Wealth Tax Advice

1. Description

The Wealth Tax is an annual levy on the net value of global assets for tax residents, and on Spanish-situated assets for non-residents, exceeding applicable exemption thresholds.

2. Official Form

Submit Model 714 (“Wealth Tax Return”) to the AEAT between April 1 and June 30 each year.

3. Tax Form

No separate tasa code applies. The tax due is self-assessed and paid through the electronic filing of Model 714, which generates the corresponding payment reference.

4. Required Documentation

• Itemized statement of assets and liabilities as of December 31.
• Real estate valuations or cadastral references.
• Bank statements and investment portfolio reports.
• Proof of applicable regional exemptions or allowances.

5. Key Requirements

• Exemption thresholds vary by region (e.g. €700 000 national, up to €1 000 000 in Madrid).
• Progressive rates from 0.2% up to 3.5% on net assets over the threshold.
• Filing window: April 1–June 30 each year.
• Non-residents report only Spanish-located assets above the threshold.