is levied on the net wealth of individuals<\/strong>.<\/p>\n\n\n\nNet assets means all assets and rights that have economic substance, less any charges and encumbrances, such as debts and obligations to be fulfilled that are directly related to those assets and rights.<\/p>\n\n\n\n
It is a direct and personal tax <\/strong>levied individually on the personal wealth of individuals, regardless of the level of annual or monthly income received.<\/p>\n\n\n\nIt is a state tax<\/strong>, established and regulated by the State, the total yield <\/strong>of which is ceded to the Autonomous Communities, as <\/strong>well as certain regulatory powers.<\/p>\n\n\n\n<\/span>Chargeability of Wealth Tax to non-residents<\/span><\/h4>\n\n\n\nIndividuals who are resident in Spain have a personal obligation to apply the tax. Non-residents, on the other hand, have a real obligation<\/strong>.<\/p>\n\n\n\nThe difference lies in the fact that residents with a personal obligation declare all the assets in their estate and the real obligation to contribute obliges non-residents to a partial taxation.<\/strong><\/p>\n\n\n\nThe tax is levied on the total net assets corresponding to the assets which are situated<\/strong>, could be exercised or have to be exercised in Spanish territory<\/strong>.<\/p>\n\n\n\nAs regards deductions, only charges affecting assets and rights located or exercised in Spain <\/strong>or debts for capital invested in them may be applied.<\/strong><\/p>\n\n\n\nNon-residents with a real obligation to contribute will apply the minimum exemption of 700,000 euros.<\/strong><\/p>\n\n\n\n