Spanish Wealth Tax Abolished
The Spanish wealth tax, known in Spain as ‘patrimonio’ (Impuesto sobre el Patrimonio), has been abolished by Spain’s socialist government, fulfilling an electoral promise made 4 years ago before the Socialists took power.
The wealth tax has been abolished as of 01/01/2008, so the change does not affect tax declarations for the tax year 2007.
For most non-resident property owners the tax bill for the wealth tax was never very big but for most owners will nevertheless be welcome at a time when municipal taxes, mortgage rates, and other overheads for property owners are on the rise.
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