Spain taxes non-residents on assets above 700,000 euro exemption threshold

Non-resident owners of Spanish assets face a €700,000 exemption line before Wealth Tax bites and a second threshold at €3 million that pulls them into the Solidarity Tax on Large Fortunes.

The two thresholds that trigger a bill

Spain taxes non-residents on the net value of assets located inside the country as of Dec. 31 each year. Real estate, Spanish bank balances, securities held with Spanish brokers and other locally situated investments all count.

The filing form is Modelo 714 and it's due by June 30 of the following year. Non-residents file on the same timeline as residents, electronically, using an electronic certificate or Cl@ve PIN.

Two figures decide who owes what:

• €700,000 ($756,000): the national exempt threshold per person. Net Spanish assets above this line generate Wealth Tax at progressive rates from roughly 0.2% to 3.5%.
• €2 million ($2.16 million): the gross-asset test. Cross it and Modelo 714 must be filed even when calculated tax is zero.
• €3 million ($3.24 million): the entry point for the Temporary Solidarity Tax on Large Fortunes (ITSGF), filed on Form 718. Wealth Tax already paid is credited against it.

What the numbers mean for a nomad budget

A non-resident holding a €1.2 million ($1.3 million) Barcelona apartment with no Spanish mortgage sits roughly €500,000 above the exemption. At the lower brackets, that produces an annual Wealth Tax bill in the low four figures, but a highly leveraged purchase with deductible Spanish debt can pull net wealth back under the line entirely. The tax is per person, so joint owners each get their own €700,000 allowance, effectively doubling the shelter on a co-owned property.

For portfolios and property stacks above €3 million, a June 29, 2026 amendment to Form 718 now lets non-residents apply the combined 60% income-base cap that limits Income Tax, Wealth Tax and ITSGF together. That's a meaningful ceiling for high-value holders who previously watched the solidarity tax stack on top with no relief.

Anyone weighing a property purchase or extended base in Spain should model the year-end asset snapshot before signing, not after. More on tax residency triggers and asset rules sits in the Spain guide.