Whether wealth tax is payable in Spain, and how much, depends on the region. In response to the abolition of wealth tax in several Spanish regions, the State introduced a new “solidarity tax”, which applies whenever no wealth tax is payable and assets exceed €3,000,000 (€3,700,000 including the tax-free allowance). In some regions, however, wealth tax applies from as little as €500,000.
As a general rule, domicile should be equated with the concept of “residence”. If you are domiciled in Spain, for administrative and tax purposes you will, in principle, be considered a resident or “tax resident”. However, you should take care to ensure that your holiday home does not inadvertently become your main tax residence, since for those who unknowingly become subject to unlimited tax liability, their supposed “second home” can quickly turn into a tax trap.
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