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Andalusia abolish the Wealth Tax

Date: 09/21/2022

Sanchez Solicitors Lawyers Malaga Nerja Marbella Fuengirola

Andalusia abolish the Wealth Tax

Today it has been announced that the Wealth Tax will be abolished in Andalusia, a tax that levied on the wealth of taxpayers with assets of more than €700,000.

 

What does this measure mean?

It means that Andalusia will become, from now on, one of the regions with the lowest tax burden in Spain, together with Madrid.

 

What are its objectives?

To attract professionals, families and people with high purchasing power so that they can take up residence in Andalusia and, as a result, are not obliged to pay this tax.

This measure, together with the near elimination of Inheritance Tax, makes Andalusia an area not only rich for its climate or its cultural, natural or gastronomic heritage, but also a especially attractive area for foreigners and nationals, who from now on, unlike many other Spanish regions, will be exempt from this tax.

 

What are the consequences?

Non-resident foreigners with an investment of €1,000,000 or more will be exempt from paying this tax.

This measure seeks finally  to put an end to the limitations and restrictions that previously existed for investment.

 

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