Income and wealth tax for non-residents in spain

By law as non-resident Income Tax has to be paid annually:

If you let the property the rate is as stated below on rent obtained. You are now allowed to deduct costs directly related to the generation of the rental income, as long as you are an EU resident.

You would be therefore entitled to deduct costs paid by you with the limit that they cannot be higher than the income itself, although you can roll them over with the same limit for four years, i.e.: financial costs (interest), rates (IBI), rubbish tax, water, electricity (prorate to the days rented), agents fees, legal fees etc.

It has to be settled during the first 20 days of April, July, October and January for each quarter, by a self-assessed form we produce.

Tax rate 2019:

Residents in the EU, Iceland and Norway 19%

Other taxpayers 24%

 

If you do not let the property, or for the periods it is not let,  you pay the same rate on a presumed income which will be a percentage of the rateable value of your property, to which the 19 % is applied.

 

Wealth Tax is a progressive rate applied to the value of the assets in Spain, but has an exemption for the first 700,000 € per person.