Wealth Tax (Modelo 714) in Spain

Who it is for

Wealth tax is a yearly tax in Spain on the total value of what a person owns, minus what they owe. This service is for residents and non-residents who own things in Spain and have to pay it, such as homes, savings, investments and valuable items. The rules and allowances differ from region to region, which can be confusing for people from abroad.

What you need

• A clear list of what you own in Spain, and worldwide if you live in Spain for tax purposes.
• The value of each item on 31 December of the tax year, and any debts or loans.
• Knowing whether you count as a tax resident of Spain, as this changes what is taxed and which allowances apply.

How it works

• A first meeting about what you own, where you are tax resident and any concerns.
• Working out the total value that is taxed, after debts.
• Finding the rates, allowances and exemptions that apply in your region.
• Preparing the tax form, called form 714, and sending it to the tax office between April and June.
• Advice on lawful ways to lower the tax, such as using exemptions or rearranging investments.
• Help with any later questions about this tax.