I am a US citizen not living in Spain and own Spanish a Spanish real estate property through an offshore entity. I have learned that Spain applies a Wealth Tax. Will I be exposed to this Tax?

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No, Wealth Tax does not apply to entities but to individuals. Spanish resident individuals are subject to this Tax (nowadays with the only exception of those resident in Madrid) on their worldwide assets. Foreign individuals are taxed on their assets located in Spain (or rights which can be exercised in Spain).

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Chuck Heyde, CPA, CGMA

As a US citizen you might also want to look at Form 5471, Form 8938, and Form TDF 90-22.1 (aka FBAR.)

Regards,
Chuck Heyde, CPA, CGMA
www.GEMMS.us

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I am a US citizen not living in Spain and own Spanish a Spanish real estate property through an offshore entity. I have learned that Spain applies a Wealth Tax. Will I be exposed to this Tax?

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I am a US citizen not living in Spain and own Spanish a Spanish real estate property through an offshore entity. I have learned that Spain applies a Wealth Tax. Will I be exposed to this Tax?

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