Spain Scraps Wealth Tax

July 1, 2008

Spanish residents and property owners should have one less tax to worry about – wealth tax is being abolished. It was on 18th April 2008 that the Council of Ministers approved a measure to get rid of wealth tax in Spain from 1st January 2008. The measure has to go through Parliament and be approved by the Congress of Deputies and the Senate before it becomes law in Spain. Assuming the proposal is approved by Parliament, the last assessment date for wealth tax will be 31st December 2007, with the final wealth tax bill being paid around now in 2008. This will come as good news to those thinking of moving to Spain as Spanish residents will have one less tax to pay. UK residents who own property in Spain will also feel the benefit of no more wealth tax payable on their property. If you purchased property after 1st January 2008 there will be no wealth tax due on the asset providing the abolition of wealth tax becomes law and is effective from 1st January 2008. For an extensive choice of new and off plan property for sale in Spain on the Costa Blanca and Costa Calida, visit the Novocasa website.