Journal · Tax Planning · Private Wealth & Compliance
Wealth Tax in Spain 2026: A Guide for Crypto Investors and HNWIs
How Spain’s Wealth Tax and the Solidarity Tax on Large Fortunes apply to crypto and property in 2026: who pays, exempt amounts, regional differences, the joint limit with income tax, non-residents and the Beckham regime, and what to review before 31 December.
Quick answer
Spain’s wealth tax applies to residents’ worldwide net assets, including crypto valued on 31 December, above a €700,000 exempt minimum, at rates set by each region. Large fortunes may also pay the Solidarity Tax. Converting crypto to fiat to buy property before a notary changes the asset mix, not the compliance duty.
Why Wealth Tax Matters Before 31 December
Spain is one of the few European countries that still levies an annual tax on net wealth, and since 2022 it has added a second, state-level Solidarity Tax on Large Fortunes. Both are accrued on 31 December, which means that the composition and value of an investor’s assets on that single day determine the tax for the whole year. For crypto holders, whose portfolios can move significantly in weeks, the date matters more than for almost any other investor. Vicox Legal advises crypto investors, HNWIs and founders on tax and wealth structuring in Spain and Portugal, including the acquisition of real estate with digital assets.
The regional picture has also shifted. Several regions apply a full allowance on wealth tax, while others have raised or lowered their exempt minimums, and the Solidarity Tax now applies regardless of region for the largest fortunes. Crypto held abroad is visible to the tax authority through Modelo 721 and, increasingly, through DAC8 data exchanged between Member States.
This guide explains who pays wealth tax, how crypto and property are valued, how the regions differ, how the Solidarity Tax works, the joint limit with income tax, the position of non-residents and taxpayers under the Beckham regime, and the lawful planning points to review before 31 December.
Legal Framework of Wealth Taxation in Spain
Wealth taxation in Spain is defined by two taxes that work together: the Wealth Tax, a state tax whose revenue and regulatory powers are largely ceded to the regions, and the Temporary Solidarity Tax on Large Fortunes, which the state levies directly.
Wealth Tax Law (Ley 19/1991)
Law 19/1991 regulates the Wealth Tax (Impuesto sobre el Patrimonio). It taxes the net wealth of individuals on 31 December, defines exemptions such as the main home and qualifying business assets, and sets the state scale and exempt minimum. Each autonomous community can modify the minimum, the scale and allowances under the regional financing system.
Solidarity Tax (Ley 38/2022)
Law 38/2022 created the Temporary Solidarity Tax on Large Fortunes (ITSGF), initially for 2022 and 2023, and it has since been extended. It applies the same rules as the Wealth Tax to determine net wealth, but only taxes large fortunes, and allows the deduction of any regional wealth tax actually paid. Returns for 2025 were filed from 1 July 2026 with Modelo 718.
Crypto-specific rules
Law 11/2021 on tax fraud prevention brought virtual currencies expressly within the wealth tax rules on valuation and introduced reporting of crypto held abroad, later developed through Modelo 721. The Dirección General de Tributos has confirmed that crypto is valued at market value on 31 December.
EU framework and AML
MiCA (Regulation (EU) 2023/1114) governs crypto-asset service providers, and DAC8 (Directive (EU) 2023/2226) requires them to report client data to tax authorities. When crypto is converted and used to acquire assets in Spain, anti-money laundering rules under Ley 10/2010 apply, and SEPBLAC supervises their application.
Who Pays Wealth Tax and What Is Taxed
Liability to Spanish wealth tax is defined by residence. Residents are taxed on their worldwide net wealth (personal obligation); non-residents and taxpayers under the Beckham regime are taxed only on assets located in Spain (real obligation).
| Element | Rule |
|---|---|
| Taxable assets | Real estate, bank accounts, securities, crypto, business interests, vehicles, art and other assets, wherever located for residents |
| Deductible debts | Debts for which the taxpayer is personally liable, such as mortgages or loans, subject to rules for non-residents |
| Main home | Exempt up to €300,000 for residents |
| Business assets and family company shares | Exempt if statutory requirements on activity, shareholding and management are met |
| State exempt minimum | €700,000, which regions can modify |
| Filing obligation | When tax is payable, or when gross assets exceed €2 million even if no tax is due |
| Return and deadline | Modelo 714, filed during the income tax campaign, generally April to 30 June |
A married couple is taxed individually, each on the assets they own. Assets held jointly are attributed according to the matrimonial regime and ownership title.
