Yes, due to the crisis in Spain, and as a temporary measurement, the Spanish Wealth tax for individuals is applicable for the financial years 2011 and 2012.
As you may know, the Spanish Wealth Tax has been reactivated last 17th September 2011 as by Spanish Royal Decree-Law 13/2011 issued on the 16th September. Since 2008, the Wealth Tax was not taken out of Spanish Tax law but an 100% tax profit was introduced leaving the same without any effect.
This reactivation of Wealth Tax is a temporary measurement and, as per present Spanish Law, will only be applicable to the years 2011 and 2012. The corresponding Spanish Wealth Tax declaration should be presented in the years 2012 and 2013 together with the corresponding Deem Income Tax (Impuesto de la Renta de no Residentes) for non fiscal residents in Spain or the Income Tax (Impuesto de la renta de las personas físicas) for Spanish fiscal residents.
The mentioned Spanish Wealth Tax will be applicable for those individuals, resident or non fiscal resident, that do own assets above 700,000 €, valued using the tax rules and criteria’s set by out by the Spanish Inland Revenue.
Do not hesitate to contact Arcos & Lamers Asociados who will have the pleasure to inform efficiently on your Spanish tax obligations.
NOTE: The above lines are solely for information purposes and not legally binding as general practice, law and requirements may change as from the date of drafting the above mentioned lines. The same or part of the contents of the same should not be reproduced, nor given to third parties, without the authorization of Arcos & Lamers Asociados, a Spanish Tax Lawyers located in Marbella, from where services throughout Spain are developed. Spanish tax advisers that offer among other services, Spanish fiscal, legal and accounting advice, advice on purchase and sales of Spanish property, Inheritance procedures in Spain, preparation of contracts, advise with regards to a Will in Spain, etc.
Please do not hesitate to click into www.arcos-lamersasociados.com for additional information on this Spanish law firm.
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