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The Impuesto sobre el Patrimonio is an annual tax on net wealth that is administered at the regional level in Spain, so the tax-free minimum and the rates vary significantly by autonomous community. Residents are taxed on obligación personal” — worldwide wealth — while non-residents and those under the Beckham Law regime are taxed only on assets located in Spain (“obligación real”). An important safeguard is the 60% cap: the combined IRPF and wealth-tax liability cannot exceed 60% of the IRPF taxable base
