Wealth Tax in Spain by Region in 2026

The Impuesto sobre el Patrimonio is an annual net worth tax levied by the state and administered by the autonomous communities. Residents pay on worldwide assets; non-residents pay only on assets located in Spain, which for most of our buyers means the property, the Spanish bank balance and any Spanish securities. The tax year matches the calendar year, with the filing window running from April to 30 June the following year via Modelo 714.

The calculation is straightforward in principle. Add up gross assets at reference value (property is the higher of cadastral, acquisition or administrative reference value), subtract deductible debts tied to those assets (typically the Spanish mortgage), apply the exemption, and run the balance through the applicable scale. Business assets, pension rights, art under certain thresholds and family-business shares meeting specific tests are exempt entirely.

Since 2021, non-residents tax-resident in another EU or EEA country, and from 2024 in any country at all following reforms triggered by EU court rulings, can elect to apply the rules of the autonomous community where most of their Spanish assets sit. For a British buyer with an apartment in Torrevieja, that means the Comunitat Valenciana regime applies, not the state default. The choice matters because Valencia is one of the stricter regions.

How does the wealth tax change by region in 2026?

Four patterns exist in 2026. First, regions that effectively charge nothing through a 100% bonification: Madrid and, since the 2022 reform, Andalucía and Galicia. Second, regions that broadly track the state scale with minor adjustments: Murcia, Castilla-La Mancha, Castilla y León, Canarias, La Rioja. Third, regions with their own, generally tougher scales: Catalunya, Illes Balears, Extremadura. Fourth, the Comunitat Valenciana, which cut the exemption to EUR 500,000 for most residents and runs a stiffer top rate.

The Basque Country and Navarra operate under the foral regime with their own wealth taxes, outside this comparison.

For property buyers on the Costa Blanca, Costa Cálida and Costa Almería, three regimes are relevant: Comunitat Valenciana (Alicante province, so Denia, Calpe, Torrevieja, Orihuela Costa, Guardamar), Región de Murcia (Los Alcázares, San Pedro del Pinatar, La Manga, Mazarrón) and Andalucía (Vera, Pulpí, San Juan de los Terreros, Mojácar).

Region	Exemption	Top marginal rate	Bonification	Effective bill on EUR 2M taxable wealth
State default	EUR 700,000	3.5%	none	roughly EUR 8,200
Comunitat Valenciana	EUR 500,000	3.5%	none	roughly EUR 10,600
Región de Murcia	EUR 700,000	3.5%	none	roughly EUR 8,200
Andalucía	EUR 700,000	3.5%	100% (see solidarity tax)	zero at regional level
Madrid	EUR 700,000	3.5%	100% (see solidarity tax)	zero at regional level
Catalunya	EUR 500,000	3.48%	partial, means-tested	roughly EUR 10,500
Illes Balears	EUR 3,000,000 (reformed 2023)	3.45%	none	zero below EUR 3M

Figures are indicative and assume a single filer with no main-home allowance applied. Always run the actual numbers against your own balance sheet with a tax adviser; brackets have moved several times since 2022.

What are the actual rates in Valencia, Murcia and Andalucía?

The Comunitat Valenciana scale starts at 0.25% on the first bracket above the EUR 500,000 exemption and climbs to 3.5% above roughly EUR 10.7 million. The reduced exemption is the sharp detail: a resident with EUR 650,000 of taxable Spanish wealth pays nothing under the state default but does pay in Valencia. For non-residents electing the Valencia regime because their only Spanish asset sits in Alicante province, the EUR 500,000 ceiling applies.

Murcia tracks the state framework closely in 2026. Exemption EUR 700,000, rates from 0.2% to 3.5%. There is no general bonification. A buyer with a EUR 900,000 villa in Los Alcázares financed with a EUR 300,000 Spanish mortgage has taxable wealth of roughly EUR 600,000, which falls below the exemption. Add a EUR 400,000 holiday apartment elsewhere in Spain and the bill is small but real.

Andalucía reintroduced the tax formally but applies a 100% rebate, so the regional bill is zero. For wealth above EUR 3 million, however, the state levies the Impuesto Temporal de Solidaridad de las Grandes Fortunas (ITSGF), colloquially the solidarity tax, introduced in 2022 and extended indefinitely. It uses its own scale (1.7% to 3.5% above EUR 3M) and credits any wealth tax already paid. The net effect: Andalucía and Madrid residents with net wealth above EUR 3M end up paying roughly the state wealth tax amount anyway, just under a different form (Modelo 718).

How do you file, and what is the solidarity tax on top?

