Spain Patrimonio (wealth tax) — region by region

Patrimonio applies to your worldwide net wealth (assets minus debts) on 31 December each year, with a Spanish tax return due alongside your IRPF. Tax residents are taxed on worldwide wealth; non-residents only on Spanish-situs assets (Spanish real estate, Spanish-account-holdings, etc.).

The state scale (before regional rebates) is steeply progressive:

• Up to €167,129: 0.2%
• €167,129–€334,253: 0.3%
• €334,253–€668,500: 0.5%
• €668,500–€1,336,999: 0.9%
• €1,336,999–€2,673,999: 1.3%
• €2,673,999–€5,347,998: 1.7%
• €5,347,998–€10,695,996: 2.1%
• Above €10,695,996: 3.5%

Two key state allowances apply before the scale kicks in: a personal allowance of €700,000 per individual, and a primary-residence allowance of €300,000 (deducted from the value of your main home). Both are increased in some regions.

The decisive question is which region you become resident in — because each autonomous community can apply a bonificación (rebate) of up to 100% on the regional share of the tax. Madrid and Andalucía rebate to zero. Cataluña does not rebate. Other regions sit in between.

For British HNW movers the regional choice is the single biggest planning lever. Headline 2026 positions across the most-relocated-to regions:

• Madrid: 100% bonificación on the regional share — effective Patrimonio liability is zero up to the Solidaridad threshold. Madrid then captures Solidaridad above €3m at national rates, but the Solidaridad credit-back for Patrimonio paid means most Madrid residents still come out close to zero in absolute terms.
• Andalucía: 100% bonificación. Effective zero Patrimonio. Long-standing strategic positioning to attract HNW residents and currently competitive with Madrid.
• Cataluña: No bonificación. Full state scale applies. Personal allowance of €500,000 (lower than the state €700,000). This is the most punitive Patrimonio region for HNW movers and a major reason why Barcelona is a less common destination for £5m+ net-worth movers.
• Valencia: The Valencian government raised the individual allowance to €1m and the primary-residence allowance to €300k in 2025, taking effect for 2026. Above those thresholds Valencia applies a modestly higher scale than the state default. Materially better than Cataluña; not as clean as Madrid/Andalucía.
• Balearic Islands: Personal allowance €3m for residents (effectively a partial bonificación by another mechanism); above that, modest scale. Strong position for HNW Mallorca buyers.
• Canary Islands: Bonificación applies but variable; check current year. Historically friendlier than Cataluña.
• Basque Country and Navarra: Outside the standard regime — their own foral tax systems apply Patrimonio under separate rules.
• Murcia, Asturias, Aragón, Galicia, Castilla y León, Castilla-La Mancha, Extremadura: Mostly state default with modest variations — neither aggressively punitive nor competitive on Patrimonio.

Regional policy changes year to year; the regional autonomous parliaments can vote to add or remove bonificaciones. The Madrid/Andalucía 100% position has been politically stable for several years but is theoretically reversible. Confirm current-year position with the regional Hacienda before relying on it for a major move.

Patrimonio looks at virtually everything of value, with a few specific exemptions:

• Real estate: all properties, valued at the higher of cadastral, transfer or market value
• Bank accounts and deposits: 31 December balance
• Listed securities: 31 December market value
• Unlisted shares and business interests: book value or specific valuation rules
• Collective investment schemes: 31 December NAV
• Vehicles, boats, aircraft: market value (with depreciation tables)
• Jewellery, art, antiques: above defined thresholds (currently €18,030 per item for jewellery; €90,151 for art)
• Insurance policies and pension assets: generally yes for non-qualifying pensions, with specific exemptions for Spanish/EU qualifying schemes
• Intellectual property: certain rights at market value

Key exemptions: certain qualifying business assets (where the taxpayer is actively involved), works of art on permanent loan to public institutions, pension funds in qualifying schemes, household goods (below defined value).

For British movers a common surprise is that UK pension assets in QROPS or International SIPP wrappers may be included in Patrimonio depending on structure and region. Pre-move structuring matters — see the QROPS vs SIPP page for the cross-border pension angle.

The Solidaridad surcharge (Impuesto Temporal de Solidaridad de las Grandes Fortunas — ITSGF) was introduced in 2022 to neutralise the Madrid/Andalucía zero-Patrimonio effect at the national level. It applies above €3m of net wealth at rates broadly mirroring the upper Patrimonio brackets.

Critically, Solidaridad allows you to deduct the Patrimonio you've actually paid from the Solidaridad bill. So:

• In Cataluña: you pay Patrimonio in full → Solidaridad bill is reduced by the Patrimonio paid → typically zero additional Solidaridad
• In Madrid: you pay zero Patrimonio (100% rebate) → Solidaridad bill is not reduced → you pay the full Solidaridad

Net effect: for movers above €3m the Madrid/Andalucía advantage shrinks, but doesn't disappear. Below €3m, Madrid and Andalucía remain genuinely Patrimonio-free. Above €3m the regional advantage is mostly capped by Solidaridad — though the regional choice still matters for the exact bracketing and the practical filing burden.

See the Solidaridad deep dive for the full mechanics and bracket structure.

• If your net worth is below €700,000 (single) or €1.4m (married): Patrimonio likely doesn't apply anywhere in Spain. The regional choice is driven by other factors.
• If your net worth is €1m-€3m: the regional choice matters a lot. Madrid and Andalucía save you Patrimonio entirely; Cataluña could cost €5,000-€30,000/year; Valencia (post-2026 reform) sits in the middle.
• If your net worth is above €3m: Solidaridad equalises most of the regional gap, but Madrid and Andalucía still produce slightly cleaner outcomes through filing simplicity and small bracket differences.
• Pre-move valuation: Spanish real estate is often valued lower than market for Patrimonio (via cadastral); UK assets are typically valued at market. Pre-move asset reorganisation (e.g. moving liquid UK assets into Spanish real estate before becoming Spanish-resident) is sometimes used to reduce the Patrimonio base. This needs careful UK CGT planning to avoid triggering UK tax on the disposal.
• Beckham Law and Patrimonio: Beckham Law doesn't shield you from Patrimonio. Beckham elects you into being taxed only on Spanish-source income for IRPF — but Patrimonio still applies on worldwide wealth for residents. Some Beckham-Law-eligible movers find that the Patrimonio bill alone makes regions like Cataluña uneconomical despite the IRPF saving.