ownership can matter more than the headline rate
Spanish real estate, bank balances, securities, insurance rights, usufructs and private-company interests do not all use the same valuation rule. Jointly owned assets are allocated according to legal ownership, and the tax is individual rather than a joint household return. A mortgage is not automatically deductible in full: under real obligation it must be connected with the Spanish asset, and financing used to acquire an exempt asset may be restricted.
Common questions
Does owning a Spanish home automatically create Wealth Tax?
No. The value, connected debt, exempt minimum, applicable regional rules and other Spanish assets determine whether tax is payable. Annual non-resident income tax and local IBI are separate.
Does the €2 million threshold mean I owe tax?
No. It is an additional Form 714 filing trigger based on gross assets and rights. The payable amount is calculated from net taxable wealth after applicable exemptions and rules.
Are my foreign investments taxed under the Beckham regime?
Not under Wealth Tax merely because you use Article 93: Beckham taxpayers are liable by real obligation on Spanish assets and rights. Other income, reporting and anti-avoidance rules should be reviewed separately.
Can a non-resident use Madrid’s or Andalusia’s rules?
The regional option is tied to the autonomous community where the highest value of the person’s Spanish taxable assets and rights is located. It is not a free choice between all 17 regions.
When are Wealth Tax and Large Fortunes measured?
Both accrue on 31 December. Filing takes place in the following campaign under the applicable annual forms and deadlines.
Official sources
- AEAT · Wealth Tax liability for non-residents
- AEAT · Real-obligation taxpayers and Article 93
- AEAT · Autonomous-community option for non-residents
- AEAT · Form 714 filing conditions
- AEAT · Who files Large Fortunes tax
- BOE · ITSGF statute and consolidated scale
- Project methodology and limitations