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P.M. promises to abolish wealth tax
If reelected, Spain’s Socialist prime minister, José Luis Rodríguez Zapatero, has vowed to abolish wealth tax. The unpopular tax, introduced to Spain in 1977 and levied on private individuals net worth, affects both Spanish residents and non-residents. With a maximum levy of 2.5% on wealth and property per year, the Spanish wealth tax is among the highest in the world, though it is estimated only one in 17 people actually declare and pay the tax.
The proposed change, which at the moment is no more than a populist election promise, will be good news to both resident and non resident property owners in Lanzarote.