Wealth Tax Return Modelo 714

This tax had disappeared in Spain (suspended - set to zero - in 2008) but was reinstated due to the severe recession. It's possible it could be suspended again over the next few years, but meanwhile it applies to both residents and non-residents.

Modelo 714 is a Statement of Worldwide Assets by anyone who owns assets in Spain that exceed a net value of €700,000. The first seven hundred thousand euros is a nil rate band and the excess is taxed following a sliding scale. Nationally this scale is 0.2% - 2.5% of net assets. The scale varies from one region to the next - here in Andalucia it's: 0.24% - 3.03%.