January 4, 2024

Expansion of the Minimum Exempt Amount in Wealth Tax for Non-Residents

Expansion of the Minimum Exempt Amount in Wealth Tax for Non-Residents: Non-resident taxpayers must pay taxes in Spain out of personal obligation, meaning they are subject to taxation on the assets they hold in Spanish territory (above certain amounts), specifically the amount in wealth tax.

The two taxes applied are the Wealth Tax (WT) and the Temporary Tax on Solidarity of Large Fortunes (TTSLF).

In the Wealth Tax, non-resident taxpayers were excluded from the benefit of applying a minimum exemption of 700,000 euros, which resident taxpayers can apply.

Through RD-Law 8/2023, dated December 28, this minimum exemption is extended to non-residents. Consequently, the obligation to file the TTSLF falls upon those non-resident taxpayers with assets in Spanish territory exceeding 3,700,000 euros.

The application of this minimum exemption has retroactive effects, allowing for the amendment of the 2022 tax return (filed in July 2023) and requesting tax refunds.

From Feliu N&I, we can provide support to rectify your declaration and request the return of undue income, as it is not automatically applied. Contact us!

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