Andalucia has scrapped a ‘wealth tax’ imposed on second homeowners in Spain.
This reduces the amount of tax paid by expats on their properties. The new policy is likely to make Andalucia attractive to foreigners wanting a second home in Spain.
Among Spain’s 17 regions, Andalucia now has the second lowest tax requirements after Madrid.
The ‘el impuesto de patrimonio’, or wealth tax, previously applied to residents and non-residents with a net worth of €700,000 and over. It was levied on worldwide assets for Spanish nationals, and Spanish assets only for non-residents.
Andalucia hopes the move will attract investment and lure high-earning taxpayers to the region, increasing employment and funding for public services.
Why
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