We purchased a property in Mallorca in March 2016.
I have been reading a lot about Wealth Tax and
am getting confused as to whether we need to pay it.
We are non-resident, the Apartment is for our own use only and the purchase price was €230,000 and we own it
outright. I have asked a local gestor and he doesn’t seem to think we do but then I have read articles and it seems to indicate we do.I have read that non- residents have an
individual allowance of €700,000 but no allowance against property.
Can you clarify for me please.