How Crypto Is Valued for Wealth Tax
Crypto valuation for Spanish wealth tax is defined as the market value of each crypto-asset on 31 December. The rule is the same whether the crypto is held on a Spanish exchange, a foreign exchange or in self-custody.
- Market value on the accrual date. Use the quotation on 31 December from a recognised source and apply it consistently to all holdings.
- Self-custody is included. Unlike Modelo 721, which excludes self-custodied crypto, wealth tax includes all crypto a resident owns.
- Collateral remains taxable. Crypto pledged as loan collateral remains part of the borrower’s wealth, while the loan may be deductible as a debt, as explained in our guide to crypto-backed loans for property in Spain.
- Stablecoins and tokens. Stablecoins are valued at their market value in euros; illiquid tokens require a reasonable valuation method, documented.
- Consistency with Modelo 721. Values reported on Modelo 721 for crypto held abroad should match those used for wealth tax, as explained in our Modelo 721 guide.
Because the tax is levied on value, not on gains, a portfolio with large unrealised gains can generate wealth tax every year without any sale. Our guide to crypto tax in Spain explains how income tax applies when crypto is sold.
Regional Differences in Wealth Tax
Regional variation in Spanish wealth tax is defined by three levers: the exempt minimum, the rate scale and allowances on the tax due. The result is that two residents with identical wealth can pay very different amounts depending on where they live.
| Region | Approach in 2026 | Effect for large fortunes |
|---|---|---|
| Madrid | 100% allowance on wealth tax | No regional wealth tax, but the state Solidarity Tax can apply |
| Andalucía | 100% allowance on wealth tax | No regional wealth tax, but the state Solidarity Tax can apply |
| Catalonia | €500,000 exempt minimum and its own scale up to 3.48% | Wealth tax payable; Solidarity Tax only on any excess |
| Galicia | Partial allowance on wealth tax | Reduced regional tax; Solidarity Tax on any excess |
| Valencia and Balearic Islands | Exempt minimums raised above the state level | Fewer taxpayers liable; Solidarity Tax can apply to the largest fortunes |
| Other regions | State or regional scale with varying minimums | Depends on regional rules |
Regional rules change frequently, and residence for wealth tax purposes is determined by where the taxpayer actually spends most of the year. A change of region must reflect a genuine change of life to be respected.
The Solidarity Tax on Large Fortunes
The Solidarity Tax on Large Fortunes is defined as a state tax on net wealth that complements the regional wealth tax. It uses the same rules to determine net wealth and the same €700,000 exempt minimum, but applies a 0% rate to the first €3 million of taxable base and positive rates above that.
| Taxable base (after the exempt minimum) | Rate |
|---|---|
| Up to €3 million | 0% |
| €3 million to €5 million | 1.7% |
| €5 million to €10 million | 2.1% |
| Above €10 million | 3.5% |
Any regional wealth tax actually paid is deducted from the Solidarity Tax, so the tax effectively neutralises regional allowances for the largest fortunes. A resident of Madrid or Andalucía with a taxable base above €3 million may pay little or no regional wealth tax, but can still owe the Solidarity Tax. The return is filed with Modelo 718 in July.
Step-by-Step Calculation
Calculating Spanish wealth tax involves seven steps, from inventory to filing.
- Wallet and asset inventory — List every asset on 31 December: real estate, accounts, securities, crypto on exchanges and in self-custody, business interests and other valuables, wherever located for residents.
- Determination of residence and obligation — Confirm whether you are taxed on worldwide wealth as a resident, or only on Spanish assets as a non-resident or Beckham taxpayer, and which region’s rules apply.
- Valuation of each asset — Apply the statutory rules: crypto and listed securities at market value on 31 December, real estate at the highest of cadastral value, value determined for other taxes or acquisition price, and business interests according to their specific rules.
- Exemptions — Apply the main home exemption up to €300,000 and, where requirements are met, the exemption for business assets and family company shares.
- Deduction of debts and the exempt minimum — Deduct qualifying debts, then the regional or state exempt minimum, to obtain the taxable base.
- Scale, joint limit and allowances — Apply the regional scale, the joint limit with income tax and any regional allowance, then calculate whether Solidarity Tax is due and deduct the regional tax paid.
