{"id":5147,"date":"2022-10-05T12:30:07","date_gmt":"2022-10-05T10:30:07","guid":{"rendered":"https:\/\/andaravillas.es\/?p=5147"},"modified":"2026-02-24T13:45:17","modified_gmt":"2026-02-24T12:45:17","slug":"vermogensbelasting-in-andalucia-in-2023","status":"publish","type":"post","link":"https:\/\/andaravillas.es\/nl\/wealth-tax-to-be-scrapped-in-andalucia-in-2023\/","title":{"rendered":"Vermogensbelasting wordt in 2023 afgeschaft in Andalusi\u00eb"},"content":{"rendered":"\t\t
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\n\t\t\t\t\t\t\t\t\tAre you a high-net-worth individual who is interested in investing in luxury property<\/a> in Marbella or maybe considering a real estate development project<\/a> on the Costa del Sol?\u00a0 If yes, you will be pleased to hear that Juanma Moreno (the President of Andalucia\u2019s local government) has announced that as from this month (September 2022), the wealth tax in Andalucia will be scrapped. The legislation will come into effect in 2023.\r\n\r\nThis means you can go ahead and purchase your dream mansions in Marbella without worrying that you will later down the line be in the government\u2019s crosshairs for wealth tax. <\/strong>In fact, this new law will release 16,700 taxpayers from the current wealth tax obligations.\r\n\r\nAccording to Moreno, 50 percent of the highest taxpayers left Andalucia between 2019 and 2020, resulting in a loss of 18million euros for the region\u2019s coffers, of which 3.5million euros could be attributed to wealth tax and the remaining 14million euros represents the loss of personal income tax.\r\n

Attracting wealthy residents<\/strong><\/h3>\r\nThese measures are not unique to Andalucia. The local government is following in the footsteps of Madrid and the Basque Country which has no wealth tax. The reason for taking such a radical step is to entice wealthy residents to the region.\r\n\r\nWealth tax accounts for 0.6 percent Andalucia\u2019s 95million euro annual income. Moreno estimates that a reduction to the overall tax burden will entice as many as 7,000 high net worth individuals to Andalucia. The 0.6 percent wealth tax lost with the abolition, will be more than compensated for by the increase in personal income tax and indirect taxes.\r\n

How wealth tax is applied in Spain<\/strong><\/h3>\r\nWealth tax is a contentious issue. If you are fiscal resident in Spain living in any region (apart from Madrid, Basque Country and now Andalucia), wealth tax is payable on all worldwide assets. In Andalucia, the highest rate of wealth tax was pegged at 2.5% of the value of assets, with a personal tax allowance 70,000\u20ac. Similarly, there was a 300,000\u20ac tax allowance for main residences before the wealth tax was levied.\r\n\r\nThese generous tax allowances in Andalucia effectively exempted the majority of the population from wealth tax. However, as mentioned above, the abolition of wealth tax will greatly benefit wealthy 16,700 taxpayers (figures from Bankinter<\/a>) from this particular tax burden.\r\n\r\n \r\n

Non-residents also benefit<\/strong><\/h3>\r\nThe new wealth tax legislation will apply to residents and non-residents alike who are living in the region. They will both enjoy the same exemption. This new development is great news for those interested in buying property on the Costa del Sol who have high-net-worth global assets. \u00a0It will also be good for businesses, such as high-end real estate agents on the Coast and the wider economy as a whole.\r\n

Local income tax cuts in Andalucia<\/strong><\/h3>\r\nThe good news keeps coming\u2026 this new fiscal package also includes regional income tax cuts for Andalucia\u2019s less affluent residents. This equates to a 4.3 percent tax cut on local income for Andalucian residents\u2019 earning between 12,450\u20ac to 35,200\u20ac per annum.\r\n

Up to the minute information<\/strong><\/h3>\r\nIf you would like further information about tax in Andalucia (for both residents and non-residents) we can introduce you to experts within this field who will be happy to advise you.\u00a0 Also, please get in touch<\/a> if you would like assistance sourcing a suitable investment property or to discuss a real estate development project, please contact info@andaravillas.com<\/a>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\tWhat is changing with wealth tax in Andalucia?<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t

From 2023, the wealth tax in Andalucia will be completely abolished, benefiting both residents and non-residents.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\tWho benefits from this change?<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t

Approximately 16,700 high-net-worth taxpayers will no longer be subject to wealth tax, making the region more attractive for luxury property investors.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\tAre there other tax benefits in Andalucia?<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t

Yes, the regional government has also introduced income tax cuts for residents earning between \u20ac12,450 and \u20ac35,200 per year.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t