property for sale in cala de mijas

1. The president of Andalusia, Juanma Moreno, has announced in an unexpected and long-awaited decision, that the region will apply with immediate effects a full relief on Wealth Tax. After the decision, which will already affect to Wealth Tax for the year 2022, Andalusia will be on a level with Madrid, which abolished the tax for practical purposes many years ago. It is therefore expected that this measure will avoid the current unfair competition for inbound investments among both regions from now on. property for sale in cala de mijas The measure involves that both resident taxpayers of Andalusia, as well as non residents with regard to assets held in the region, will remain untaxed for their asset value, unlike the current situation, where asset ownership in excess of €700,000 could be exposed to tax, turning into a tax burden as painful as a yearly 2.5% on the highest chunk of the taxpayer's assets. mijas property for sale Foreign owners and investors are expected to be among the groups particularly benefitted from the measure, as they did not use to be among taxpayers who were able to take advantage of other legal mechanisms, traditionally aimed to domestic business investments, that allowed to leave certain categories of assets exempt from the tax. fuengirola Property for sale

2. While its precise scope and effects are yet to be determined, the expectations are that the measure will enhace the level of inbound investments and taxpayers to Andalusia, contributing to the economy and creation of employment in the region. Along with the practical abolishment of Wealth Tax, president Moreno also announced that the lowest three brackets of personal income tax rates will be deflated, in a measure aimed to aid the lower- income households.