Wealth Tax Spain: The Foreigner’s Filing Kit
You’ve filed your Renta. You’re breathing a sigh of relief. But for many expats and property owners, there’s a second deadline lurking in June. It’s called Wealth Tax (Impuesto sobre el Patrimonio).
While Renta taxes what you earned last year, Wealth Tax taxes what you own on December 31st.
The “Magic Numbers” (Who has to file?)
Most expats don’t pay Wealth Tax. Here is why.
- The National Default: You only file if your net wealth exceeds €700,000.
- The “Bonus” for your home: Your main residence (vivienda habitual) gets a €300,000 deduction.
- *Visual: A house icon + €300k.*
- The Couple’s Advantage: If you own assets 50/50 with your spouse, you can often protect up to €2 Million before paying a single cent.
One more threshold: If your individual assets or rights exceed €2 Million (ignoring debts), you also have to file—even if you are under the €700k limit.
The Regional Postcode Lottery
Here is where Spain gets wild. Wealth Tax is actually regional.
- The “Tax Havens”:Madrid and Andalusia have effectively 0% Wealth Tax.
- But: Watch out for the new Solidarity Tax (we’ll get to that in a minute).
- The “Expensive” Zones: Catalonia and Valencia have much lower thresholds—sometimes starting around €500,000.
Your bill changes entirely based on your autonomía.
What Assets Do You Declare?
If you are a tax resident in Spain, you declare worldwide assets.
We are talking:
- Property & bank accounts.
- Investments & crypto.
- Even expensive cars or jewelry over €50,000.
How to File (The 2026 Deadlines)
- Form: You need Modelo 714.
- Deadline: June 30, 2026
Once you have completed the form, press the “Validate” key to check for errors, warnings, or alerts. In the case of errors, they must be corrected in order to continue.
If you don’t want to add any additional information, press “Formalize Income/Refund”, select the type of declaration and choose the payment method.
From the “Formalize Income/Refund” window you can also obtain a file with format PDF , adjusted to the current registry design, using the ” Export ” button located in the lower left corner.
