Wealth Tax in Spain in 2026: Regional Wealth Tax, Solidarity Tax on Large Fortunes and Capital Income

A Spanish tax resident pays three taxes on capital: income tax on dividends, interest and gains at 19–30%, the annual wealth tax (0.2–3.5% above a regional allowance) and the solidarity tax on net wealth above €3 million after a €700,000 allowance. The solidarity tax has been extended indefinitely and applies in 2026; regional wealth tax paid is deducted from it.

Below: a worked example for a family with a seaside apartment and a securities portfolio, a comparison of regions and what to do before you move. Rules and amounts were checked against the BOE and the Spanish Tax Agency (AEAT) guidance on 24 October 2026. For an overview of all taxes, see Taxes in Spain.

Which taxes apply to capital in Spain

It all depends on your status: you become a tax resident if you spend more than 183 days a year in Spain or your centre of economic interests is here (details in Spanish tax residency).

• Personal income tax (IRPF), savings base — dividends, interest and capital gains from any country.
• Wealth tax (Impuesto sobre el Patrimonio) — an annual tax on net wealth as of 31 December; the allowance, scale and reliefs are set by the region.
• Solidarity tax on large fortunes (Impuesto Temporal de Solidaridad de las Grandes Fortunas) — a national tax that stops regions from reducing the tax on the wealthiest to zero.
• Special cases — CFC rules, exit tax, and the 720 and 721 returns.

Those who opt for the Beckham regime follow their own rules, covered in a separate section below.

Wealth tax in Spain: who pays and on what

The tax is governed by Law 19/1991. A resident pays it on worldwide net wealth (art. 5): an apartment back home, an account in Dubai and a portfolio with a European broker count towards the base just like a villa in Marbella. A non-resident pays only on Spanish assets, including shares in companies at least half of whose assets are Spanish real estate.

The tax is assessed on 31 December (art. 29). How assets are valued:

• Real estate — at the highest of three values: the cadastral value, the value checked by the tax authorities, or the purchase price (art. 10). For a recently bought home this is usually the transaction price.
• Listed shares — at the average price for the fourth quarter (art. 15).
• Fund units, including ETFs — at the unit value on 31 December (art. 16.2).
• Unlisted company shares — at the audited balance sheet value or, without an audit, at the highest of three valuations (art. 16.1).
• Cryptocurrency — at the rate on major exchanges at 23:59 on 31 December (AEAT wealth tax manual for 2025).

Debts, including a mortgage, are deducted. Two reliefs matter for a family with capital:

• Main home — exempt up to €300,000 (art. 4.9). A €1.5 million seaside apartment you live in enters the base at €1.2 million.
• Family business shares — fully exempt if you hold at least 5% personally or 20% together with family, you or a relative actually manage the company and receive more than half of your employment and business income for doing so, and the company is not merely managing assets (art. 4.8). How this works for a holding company: Holding company in Spain.

Allowance, scale and the overall cap

A tax-free allowance is deducted from the base. The national one is €700,000 unless the region has set its own (art. 28); non-residents always get €700,000. The remainder is taxed on the regional scale or, if the region has none, the national scale (art. 30):

Wealth tax and income tax together cannot exceed 60% of the total income tax bases, but this cap can reduce the wealth tax by no more than 80% (art. 31). Assets that produce no income, and gains on assets held for more than a year, are left out of the cap calculation. The cap helps those with a large portfolio and modest income. In October 2025 the Supreme Court ruled that the cap also applies to non-residents; the Tax Agency reflected this in its 2025 manual.

The Modelo 714 return is filed if there is tax to pay or if total assets, including exempt ones, are worth more than €2,000,000 (art. 37) — even when nothing is due. For 2025 it was accepted from 8 April to 30 June 2026, together with the IRPF return; the deadlines for 2026 will be announced in spring 2027.

Your region as a tax decision: the 2026 rules

Your region is where you live for most of the year. While the solidarity tax is in force, many regions have replaced a full exemption with a relief “up to the amount of the solidarity tax”, so that the money stays in the region.

Legislation: Madrid, Andalusia, Valencia (allowance changed by Law 5/2026 of 31 July 2026), Catalonia, Balearic Islands, Galicia. Other regions are not included in the table; the Basque Country and Navarre have their own laws.

A non-resident may apply the rules of the region where most of their Spanish assets are located (fourth additional provision of Law 19/1991). More on property in Property taxes in Spain, and on choosing a place in Where to live in Spain.

Solidarity tax on large fortunes in 2026

The tax was created by article 3 of Law 38/2022 for 2022 and 2023. Royal Decree-Law 8/2023 extended it “until the taxation of wealth is reviewed as part of the reform of regional financing” (fifth additional provision, section 2). No such reform has taken place: the consolidated text in the BOE was updated on 29 June 2026, the tax has not been repealed and applies for 2026. In June 2026 the Tax Agency updated the Modelo 718 return form.

