Wealth Tax Return
Do You Own Property in Spain?
Find Out if You Must File a Wealth Tax Return
Owning property in Spain comes with tax responsibilities—one of them is the Wealth Tax Return, especially if your net assets exceed certain thresholds.
At Fuster & Associates, we help international property owners navigate this tax clearly, safely, and stress-free.
What Is the Wealth Tax Return?
The Wealth Tax is an annual tax on an individual’s net assets, including real estate, bank accounts, investments, vehicles, life insurance, and other holdings located in Spain.
This tax is filed using Form 714 with the Spanish Tax Agency and is applicable to both residents and non-residents who exceed specific asset limits.
Who Is Required to File a Wealth Tax Return?
Spanish Tax Residents
- Must declare worldwide assets, not just those in Spain.
- Generally required if net assets exceed €700,000, though this threshold may vary by region.
Non-Residents (Foreigners with Assets in Spain)
- Only required to declare assets located in Spain.
- Filing is mandatory if net assets in Spain exceed €700,000.
Important: The main home is exempt up to €300,000—but only for tax residents in Spain.
Requirements and Necessary Documentation
To file your Wealth Tax Return correctly, you will need:
NIE and passport
Cadastral value and purchase value of your property
Documentation of Spanish bank accounts
Proof of other assets (vehicles, insurance, investments)
Information on mortgages or debts tied to assets
Past tax filings, if applicable (Form 714)
Wealth Tax Return Process
Step 1: Tax Profile Assessment
We review your fiscal residency and estimate your total net worth.
Step 2: Collecting Documentation
We guide you through gathering the necessary documents.
Step 3: Tax Calculation
We calculate your net wealth, apply exemptions, and prepare Form 714.
Step 4: Official Submission
We submit the declaration electronically within the official filing period (typically April to June).
Step 5: Follow-up Assistance
We assist with any post-submission requests or clarifications from the Spanish Tax Agency.
Common Mistakes and How To Avoid Them
Some frequent issues include:
- Failing to declare due to lack of awareness
- Incorrect asset valuation
- Missing out on available exemptions
- Filing late
At Fuster & Associates, we prevent these mistakes with our specialized expertise assisting hundreds of international property owners each year.
Benefits of Professional Advice from Fuster & Associates
✔ Guaranteed compliance with Spanish tax law
✔ Time savings and risk reduction
✔ Legal optimization of your wealth tax liability
✔ Support in your language (English, Dutch, French, Polish…)
✔ Ongoing legal assistance in case of audits or notices
Let Us Handle the Process for You!
At Fuster & Associates, we have a team of immigration experts with extensive experience in processing the Spanish Income Tax Return. We know how to avoid common mistakes in document submission, ensuring that each application meets all the necessary requirements to maximize the chances of approval. From document collection to filing appeals in case of denial, we handle everything so you can enjoy your new life in Spain stress-free.
If you are planning to settle in Spain in areas such as San Juan de los Terreros, Pulpí, Los Alcázares, La Zenia, Teulada, and Finestrat, our firm has strategically located offices to provide you with a personalized and close service. We have in-depth knowledge of the consular and administrative procedures specific to each region, ensuring a smooth and efficient process.
At Fuster & Associates, our team of immigration specialists will support you at every stage of the process to guarantee a successful application. From document preparation to handling appeals, we take care of everything so you can start your new life in Spain with peace of mind.
✉️ Contact us today and start living your new life in Spain with all the legal peace of mind you need.
FAQS
Frequently Asked Questions
What form is used for the Wealth Tax?
Form 714 is used to file the annual Wealth Tax Return.
When should I file the Wealth Tax Return?
Usually between April and June, along with your personal income tax return if applicable.
Do I need to file if I only own a small property in Spain?
It depends on your total assets. If your net worth in Spain exceeds €700,000, filing may be required.
Can I file from abroad?
Yes, the process can be completed online or through a fiscal representative like Fuster & Associates.
Do I need to pay Wealth Tax if I don’t live in Spain?
Yes, if your Spanish assets exceed the applicable thresholds.