Wealth & Solidarity Tax
*Crucial for high-net-worth buyers: the Balearics are comparatively attractive here — but the state-level "wealth tax on the rich" still applies to very large estates.*
Impuesto sobre el Patrimonio (wealth tax)#
Annual tax on net wealth. Non-residents pay it only on assets located in Spain (e.g. the Mallorca property); Modelo 714.
Balearic specifics: high allowance#
🟡 The Balearics raised the personal allowance (mínimo exento) from €700,000 to €3,000,000 as of 1.1.2024 — below that threshold, no regional wealth tax applies. In addition, the primary residence is exempt up to €300,000. Balearic rate ~0.20%–~3.5%.
- Filing obligation when tax is payable or when the gross value of the assets/rights
exceeds €2,000,000.
Impuesto temporal de Solidaridad de las Grandes Fortunas (ITSGF)#
State-level solidarity tax on large fortunes (Modelo 718), introduced in 2023, made permanent in 2025. It applies above €3,000,000 of net wealth (with a €700,000 allowance, effectively from ~€4 million). Purpose: it prevents the high Balearic allowances from entirely neutralising the tax on very large estates — where the region does not tax, the state steps in. It also applies to non-residents on their Spanish assets.
🟡 Developing (2025/2026)#
The Tribunal Supremo (rulings of 29.10./03.11.2025) extended the wealth-tax "shield" (escudo fiscal / límite conjunto) to non-residents; a TEAC decision of 24.09.2025 allows non-EU residents to opt for the regional rules. Substantive improvement from 2026 — the AEAT's implementation practice is not yet final. 🟡
❓ FAQ#
Do I pay wealth tax in Mallorca as a foreigner? Only on assets located in Spain. In the Balearics a high allowance of €3 million per person applies; above that, as well as from €3 million (state solidarity tax), tax may be due.
Sources (selection)#
- ATIB / Iberley (mínimo exento Baleares €3 million) · AEAT Modelo 714/718
- Cuatrecasas / Martínez-Cardós (TS rulings 2025, escudo fiscal) — status 🟡