The Wealth Tax is a tax assigned by the State to the Autonomous Community which is imposed on the net assets of individuals.
Non-resident taxpayers are obliged to file a declaration for Wealth Tax in any of the following circumstances
– Their tax liability, determined in accordance with the regulations governing this tax, and once the appropriate deductions or allowances have been deducted, results in the payment or
– When, in the absence of the above circumstance, the value of your goods or rights, determined in accordance with the regulations governing the tax, is greater than 2,000,000 euros.
This tax is imposed on the taxpayer’s ownership of his net estate at 31 December each year. The net estate is made up of all the goods and rights of an economic content which he owns, with a deduction for charges and taxes which reduce their value, as well as for personal debts and obligations for which he is liable. The taxable amount will be reduced, as a minimum exemption, by EUR 700 000. The scale of tax rates is as follows:
|Payable Base Up to|
|Rest payable base Up to|
The information provided by the Comunidad Autónoma de les Illes Balears can be consulted here.
The above is only an outlook of the basics. if you wish to obtain the complete information and advise applicable to your case, please contact us.