Personal Income Tax Campaign 2023 News

The 2023 tax return campaign is now underway, marking a crucial period for taxpayers across Spain, including the Balearic Islands. Starting on April 3, 2024 and ending on July 1, this period not only brings with it key dates to take into account, but also a series of significant developments that could have a significant […]

Changes to Rent Statements by Non-Residents

The recent change in Spanish tax regulations for non-resident owners renting out properties in Spain significantly simplifies the process of declaring rental income. Before this reform, non-resident landlords were required to file quarterly rental income returns through Form 210, but now they only need to do so annually. This change, which applies retroactively from 1 […]

Tax news for tax residents in 2024

Cryptocurrencies abroadFrom 1 January 2024 until 31 March, taxpayers resident in Spain must declare the digital assets they hold outside Spain to the tax authorities if their value exceeds 50,000 euros.In April 2023, the government approved the royal decree that obliges individuals and companies based in Spain to declare cryptocurrencies held abroad.The decree obliges the […]

Non-residents also benefit from the abolition of inheritance tax

The Parliament of the Balearic Islands recently approved a new tax law that grants non-residents significant advantages in inheritance and gift tax (ISD). This measure, which represents a major change in tax policy, aims to promote fairness in the application of the tax for residents and non-residents alike.The new tax regime introduces a 100% ISD […]

The tax trap of abolishing inheritance tax

As we mentioned in our last article, the new Balearic government has announced the abolition of inheritance tax as one of the first tax measures after the regional elections last May.As a result of the publication of the Decree-Law and the analysis of the fiscal impact on all taxes for individuals, both residents and non-residents, […]

Non-residents can apply for a refund of property tax

According to a recent ruling by the Supreme Court of the Balearic Islands, non-resident taxpayers have the possibility to obtain a refund of wealth tax (IP) from the Spanish tax authorities.As a general rule, Spanish resident individuals are taxed on their worldwide net wealth under the wealth tax (IP), while non-residents are taxed only on […]

Non-resident companies and wealth tax

Non-residents who hold shares in Spanish companies or in foreign companies with real estate in Spain are obliged to pay wealth tax. We explain some interesting facts that you should be aware of if you are affected: Wealth and non-residentsThe cases in which non-residents have to file a tax return are the same as for […]