- Filing — File Modelo 714 during the income tax campaign if tax is due or gross assets exceed €2 million, and Modelo 718 in July if Solidarity Tax applies.
The joint limit with income tax
The combined income tax and wealth tax due cannot exceed 60% of the taxpayer’s total income tax base. If they do, wealth tax is reduced, but never by more than 80%, so at least 20% of the wealth tax remains payable. The same mechanism applies to the Solidarity Tax. For investors whose wealth is mostly in assets that produce little taxable income, such as unrealised crypto gains, the limit offers limited relief because their income tax base is low.
Non-Residents and the Beckham Regime
The wealth tax position of non-residents and newcomers is defined by the real obligation: only assets located in Spain are taxed.
| Profile | Taxed on | Key points |
|---|---|---|
| Spanish resident | Worldwide net wealth | Regional rules of residence apply; main home exemption up to €300,000 |
| Non-resident | Assets located in Spain | Spanish real estate, accounts and certain shares; regional rules can generally be applied based on where Spanish assets are located |
| Beckham regime | Assets located in Spain | Crypto held with foreign custodians generally outside; self-custodied crypto of a resident is considered located in Spain |
For non-residents, shares in entities whose assets consist mainly of Spanish real estate are treated as located in Spain, so holding Spanish property through a foreign company does not by itself take it outside the tax. Taxpayers under the Beckham regime should review custody carefully, as explained in our guide to the Beckham Law for crypto investors. Newcomers on the digital nomad visa face the same choice between ordinary residence and the Beckham regime, covered in our digital nomad visa guide.
Lawful Planning Points Before 31 December
Wealth tax planning is defined by the fact that the tax is measured on one day. Decisions taken before 31 December, within the law and anti-abuse rules, can change the outcome for the whole year.
| Planning point | Effect | Caution |
|---|---|---|
| Review crypto valuation and holdings | Ensures accurate reporting at the 31 December value | Selling to reduce wealth tax triggers income tax on gains |
| Main home | Exempt up to €300,000 | Only one main home; must meet residence conditions |
| Family company exemption | Shares in qualifying operating companies exempt | Strict requirements; companies holding mainly passive assets generally do not qualify |
| Debt financing | Qualifying debts reduce net wealth | Debt must be genuine and related to taxable assets |
| Region of residence | Regional rules differ substantially | Must reflect actual residence; the Solidarity Tax applies regardless |
| Beckham custody | Foreign-custodied crypto generally outside the base | Self-custody brings crypto within Spain |
For founders after a liquidity event, the interaction between wealth tax, holding structures and real estate is analysed in our guide to post-crypto exit real estate and wealth structuring in Spain, and holding alternatives in our analysis of Luxembourg wealth structuring. Investors planning their long-term budget can read our analysis of how much bitcoin you need to retire in Spain, and those comparing jurisdictions our guide to moving to Portugal in 2026, where there is no general wealth tax.
Planning note. Wealth tax and income tax interact: reducing one can increase the other. Vicox Legal’s crypto tax practice for HNWIs models both before year end, and our private wealth practice reviews holding structures and residence.
Wealth Tax and Crypto-Funded Property
Converting crypto into Spanish real estate changes the asset mix on which wealth tax is calculated, but not the obligation itself.
- Valuation. Real estate is valued at the highest of its cadastral value, the value determined for other taxes or the acquisition price, which is often lower than market value over time.
- Main home. If the property becomes the main home, up to €300,000 is exempt for residents.
- Financing. A mortgage or crypto-backed loan used to buy the property can reduce net wealth as a deductible debt.
- Income tax on conversion. Selling crypto to buy property triggers income tax on the gain for residents, which should be modelled alongside wealth tax.
- AML. The notary verifies the origin of funds under Ley 10/2010, and a consistent tax history, including wealth tax and Modelo 721 returns, supports the file.
The general purchase process is set out in our guide to buying property in Spain as a foreigner, and Vicox Legal manages the transaction for clients who buy real estate with crypto in Spain and Portugal.
Why Spain Is a Leading Jurisdiction for Crypto Real Estate Transactions
Spain’s wealth taxation is demanding, but the legal infrastructure behind property ownership gives investors certainty about the assets they hold and declare.
- A reliable Land Registry. The Registro de la Propiedad protects registered titles against third parties, so property acquired with crypto is held with full legal certainty.
