What Do Changes to Andalusia’s Wealth Tax Mean for Homeowners? Both resident and non-resident property owners in Andalusia are now exempt from paying Spain’s wealth tax, resulting in an average saving of €5,000 (US$4,933) per household
Every week, Mansion Global poses a tax question to real estate tax attorneys. Here is this week’s question.
Q: I’m British and own a home in Andalusia. I hear taxes have changed for the wealthy. How could this affect me?
Andalusia has scrapped its wealth tax, which previously applied to residents and second-home owners with worldwide or Spanish assets in excess of €700,000 (US$688,000).
The wealth tax is a state tax law, but its collection is assigned regionally, explained Julio Prieto, a barrister at Del Canto Chambers, a London-based international tax and legal team. Andalusia “has introduced an allowance of 100% to the applicable tax base,” meaning that property owners in the region are now exempt from payment.
What Do Changes to Andalusia’s Wealth Tax Mean for Homeowners? Read the full article published in Manson Global by clicking here
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