One unnamed British person whose Spanish villa is worth €300,000 and has worldwide investments worth €5m saw their tax bill slashed by €53,000
Another example related to a British person with a house in Spain worth €300,000, investments worth up to €5m and a house in London worth €1m. In 2021, they paid €70,546 in wealth tax but this year will not be liable for the tax.Since Brexit, Britons who are not residents in Spain can only spend 90 out of every 180 days in the country.
“The abolition of the wealth tax will benefit all British who spend long periods in Andalusia and do not have their fiscal residence here precisely because of that tax,” Carolina España, the Andalusian Economy Minister, toldAndalusia became the first of Spain’s 17 regions to offer the tax cut. In the country’s highly devolved political system, regional authorities can make tax cuts. Madrid has never had a wealth tax.
Juanma Moreno, the Andalusian regional president, said that this wealth tax was an “obstacle to investment” and insisted that cutting it would not affect the region’s finances as it only represented 0.6 per cent or €95m per year.“The aim of this is that certain high earners become residents in Andalusia and thus pay their taxes in the region as well as making Andalusia the region with the least taxes, together with Madrid,” he told journalists.
“We are proposing a redistribution of the effort, among those who have the most to fund the welfare state, which is everybody’s,” Spain’s prime minister Pedro Sanchez said in a speech on Friday. Spain’s finance minister Maria Jesus Montero said the tax increase will be used to help the poorest in society as food and energy prices have soared.Spain’s Costa del Sol has for decades been a magnet for British tourists, which make up the largest group by nationality of visitors. Last year, 700,400 UK holidaymakers visited Andalusia, according to Frontur, the state tourism organisation.
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