- Ex ante legal control by notaries. Under the Latin notarial system, the notary verifies legality, identity and means of payment before signing, preventing defects rather than litigating them later.
- Robust AML implementation. Ley 10/2010, SEPBLAC supervision and the notarial centralised AML body create predictable requirements for investors with documented funds.
- Open to non-EU investors. Foreign nationals can buy property in Spain with an NIE, without requiring residence.
- Regional choice. Wealth tax varies by region, and several regions apply full allowances on the regional tax.
- Regulated conversion infrastructure. With MiCA authorisation now required, crypto can be converted to euros through providers supervised in the EU.
- Comparative position. Compared with jurisdictions with less developed registries or uncertain tax rules, Spain offers investors predictability, at the cost of annual reporting.
Vicox Legal manages the full process for clients who buy real estate with crypto in Spain and Portugal, from tax modelling to Land Registry inscription.
Wealth Tax Checklist Before 31 December
- Confirm whether you are taxed on worldwide wealth or only on Spanish assets.
- Identify which region’s rules apply to you for 2026.
- List all assets you will hold on 31 December, including crypto in self-custody.
- Choose a consistent price source to value crypto on 31 December.
- Check that crypto values match your Modelo 721 position.
- Review whether your main home exemption applies and up to what value.
- Check whether any company shares qualify for the family business exemption.
- List qualifying debts, including mortgages and crypto-backed loans.
- Estimate whether your taxable base exceeds €3 million for the Solidarity Tax.
- Model the joint limit with income tax.
- If under the Beckham regime, review where each crypto-asset is held.
- Note the filing obligation if gross assets exceed €2 million, even with no tax due.
Frequently Asked Questions
Who has to pay wealth tax in Spain?
Spanish residents whose net worldwide wealth on 31 December exceeds the exempt minimum, €700,000 at state level plus up to €300,000 for the main home, subject to regional changes. Non-residents and taxpayers under the Beckham regime pay only on assets located in Spain. A return is also required when gross assets exceed €2 million, even if no tax is due. Rates, minimums and allowances depend on the region of residence.
Is crypto included in Spanish wealth tax?
Yes. Crypto is part of a resident’s taxable wealth and is valued at its market value on 31 December, whether held on a Spanish exchange, a foreign exchange or in self-custody. Self-custodied crypto is excluded from Modelo 721 but not from wealth tax. Crypto pledged as loan collateral remains taxable, while the loan may be deducted as a debt. Values should be consistent with any Modelo 721 return filed.
Which regions in Spain do not charge wealth tax?
Several regions, including Madrid and Andalucía, apply a 100% allowance on wealth tax, so residents generally pay no regional wealth tax. However, the state Solidarity Tax on Large Fortunes applies regardless of region when the taxable base exceeds €3 million after the exempt minimum. Other regions, such as Catalonia, charge wealth tax with their own minimums and scales. Regional rules change frequently and should be checked each year.
How does the Solidarity Tax on Large Fortunes work?
The Solidarity Tax is a state tax on net wealth that uses the same rules as the Wealth Tax and the same €700,000 exempt minimum. It applies a 0% rate to the first €3 million of taxable base, then 1.7% up to €5 million, 2.1% up to €10 million and 3.5% above. Any regional wealth tax actually paid is deducted. It is filed with Modelo 718 in July.
Do non-residents pay wealth tax in Spain?
Yes, but only on assets located in Spain, such as Spanish real estate, bank accounts and certain shares. Shares in entities whose assets consist mainly of Spanish real estate are treated as located in Spain. Non-residents can generally apply the regional rules of the community where their Spanish assets are located. Crypto held with foreign custodians is generally not considered located in Spain, but each structure should be reviewed.
Can I reduce wealth tax by buying property with crypto?
Buying property changes the asset mix but does not remove the tax. Real estate is valued at the highest of cadastral value, value determined for other taxes or acquisition price, and a main home is exempt up to €300,000 for residents. A mortgage or loan used for the purchase may be deducted as a debt. However, selling crypto to buy property triggers income tax on the gain, so both taxes should be modelled together.
Review Your Wealth Tax Position Before 31 December
Vicox Legal models wealth tax, the Solidarity Tax and income tax on your crypto and property, and manages the purchase of Spanish real estate with digital assets, from origin-of-funds documentation to Land Registry inscription.