• Base — net wealth under wealth tax rules, with the same exemptions (main home up to €300,000, family business), minus €700,000 — the same in every region.
• Rates — 0% on the first €3,000,000 of the base, 1.7% up to €5,347,998, 2.1% up to €10,695,996 and 3.5% above. So the tax kicks in once net taxable wealth exceeds €3.7 million.
• Credit — regional wealth tax paid is deducted from it. The 60% cap also applies to the three taxes combined.
• Return — Modelo 718, only if there is tax to pay, from 1 to 31 July of the following year (by 28 July with direct debit).

In regions with a high scale of their own (Catalonia, Valencia), the solidarity tax is usually zero because the regional tax is higher. In Madrid and Andalusia a large fortune pays the region exactly the amount of the solidarity tax. In 2026 no region is entirely “free” for taxable wealth above €3.7 million.

Example: a seaside family with a €3.7 million portfolio

An entrepreneur has moved to Spain and become a tax resident. On 31 December 2026 he owns: the seaside apartment he lives in, bought for €1,500,000; a portfolio of exchange-traded funds and shares with a foreign broker worth €3,700,000; and €800,000 in bank accounts. He has no debts. The 60% cap does not apply because he has other income.

1. Assets: 1,500,000 + 3,700,000 + 800,000 = €6,000,000.
2. Main home exemption: 6,000,000 − 300,000 = €5,700,000 taxable base.
3. Solidarity tax before the credit: (5,700,000 − 700,000 − 3,000,000) × 1.7% = €34,000.
4. Wealth tax depends on the region, with its own allowance and scale; the amount paid is deducted from the solidarity tax.

The difference between Madrid and Catalonia is €38,289 a year — more than €380,000 over ten years. In Valencia, raising the allowance to €2 million in 2026 lowered the bill: with the 2025 allowance, the same person would have paid €75,206. Spouses are taxed separately on their own shares, so assets held jointly give two allowances and two main home reliefs.

On top of that comes income tax: a 3% dividend yield on the portfolio means €111,000 a year and €24,410 of tax on the savings scale, about 22%.

Capital income: the 2026 scale for dividends, interest and gains

Dividends, interest, income from insurance savings and gains on the sale of assets go into the savings base (art. 46 of Law 35/2006 on IRPF). Its scale is the same in every region (arts. 66 and 76 as amended by Law 7/2024).

What matters for a portfolio:

• Withholding at source. A Spanish bank or broker withholds 19% on dividends and interest (art. 90 of the IRPF Regulation) — this is an advance payment, and the final figure is settled in the annual return. A foreign broker does not withhold Spanish tax: you declare the income yourself on Modelo 100.
• Foreign tax. Tax withheld in the paying country is credited, but no more than the Spanish tax on the same income (art. 80). The treaty withholding rate depends on the country; for Russia, see Double taxation between Russia and Spain, and for dividends from your own company, Dividends after moving to Spain.
• Losses. A loss on a sale offsets gains of the same year without limit, and dividends and interest by no more than 25%; the remainder is carried forward for four years (art. 49).
• Two-month rule. A loss on the sale of a listed security is disregarded if you bought the same securities within two months before or after the sale (art. 33.5.f). Selling in December to book a loss and buying straight back does not work.

Funds and ETFs: tax-free switching is not available to all

A Spanish resident can sell units in one investment fund and use the proceeds to buy units in another without paying tax on the gain: the new units keep the purchase price and date of the old ones (art. 94 of the IRPF Law, traspaso). Tax arises only when you take the money out of funds. Conditions:

• the money never reaches you — the transfer goes between funds via the managers or the bank;
• a foreign fund must be a European UCITS registered with the Spanish securities market commission (CNMV), and the purchase and sale must go through a CNMV-registered distributor;
• ETFs and other exchange-traded funds get no deferral, wherever they are registered.

The cost of the difference: selling an ETF with a €300,000 gain to change strategy costs €71,880 in tax straight away, while the same switch between ordinary funds costs nothing until the money is withdrawn.

The Beckham regime and capital

A Beckham regime taxpayer pays income tax under non-resident rules (art. 93 of the IRPF Law):

• dividends, interest and gains from Spanish sources are taxed on the same 19–30% scale;
• capital income from other countries is not taxed in Spain — the only question is whether the source of the income has been identified correctly;
• wealth tax is due only on assets in Spain, as for a non-resident: a foreign portfolio and accounts are left out of the base (last paragraph of art. 93.1).

The regime applies in the year of the move and the following five years. Conditions are in The Beckham Law in Spain.

CFC rules: when a company’s income is attributed to you

Spanish controlled foreign company rules are called international tax transparency (transparencia fiscal internacional, art. 91 of the IRPF Law). A resident must include a foreign company’s profit in their own income, even if it has not been distributed, when both conditions are met:

• together with relatives up to the second degree, they hold at least 50% of the capital, profits or voting rights;
• the tax the company paid on its profit is less than 75% of what it would have paid in Spain.

If the company has no staff and premises of its own, all its income is attributed; if it does, only passive income (dividends, interest, rent, royalties and gains on their sale), and only when it makes up at least 15% of the company’s income. The attributed amount goes into the general base and is taxed at the rates for salaries. The rule does not apply to companies in the EU and EEA with genuine activity.

