Spain Wealth Tax 2026: €700,000 Exemption, Regions and Non-Residents

Spain’s wealth tax (Impuesto sobre el Patrimonio) charges a yearly tax on your net assets. By default the first €700,000 is exempt, plus up to €300,000 for your main home, but each region can change the allowance and give relief. A separate state tax applies to fortunes above €3 million, and it is still in force.

What is taxed and when

The tax covers the net wealth of individuals: assets and rights, minus the debts and charges on them (art. 1 of Ley 19/1991). It accrues on 31 December each year and falls on what you own that day (art. 29).

The default scale applies where a region has not set its own (art. 30):

Taxable base (after allowance)	Rate on the slice
Up to €167,129.45	0.2%
€167,129.45 to €334,252.88	0.3%
€334,252.88 to €668,499.75	0.5%
€668,499.75 to €1,336,999.51	0.9%
€1,336,999.51 to €2,673,999.01	1.3%
€2,673,999.01 to €5,347,998.03	1.7%
€5,347,998.03 to €10,695,996.06	2.1%
Above €10,695,996.06	3.5%

Two reliefs sit in the law. Your main home is exempt up to €300,000 (art. 4, ninth paragraph). And the combined wealth tax and income tax cannot exceed 60% of your income tax base (art. 31), a cap the Tax Agency says now applies to non-residents too after Supreme Court rulings of October and November 2025.

Example with the default scale. Net wealth of €1,000,000, with the main home inside it. Subtract the €700,000 allowance: the base is €300,000. The first €167,129.45 costs €334.26 and the remaining €132,870.55 at 0.3% costs €398.61. The tax is €732.87 before any regional bonus or the 60% cap. If the home is worth €300,000 or more, it is exempt first, and the base drops further.

The solidarity tax above €3 million

Ley 38/2022 created the Temporary Solidarity Tax on Large Fortunes (art. 3). It applies to people whose net wealth exceeds €3,000,000, and it takes the same €700,000 allowance. Its scale then runs on the base after that allowance: 0% on the first €3,000,000 of base, 1.7% on the slice to €5,347,998.03, 2.1% to €10,695,996.06, and 3.5% above. In practice no tax is due until net wealth passes about €3.7 million, but you are in scope (and must file) from €3 million. The state manages it and regions cannot cede or change it. Wealth tax you actually paid is deducted from it.

“Temporary” is misleading. The Tax Agency’s 2025 wealth tax manual states that Royal Decree-Law 8/2023 extended it until wealth taxation is reviewed in the reform of regional financing. The consolidated BOE text we checked on 7 October 2026 shows no end date, so it applies for 2026. Many regional reliefs were written to switch off or change while the state tax is in force (see below).

Residents and non-residents

	Resident in Spain	Non-resident
What is taxed	Worldwide net wealth (art. 5.1.a)	Only assets located in Spain, or rights exercisable there (art. 5.1.b)
Allowance	Region’s amount, or €700,000	The same allowance applies (art. 28.3)
Which region’s rules	Where you are resident	The region where the largest value of your Spanish assets sits (additional provision 4)

Residence follows the income tax tests: see Spanish tax residency. A resident gets credit for similar tax paid abroad (art. 32). Non-residents holding Spanish shares in unlisted entities whose assets are at least 50% Spanish real estate are taxed on them as Spanish assets (art. 5.1.b).

People under the Beckham regime pay as non-residents, on Spanish assets only. A resident with large foreign holdings also has an information duty on the modelo 720.

Regional differences

Wealth tax revenue goes to the regions, which can set the allowance, the rate scale and bonuses. These are the 2025 tax year figures in the Tax Agency’s manual, the latest it has published. Values for 31 December 2026 are not yet in an official manual.

Region	Allowance (2025)	Notes from the Tax Agency
State default (regions with no rule)	€700,000	Art. 28 of Ley 19/1991
Madrid	€700,000	The 100% general bonus does not apply while the solidarity tax is in force. Instead, a bonus equal to the difference between the wealth tax quota and the solidarity tax quota, each after the joint limit. Where the solidarity tax is nil, the bonus in practice covers the whole wealth tax quota
Andalusia	€700,000 (€1,250,000 or €1,500,000 for disability of 33% or 65%)	Same replacement bonus as Madrid while the solidarity tax is in force, under Law 5/2021
Comunitat Valenciana	€1,000,000	Set in Law 13/1997, art. 8
Catalonia	€500,000	Código tributario de Catalunya, art. 621-1
Extremadura	€500,000	Higher for disabled taxpayers
Balearic Islands	€3,000,000	Law 12/2023, final provision 2.13
Aragon, Canary Islands, La Rioja	€700,000	La Rioja set it from 1 January 2025

Madrid and Andalusia are often described as “no wealth tax”. The manual’s wording is narrower: the bonus now tracks the solidarity tax, so the relief is largest for wealth below the solidarity tax’s reach. The Basque Country and Navarre have their own regimes and are not covered here.

Filing

You must file if your wealth tax comes to an amount to pay, or if your assets and rights are worth more than €2,000,000 even when nothing is due. This applies to residents and non-residents alike. For the 2025 tax year the window ran from 8 April to 30 June 2026, with 25 June as the last day for payments by direct debit. Expect the same pattern for the 2026 tax year, filed in spring 2027, but confirm the dates when the Tax Agency announces the campaign.