Lawyer Raymundo Larraín Nesbitt explains the great news coming out of Andalusia as the regional government eliminates the ‘Wealth Tax’ making the region one of the hottest places to invest in all Spain.

By Raymundo Larraín Nesbitt
Director of Larraín Nesbitt Abogados
19th of September 2022

The writing was on the wall. Andalusia’s new government is hell-bent on lowering taxes across the board. And we more than welcome this!

In what constitutes the sixth wave of tax reductions in Andalusia (mamacita), its president, Mr. Juanma Moreno, announced today he will be approving a law tomorrow that suppresses wealth tax going forward.

In plain English, following on the example of the liberal region of Madrid, he will set on wealth tax an allowance of 100%. Which in practical terms, is tantamount to abolishing wealth tax altogether in the region of Andalusia, so taxpayers will pay nada. This change benefits both residents and non-residents in Spain.

This tax change makes Andalusia one of the hottest the hottest place to invest in all of Spain.

But wait, it gets even better!

Changes to IRPF

Andalusia’s’ regional government also announced it will deflate personal income tax or IRPF (something which honestly Spain’s lovely central social-communist government should have done about a year ago). In other words, the regional government is going to adjust the regional band of IRPF in line with rising inflation. For laymen, this translates into yet another tax reduction on the most important tax: IRPF. Deary me, I think I’m starting to like politicians. Holy.

Honestly folks, it doesn’t get any better when it comes to taxation. Hats off to our regional overlords.

When the new law is enacted, we’ll write a more detailed article on it. You really have to see it to believe it!

“I have to be seen to be believed” – HRH Queen Elizabeth II

Elizabeth Alexandra Mary (1926 – 2022). Was Queen of the United Kingdom and other Commonwealth realms. She was queen regnant of 32 sovereign states during her lifetime. For over 70 years, she wisely ruled during the longest period of peace and prosperity known to the United Kingdom and the Commonwealth. Despite suffering major family setbacks and international events, she always kept a cool head, leading by example on what constitutes a sovereign’s sacred duty: to serve country and people. Her whole life was a living embodiment of what signifies to serve others, even till her last day. Duty, duty above all. She was succeeded by her eldest son, Charles III.

At Larrain Nesbitt Abogados we have over 19 years’ experience buying, selling, and renting properties. We are also specialized in taxation, immigration & residency visas. 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.You can contact us by e-mail at info@larrainnesbitt.com, by telephone on (+34) 952 19 22 88, or by completing our contact form to book an appointment.

Larraín Nesbitt Abogados, small on fees, BIG on service.

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