In 2022, Spain introduced a "solidarity tax on large fortunes" — on assets worth from 3 million euros, with a maximum rate of 3.5%. The measure was temporary and aimed at supporting healthcare after the pandemic.
Contrary to fears of "capital flight," the result turned out positive. Over two years, the treasury received about 4 billion euros, and the number of billionaires in the country even increased. Investment continued, and Spain's economy showed one of the best growth rates among developed countries: 3.2% compared with a global average of 1.7%-2%.
The Spanish model includes a number of reliefs that soften the tax's impact. A portion of the value of the main residence is not taxed (up to 300,000 euros), and there is a general tax-free allowance of 700,000 euros. The total tax burden is capped at 60% of income, and family businesses are partially exempt from taxation. These measures help avoid pressure on the middle class and family businesses, ensuring fairness and the sustainability of the system.
Experts emphasize that the tax measure was not only financially effective but also socially significant. It strengthened trust in the tax system and showed an example of fair redistribution of financial resources.
