Spanish Income and Wealth Tax reminder

Lawyer Raymundo Larraín gives us a gentle reminder on the tax obligations that residents in Spain must face (and in some cases, even non-residents).

Marbella-based Larraín Nesbitt Abogados (LNA) has over 18 years’ taxation & conveyancing experience at your service. We offer a wide range of 50 legal and corporate services. Our team of native English-speaking lawyers and economists have a long track record successfully assisting expats all over Spain.

You can review here our client’s testimonials.

Article copyrighted © 2021. Plagiarism will be criminally prosecuted.

 

By Raymundo Larraín Nesbitt
Director of Larraín Nesbitt Lawyers
1st of June 2021

I have written this short article as a gentle reminder for all taxpayers resident in Spain.

1. IRPF or personal income tax

Tax residents need to file income tax (IRPF, in Spanish) before the end of this month on their worldwide income & assets.

You are deemed tax resident in Spain if you meet one, or more, of the following points:

  • You spend more than 183 days in a calendar year in Spanish territory.
  • Your centre of financial interests is located in Spain.
  • Your spouse and/or underage children live in Spain.

If you meet any of the above criteria, you should be filing taxes in Spain.

Scores of expatriates have filed for Spanish residency over the last two years, and now need to meet their newly-acquired tax obligations derived from their new tax status.

Deadline to file this tax is end of June 2021.

2. Wealth tax

In addition to the above tax obligation, affluent residents may need to file as well for wealth tax in Spain. As there is devolved competencies on this matter, I won’t go into details as each region is empowered to enact their own laws on this – please seek tax advice from us if it affects you.

Additionally, even if you are non-resident in Spain, but happen to hold a sizeable estate in Spain, you must file wealth tax in Spain.

In other words, and for the avoidance of doubt, wealth tax is paid by both residents and non-residents alike. The difference are the tax allowances at play.

The deadline to submit this tax is also by the end of June 2021.

“The income tax has made liars out of more Americans than golf.” Will Rogers

William Penn Adair Rogers (1879 – 1935). Was an American stage and film actor, vaudeville performer, entertainer, cowboy, humorist, newspaper columnist, and social commentator from Oklahoma. He was a Cherokee citizen born in the Cherokee Nation, Indian Territory.

Larraín Nesbitt Lawyers, small on fees, big on service.

Larraín Nesbitt Lawyers is a law firm specialized in conveyancing, residency, inheritance, taxation, and litigation. You can contact us by e-mail at info@larrainnesbitt.com, by completing our contact form, or by telephone on (+34) 952 19 22 88.

Taxation services available from LNA

Related tax articles

Article also published at Larrain Nesbitt Abogados: Income & Wealth tax reminder

Please note the information provided in this article is of general interest only and is not to be construed or intended as substitute for professional legal advice. This article may be posted freely in websites or other social media so long as the author is duly credited. Plagiarizing, whether in whole or in part, this article without crediting the author may result in criminal prosecution. No delusional separatist politician was harmed on writing this article. VOV.

2.021 © Raymundo Larraín Nesbitt. All Rights Reserved.

* This article has been written by a third party not owned or controlled by Spanish Property Insight (SPI).
SPI disclaims any responsibility or liability related to your access to or use of any third party content.