Tenerife forum

[TenerifeSolicitors]

Those of you who hold substantial assets here and make annual tax returns will no doubt be delighted with the decision of earlier this year to abolish El Impuesto Especial Sobre El Patrimonio (Wealth Tax).

This was based on a sliding scale tax that every resident had to pay on their entire worldwide assets (or just Spanish based assets for non-residents).

Thankfully, Zapatero has kept his pre-election promise and has now abolished this tax, which many always considered was unfair. This year's tax return (filed back in April / May of 2008) was therefore the last time this tax will have to be paid.

This should particularly benefit those 'cash-poor, asset-rich' residents such as pensioners who have substantial assets here but whose income is already low and is being whittled away further by decreases in exchange rates, many of whom will now be hundreds or even thousands of Euros better off each year.

Its also good news for us overworked but underpaid lawyers !


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