Wealth management in Spain

“Alexis, we are retiring near Valencia. In France, we don't pay IFI. We're told Spain has a wealth tax: does it concern us?”

Possibly, and it is the most frequent surprise for French people who settle there. Spain has kept a wealth tax which, for its residents, covers all their wealth, financial investments included. Its rules vary by autonomous community, and a solidarity tax on large fortunes is added above €3 million.

Spain has 85,201 French nationals on the consular register at 31 December 2025, compared with 82,337 a year earlier, that is +3.5% over one year.

Two treaties apply: the treaty of 10 October 1995 on income and wealth, and the treaty of 8 January 1963 on inheritance, which excludes gifts. At Balmont Conseil, we read them alongside the Spanish rules in force.

1. Why seek expert wealth management in Spain?

Four points determine your situation, and the first one no longer exists in France.

• A worldwide wealth tax. A Spanish resident declares their wealth wherever it is located. The amount depends on the autonomous community; the solidarity tax on large fortunes, for its part, targets net wealth above €3 million, with an allowance of €700,000 and rates from 1.7% to 3.5%.
• Your pensions. Private pensions — including the general scheme and Agirc-Arrco — are taxable in Spain only (Article 18 of the treaty). Public pensions remain taxed in France (Article 19).
• Inheritance, but not gifts. The 1963 treaty allocates inheritances: your real estate to the State where it is located, your financial investments to the State of your residence. A gift, however, can be taxed on both sides.
• The inbound expatriate regime. An employee or executive who moves there can opt for a special regime for six years. But this regime taxes them as a non-resident, which changes their position under the treaty.

2. The France ↔ Spain framework in five verified points

Here is the applicable framework, checked against official sources as at 1st October 2026.

On inheritance. The 1963 treaty is more detailed than people think: real estate falls to the State where it is located; tangible movable property, to the State where it is at the time of death; debts receivable, securities and accounts, to the State of residence of the deceased. Each State then calculates its rate taking all assets into account. On the Spanish side, a resident heir is taxed under the rules of their autonomous community.

On wealth. Your French assurance-vie contracts and securities are included in the Spanish calculation, and the final amount depends on the autonomous community: the choice of location is made before the purchase, not after.

On exit tax. The deferral is automatic, but the declaration remains compulsory: in the year of departure, then every year as long as the deferral runs.

What we do not show. Regional scales for wealth tax and inheritance tax are handled with an authorised adviser in Spain, whom we coordinate.

3. Our services: 360° support for expatriates and investors

Three workstreams, in the order in which they are decided.

Where you settle and wealth tax

We cost your wealth against the Spanish wealth tax and the solidarity tax, community by community, before you choose where to settle.

• Worldwide wealth as Spain defines it.
• Comparison of the autonomous communities under consideration.
• Solidarity tax above €3 million.

Your French pensions and contracts

We classify each pension under the 1995 treaty and examine what happens to your French assurance-vie contracts and securities under Spanish tax.

A Luxembourg assurance-vie contract can be adapted to Spanish taxation; this needs to be examined case by case, with a local adviser.

Inheritance and gifts

We establish, asset by asset, which State would tax your estate under the 1963 treaty, and we deal separately with gifts, which it does not cover.

4. Methodology: our way of working

We work in four stages, and at each stage you know where you stand.

1. The initial review. We establish your actual situation: the make-up of your wealth, the project timeline, the situation of each member of the household, and the tax domicile of your heirs — because it is theirs that counts, not yours.
2. The applicable framework. We set out, source by source and with its date, the framework that applies to you. What we do not know, we mark “to be confirmed” — never anything else.
3. The choices. We present the options with figures and their respective consequences, and you decide. Wealth structuring comes after the decision, not before.
4. Ongoing monitoring. An annual review, free of charge, to check that the framework has not moved — treaties are amended, incentive regimes are abolished, thresholds change.

5. What the firm offers you

What concretely sets our work apart.

• Sources, not claims. Every item in your file carries its reference and its date. You can check. It is the only way to work on a subject where most of the information available online is out of date.
• A single point of contact in France. We coordinate your local advisers; we do not replace them: the host country's domestic tax rules are handled with a qualified professional on the ground. Our role is to keep the whole picture consistent and to defend the French side of the file.
• Fees that are easy to understand. Fees disclosed before any commitment: fixed-price reviews, tailor-made engagements at €500 incl. VAT per hour, insurers' commissions on contracts taken out. The annual review is free of charge.

Frequently asked questions: Spain

Does Spain still have a wealth tax?

Yes. The Spanish wealth tax is still in force, with rules that vary by autonomous community, and the temporary solidarity tax on large fortunes has been extended with no end date: it targets net wealth above €3 million, after an allowance of €700,000, at rates from 1.7% to 3.5%.

Will my French pension be taxed in Spain?

Private pensions, including the general scheme and Agirc-Arrco, are taxable in Spain only (Article 18 of the treaty of 10 October 1995). Public pensions remain taxed in France, unless you have Spanish nationality without French nationality (Article 19).

Does the estate tax treaty cover gifts?

No. The treaty of 8 January 1963 does not apply to duties on lifetime gifts (Article 29). A gift made from Spain can therefore be taxed in both countries.

Will I pay social charges on my French rental income?

If you are affiliated to the Spanish social security scheme, only 7.5%, whether the property is let unfurnished or furnished: CSG and CRDS are not due. Otherwise, 17.2% for unfurnished lettings and 18.6% for furnished lettings from 2025 income onwards.

Does exit tax apply if I move to Spain?

If your securities exceed €800,000 or if you hold at least 50% of a company's profits, then yes (Article 167 bis of the French General Tax Code). Payment is automatically suspended, but filing a declaration is mandatory.

In summary

Spain has kept what France abolished: a wealth tax on worldwide wealth. Your private pensions are taxed there, and the estate tax treaty leaves gifts aside.

Where you settle, what happens to your contracts and how you pass on your wealth are decided before departure.

Firm's fees: €500 incl. VAT per hour. Annual follow-up is free of charge.

Let's review your situation

A thirty-minute conversation is enough to cost your wealth against the Spanish tax. You can also start with a free contract X-ray.

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