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Wealth Tax comes again 2012

“NEW” WEALTH TAX 2011 and 2012 TO RESIDENTS AND NON RESIDENTS  WITH PROPERTIES IN SPAIN.

In November last year 2011 entered in force the law Real Decreto Ley 13/2011, which “restart” the Wealth Tax in Spain, to Spanish Residents, and to those Non Residents with rights and properties in Spain.

This tax was never cancelled, just left in “Stand By” in 2008. Now it has been re-started for 2011, and 2012.

HOW WILL THIS AFFECT TO SPANISH FISCAL RESIDENTS?

Spanish fiscal residents must declare, and pay, in Spain, for all the assets, real estates, etc obtained in Spain or in any other country in the world (UK, Germany, Russia, etc.).

And all the Spanish residents will be taxed for this tax for global Wealth higher from 700.000 EUR. It means that individuals with Wealth less than this amount will not be taxed.

Each individual will be allowed to reduce the Wealth with determinate debts, charges and expenses (like a mortgage for example).

Once made some reduction on the tax base, the tax will be from a progressive scale from 0,2% up to 2,5 %.

HOW WILL THIS AFFECT TO NON RESIDENTS IN SPAIN?

Non residents in Spain will be only taxed for the assets and real estate that they could own in Spain.

It is important to know that also in this case, this tax will be in application for individuals with Wealth in Spain valued in more than 700.000 EUR. This is because this tax was considered to be in application only to “High Wealth” individuals in Spain.  

As in the resident’s case, each individual will be allowed to reduce the Wealth with determinate debts, charges and expenses (like a mortgage for example).

Once made some reduction on the tax base, the tax will be from a progressive scale from 0,2% up to 2,5 %.

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