Andalusia abolishes wealth tax!
On September 21, 2022, in a context of tax reduction initiated in the region, the Andalusian government approved a law that puts an end to the wealth tax. This decree was issued with the aim of boosting the Andalusian economy. Indeed, for many, the wealth tax remained the last obstacle to the installation or investment in this region. Already known for its luxury villas and its pleasant quality of life, this good news should make the region of Marbella even more attractive.
This new decision concerns both Spanish and international buyers, so the government is encouraging and facilitating access to property and may well be an additional incentive for all those who wish to invest in Marbella. This decree confirms Andalusia as the second lowest tax burden autonomous region in Spain.
New and old residents of Andalusia have already benefited last year from advantageous tax adjustments such as the elimination of inheritance and gift tax and the reduction of transfer tax to 7%. This new law came into effect on September 21, 2022 and covers the entire fiscal year 2022. Therefore, next year wealthy taxpayers will no longer pay wealth tax in Andalusia.
What does all this mean in a nutshell? This change makes Andalusia, and therefore Marbella, the most interesting place to invest in all of Spain, and maybe even in all of Europe!