Thursday, 01 January 2015 00:00

Wealth tax for residents

The reason for this article is mainly to solve in a formulaic way the doubts rose to many of our clients when deciding whether to become a resident for tax purposes or not.

We will give an answer to the main questions they ask:

Do I have to include my entire wealth outside Spain if I am living in Spain?

Yes, you must include all assets in the declaration from the moment you become a resident in Spain.

Is the value from my main home part of Assets?

Your first home is part of your heritage, even though many Autonomous regions do not take this into account when calculating the tax base of the wealth tax for residents, i.e., it is deducted or there is a significant amount up to a certain limit. It is convenient to be registered in your first house to avoid that tax authorities incorporate the value from the property to the tax base.

Published in News and Publications
Friday, 09 January 2015 00:00

Negative Taxes?

Regarding fiscal reform to support for families and for economic recovery the final step by the Spanish government is to obtain in advance, as a payment on account, the 3 new deductions from personal income tax. Therefore, this is not a support or a benefit to families or to the economy in a narrow sense, but just an advance of negative taxes. And those who prefer to obtain it in advance, then they will have to compensate their income tax return to avoid “unpleasant surprises”.

Published in News and Publications

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