Wealth Tax (Modelo 714) in Spain

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Very professional service from start to finish. We found the advice and approach extremely useful and highly professional. Thank you!

Rachel
19 Dec 2024

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Service Details

Wealth Tax (Modelo 714)

This service is available across Spain

Who Is This Service For?

This service is ideal for individuals who have assets in Spain and are liable to pay the Spanish Wealth Tax, known locally as the "impuesto de patrimonio."
It is particularly beneficial for expatriates and foreigners who may find the Spanish tax system complex due to its unique tax implications and regional variations.
Individuals with a diverse range of assets, including real estate, savings, investments, and valuable possessions located in Spain, would significantly benefit from this service, especially those unfamiliar with the exemptions and allowances available in different autonomous communities.

Requirements

Clients seeking assistance with Wealth Tax in Spain should have a clear and detailed record of their assets, both within Spain and worldwide, if they are tax residents.
They must be able to provide accurate valuations of their assets as of December 31st of the relevant tax year and any related debts or loans.
Knowledge of their tax residency status is crucial, as it impacts the applicability of the tax on worldwide assets and the availability of regional allowances and exemptions.

Procedure: Our Approach

The procedure involves an initial consultation to understand the client's asset portfolio, tax residency status, and any specific concerns or requirements they have.
Following this, a detailed assessment of the client's assets and liabilities is conducted to accurately determine the net value subject to the wealth tax.
The applicable tax rates, allowances, and exemptions are then identified, considering regional variations.
Subsequently, the wealth tax return is meticulously prepared, ensuring compliance with Spanish tax laws, and submitted to the Tax Office using form 714 between April and June.

Benefits - Why Choose Our Service

Choosing experienced English-speaking lawyers for this service ensures clear and precise communication, eliminating misunderstandings due to language barriers, which is crucial for international clients.
Clients receive personalized advice tailored to their unique circumstances, enabling them to optimize their tax positions and benefit from available allowances and exemptions.
The expertise of specialist tax professionals provides clients with peace of mind, knowing that their wealth tax returns are accurate, compliant, and submitted timely, mitigating risks of penalties and legal complications.
This professional guidance is invaluable for navigating the complexities of the Spanish tax system and regional variations efficiently.

What Does This Service Consist Of?

Initial Consultation: To understand your asset portfolio, tax residency status, and specific needs or concerns.
Asset and Liability Assessment: Detailed evaluation of assets and liabilities to determine the net value subject to wealth tax.
Identification of Applicable Rates and Allowances: Determining the relevant tax rates, exemptions, and allowances, considering regional variations.
Preparation and Submission of Tax Return: Accurate preparation and timely submission of the wealth tax return using form 714.
Optimization Strategies: Providing advice on legal avenues to optimize tax positions, including restructuring investments and leveraging exemptions.
Ongoing Support and Advice: Offering continuous support and counsel on any subsequent inquiries or issues related to wealth tax.

Free Support Services Included

When combined with the free and innovative Advocate Abroad support services you can be sure that you are obtaining completely transparent legal services from registered and regulated English-speaking lawyers abroad.These support services include: