Andalusia scraps Wealth Taxes

20 Sep 2022

Andalusia is now one of Spain’s lowest tax regions after the President of the Junta, Juanma Moreno, announced the abolishment of wealth tax on Wednesday, 21st September.

Develop economic activity

Speaking to the media on Monday, Juanma Moreno wants people with high income who spend long periods in Andalusia to make it their permanent home and pay taxes there. “This will help us to develop economic activity and employment,” he said.  Moreno has estimated that the tax reduction will attract 7,000 new residents. “We will exceed by far that 0.6% of income, through income tax and indirect taxes,” he said.

Spanish Residency

The decision to scrap wealth tax is likely to make moving to Andalusia on a more permanent basis an attractive option for many. This reduction in taxes pitches Andalusia against other Spanish cities like Madrid and Barcelona. It may also reverse the recent trend of relocating to Portugal amongst the wealthy.

Full details of the proposed legislation are due to be released soon. We are expecting the text to include further reductions.

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Please note that the information and any commentary on the law in this article is only intended as a general statement and is provided for information purposes only. No action should be taken in reliance on it without specific legal advice. Every reasonable effort is made to make the information and commentary accurate and up to date. Still, the author assumes no responsibility for its accuracy and correctness or for any consequence of relying on it. Further, this article note is not intended to amount to legal advice, reflects only the author’s views and is not intended to reflect the views of GIBRO ABOGADOS or any other entity associated with or connected with the author and/or GIBRO ABOGADOS.

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