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A non-resident asks whether they must pay Spanish Wealth Tax on foreign holdings that include a Spanish subsidiary with real estate. The DGT states that if the entity's assets consist of at least 50% Spanish real estate, the non-resident is subject to real liability.
Question posed: Whether the non-resident would be subject to Wealth Tax. In such case, which balance sheet should be used for the valuation of the holdings. In the event that, as a consequence of real estate acquisitions, the value of the assets of the non-resident entity consists of at least 50% of real estate located in Spain, the determination of the value of the non-resident's holdings to be included in the tax base of the Spanish wealth tax.
If the assets of a company consist directly or indirectly of at least 50% real estate located in Spain, the holdings may be subject to taxation in said State. The valuation of these unlisted holdings shall be carried out based on the theoretical value of the last approved balance sheet, provided it has been audited with a favorable report. If there is no favorable audit, the higher of the nominal value, the theoretical value of the last balance sheet, or the result of capitalizing the average profits of the previous three financial years at 20% shall be used.
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