Spain taxes non-residents on assets above 700,000 euros by June 30

How Spain’s wealth tax works

Spain’s Impuesto sobre el Patrimonio applies to non-residents only on assets located in Spain, including real estate, bank accounts at Spanish entities, shares in Spanish companies and certain securities. A €700,000 allowance applies per taxpayer, but the €300,000 primary residence exemption doesn't.

If Spanish net assets top €2 million, filing Modelo 714 is mandatory even when no tax is due. For higher holdings, the national solidarity tax kicks in on Spanish assets above €3 million, with rates running from 1.7% to 3.5%.

Who gets caught by it

The filing mainly matters for expats and investors with Spanish property or local accounts. Digital nomads who stay under 183 days a year and remain non-resident aren't taxed on worldwide assets, though they can still be pulled in if they hold enough Spanish assets.

Tourists without Spanish assets are unaffected. Madrid still offers 100% relief on the standard wealth tax, but that doesn’t wipe out filing duties in every case and doesn’t block the solidarity tax.

What to do before the June deadline

For 2025 assets, Modelo 714 must be filed online between April 1 and June 30, 2026, using an electronic certificate, Cl@ve PIN or reference number. Returns are based on asset values on Dec. 31 and filed net of debts.

Read our full Spain guide for the complete picture. For more visa updates, keep an eye on filing rules, tax deadlines and residency changes.