Finally, no more Wealth Tax in Andalucía
20 Sep 2022
The Government in Andalucía is in the process of approving today a 100% allowance for the Wealth Tax liability, as announced by the President yesterday, which means in practice the elimination of this tax in the region.
The measure will be effective for the current fiscal year 2022 and onwards, applicable to Residents in Andalucía and Non-Residents who are liable to Wealth Tax for assets located in this region.
The Conservative Party, following the tax policy of Madrid where the Wealth Tax was eliminated years ago, has put Andalucía on top of the list of the most attractive locations to live or invest in Spain in terms of taxes, along with other decisions taken to practically eliminate the inheritance and gift tax for close relatives, or the reduced transfer tax flat rate of 7% approved in 2021.
This measure will boost the Region removing one of the main barriers for foreigners moving to Spain permanently, or just to buy luxury properties in their personal name, but also attracting those living in other less favorable regions in Spain.
A very welcome and largely demanded decision.