Exit tax: tax on leaving Spain

If you leave Spain and stop being a resident, the tax authorities may tax the increase in value of your shares and holdings as if you had sold them (art. 95 bis of the IRPF Law). Conditions:

• you were a Spanish resident for at least 10 of the last 15 years;
• the market value of your shares and holdings exceeds €4,000,000 in total — or €1,000,000 in a single company in which you hold more than 25%.

Example: holdings worth €5,000,000, bought for €1,000,000 — the tax on the €4,000,000 gain is €1,181,880. If you leave temporarily for work, the tax can be deferred, and if you return within five years without selling, it is cancelled. On a move to the EU or EEA you pay only if within ten years you sell the holdings, leave the EU or fail to give the Tax Agency the required information. For Beckham regime taxpayers, the ten years are counted from the end of the regime.

Modelo 720 and 721

A resident reports foreign accounts, securities, insurance and real estate (Modelo 720) and cryptocurrency on foreign platforms (Modelo 721) if a category exceeds €50,000. These returns create no tax, but the Tax Agency cross-checks them against wealth tax, IRPF and data from foreign banks. Details in Modelo 720 and 721; on crypto, see Cryptocurrency in Spain.

What to do before you move

Most decisions about taxes on capital are made before you become a resident.

1. Residency date. A large sale, dividends from your own company or taking profits are best done before the year in which you become resident — taking into account the taxes of your current country.
2. Region. In the example above, Madrid and Catalonia differ by €38,289 a year. The region also sets inheritance and gift tax.
3. Beckham regime. If you qualify (employment, a startup, directing a company), for six years it takes foreign capital out of wealth tax and foreign passive income out of IRPF.
4. Companies. Check whether your company outside Spain would become a CFC, and whether you need a Spanish holding company to exempt your shares from wealth tax.
5. Portfolio. Decide what to hold in funds that allow tax-free switching and what in ETFs and shares, and keep records of the purchase price and date of every position.
6. Money. You will have to explain the source of your capital to the bank: see How to transfer money from Russia to Spain and How to open a bank account in Spain.

The figures in this article are calculations based on the scales, not tax advice. If you would like to review your own situation before moving, book a consultation — we will define the scope of work after our conversation.

Frequently asked questions

Does a Spanish resident pay wealth tax on a home and accounts abroad?

Yes. A Spanish tax resident under the standard regime pays wealth tax on worldwide net wealth, wherever it is located: a home in another country and accounts and portfolios abroad are included in the base at their value on 31 December (art. 5 of Law 19/1991). The regional allowance is deducted from the base, and tax is due only above it.

Under the Beckham Law, do I pay Spanish tax on dividends and gains from a US brokerage account?

No, if the income comes from a foreign source: under the Beckham regime only income obtained in Spain is taxed, and dividends from US companies and gains on their shares are not. Spanish dividends and gains are taxed on the 19–30% scale (art. 93 of the IRPF Law). Tax may still be withheld in the source country.

Does Spain tax an individual on the undistributed profit of a CFC?

Yes, if you and your relatives own at least 50% of a foreign company and it pays less than 75% of the Spanish tax. Its passive income — or, if it has no staff and premises of its own, all its income — is then included in your general IRPF base, even if no dividends are paid (art. 91 of the IRPF Law). EU companies with genuine activity are exempt.

Does the broker withhold tax on dividends and share sales?

A Spanish bank or broker withholds 19% on dividends and interest as an advance payment of tax, and the final figure is settled in the annual IRPF return. A foreign broker does not withhold Spanish tax: the resident reports dividends, interest and capital gains on Modelo 100 and pays on the 19–30% scale, crediting tax withheld abroad.

Do I have to include crypto in a cold wallet in the wealth tax?

Yes. The Tax Agency treats cryptocurrency as an asset and requires it to be included in the wealth tax return at the rate on major exchanges at 23:59 on 31 December, wherever the keys are held. Separately, if the coins are held on a foreign platform and are worth more than €50,000, you file Modelo 721.

Does the tax on large fortunes apply in 2026?

Yes. Royal Decree-Law 8/2023 extended the solidarity tax on large fortunes with no end date, until the reform of regional financing, and it applies for 2026. It taxes net wealth after a €700,000 allowance, rates of 1.7–3.5% start once the base exceeds €3 million, and wealth tax paid is deducted from it.

Key points about wealth tax in Spain

• A resident pays three taxes on capital: IRPF on income at 19–30%, the regional wealth tax and the solidarity tax, which applies in 2026.
• The solidarity tax starts once taxable wealth exceeds €3.7 million and in effect evens out the regions: in Madrid and Andalusia a large fortune pays tax equal to it.
• Your region changes the bill by tens of thousands of euros a year: the allowance ranges from €500,000 in Catalonia to €3,000,000 in the Balearic Islands.
• For six years the Beckham regime takes foreign capital out of wealth tax and foreign passive income out of IRPF.
• CFC rules and exit tax need to be dealt with before you move.