What is Patrimonio tax? Capital Assets tax

In addition to the Real Estate Tax (IBI) all property owners, resident and non-resident alike, have to pay a Spanish tax on their capital assets or Patrimonio. However, the amount of tax you are liable for differs depending on whether you are resident or non-resident. As a non-resident you will be taxed on all your capital assets in Spain including money held in Spanish bank accounts, shares, cars or yachts as well as real estate.

When assessing the value of your real estate the figure declared on the title deed (Escritura Pública) is used to calculate how much Capital Assets Tax you will have to pay.

The tax is very low; for capital assets up to the value of €160,000 only 0.2% is levied. (For current scale, please, see Patrimonio Capital Assets Tax in CHARGES TAXES & EXPENSES in our Conveyancing Guide).