The filing procedure in 2026:

1. Confirm whether you are tax-resident in Spain for the year (183-day rule, centre of economic interests, or spouse and minor children resident). Residence governs whether worldwide assets enter the calculation.
2. Identify the applicable regional regime. Residents use the community where they lived most of the year. Non-residents use the state scale by default or elect the community where the bulk of their Spanish assets sits.
3. Value every asset at 31 December. Property takes the highest of cadastral value, acquisition price or administrative reference value (valor de referencia from the Catastro). Bank accounts take the higher of year-end balance or average Q4 balance.
4. Subtract deductible debts. The Spanish mortgage on the taxable property is the main one. Debts linked to exempt assets do not reduce the base.
5. Apply the exemption, split the balance across brackets, calculate the tax.
6. File Modelo 714 (wealth tax) and, if applicable, Modelo 718 (solidarity tax) between early April and 30 June. Non-residents with Spanish property also file their annual Modelo 210 for imputed income or rental tax; these are separate obligations.

The solidarity tax catches many foreign buyers. Central government designed it specifically to neutralise the Madrid and Andalucía rebates. If your Spanish taxable wealth exceeds EUR 3 million and your regional wealth tax bill is zero because of a bonification, the state collects the equivalent through Modelo 718. If your region does charge wealth tax, you credit it against the solidarity tax and only pay the difference. The ITSGF has its own EUR 700,000 exemption, which stacks with the Modelo 714 one for calculation purposes but not for payment, since the solidarity tax only bites above EUR 3M total wealth.

The Agencia Tributaria publishes the full Modelo 714 and Modelo 718 instructions at sede.agenciatributaria.gob.es. Any adviser will cross-check against the current year BOE orders that set the brackets.

What traps catch foreign buyers?

Five recurring problems in our files.

Valuation at valor de referencia, not purchase price. Since 2022 the Catastro publishes an administrative reference value for most residential property. If it is higher than what you paid, it is the one that counts for wealth tax, transfer tax and inheritance tax. A Dutch buyer who paid EUR 420,000 in Calpe can find the reference value sits at EUR 475,000, which is the figure that enters the Modelo 714 base. See our note on the cadastral reference and the Catastro for how to challenge it.

Debt deductibility. A mortgage from a Spanish bank secured on the Spanish property reduces the taxable base. A personal loan taken out abroad to fund the purchase generally does not, unless carefully documented and tied to the asset. Buyers who finance through a home-country remortgage lose the deduction.

The Valencia exemption cut. The EUR 500,000 threshold catches middle-market buyers who assume the EUR 700,000 figure they read online applies. A couple each owning half of a EUR 1.1 million property in Jávea face a Valencia wealth tax calculation; under the state default they would not.

Confusing wealth tax with IBI. Different taxes, different offices, different rules. IBI is the municipal annual real estate tax, flat and modest; wealth tax is central and progressive. Both apply. Our breakdown of IBI in 2026 covers the former.

Residency drift. Spending more than 183 days in Spain in a calendar year, or moving your family and economic centre here, flips you to worldwide taxation. Pensions abroad, UK ISAs, Nordic brokerage accounts and crypto holdings all enter the base. If you are planning to move under the Non-Lucrative Visa, model the wealth tax before you sign a tenancy; the first filing is due the April after your first full calendar year of residence.

For Americans the picture is further shaped by the US-Spain treaty and foreign tax credits; our US buyer tax overview sets out the interaction.

FAQ

Do non-residents really pay Spanish wealth tax on a holiday home?

Only above the exemption. A single non-resident owner of a EUR 650,000 apartment with no Spanish mortgage has net Spanish wealth below EUR 700,000 and no wealth tax to pay, though a Modelo 210 non-resident income filing is still due. Above the threshold, yes, the Spanish state (or elected region) taxes the Spanish-situated portion. Our Modelo 210 guide covers the separate annual non-resident income return.

Can a married couple double the exemption?

Yes, if both spouses own assets individually. Each spouse files their own Modelo 714 and each has the EUR 700,000 (or EUR 500,000 in Valencia) allowance. Properties bought in joint names are typically split 50/50 for this purpose. Prenups and marital regimes matter, so get the ownership structure right before you sign.

Is the main home really exempt up to EUR 300,000?

For residents, yes, on top of the general EUR 700,000. The main home must be the habitual residence. For non-residents the EUR 300,000 primary-home allowance does not apply, since by definition the Spanish property is not their habitual home.

How does wealth tax interact with inheritance tax?

They use similar valuation rules but are separate taxes. Wealth tax is annual on living owners; inheritance tax is one-off on transfer at death. Both are regional in Spain. See the regional inheritance tax guide for the parallel map.

Will the solidarity tax expire?

It was introduced for 2022 and 2023, then extended indefinitely until wealth tax reform happens. There is no sunset date in the BOE text as of October 2026. Treat it as permanent until it is formally repealed.

Next steps

If you are weighing a purchase above EUR 700,000, run the regional numbers before you commit. Start with our total cost of buying property in Spain breakdown, then book a call with us to pressure-test the structure against your home-country position.