Investors seeking a second residence often wonder whether the residency permit will automatically make them subject to a wealth tax. In most jurisdictions the trigger is not the permit but the location of the assets and, in a few cases, the type of immigration status.
What counts as a wealth tax
A wealth tax is levied each year on the stock of assets you own on a fixed reference date, regardless of whether those assets generate income. The tax is applied to net worth (assets minus liabilities) above a statutory exemption threshold.
Countries that levy a general net‑wealth tax (9)
| Country | Tax base | 2026 exemption threshold | 2026 rate(s) | Notes |
|---|---|---|---|---|
| Norway | Worldwide net wealth | NOK 1,900,000 (≈ €170,000) for a single taxpayer | 1 % (0.35 % municipal + 0.65 % state); rises to 1.1 % on wealth above NOK 21,500,000 | Residents taxed on worldwide assets; non‑residents taxed only on Norwegian‑situated assets. |
| Spain | Worldwide net wealth | €700,000 | Progressive state scale (Impuesto sobre el Patrimonio) plus a solidarity surcharge (Impuesto Temporal de Solidaridad de las Grandes Fortunas) on assets ≥ €3 million. The solidarity tax, introduced as temporary in 2022, is now permanent. | |
| Switzerland | Property and business establishments located in the canton | Varies by canton (e.g., Zurich exempts the first CHF 81,000) | Cantonal rates up to a top marginal rate above CHF 3,304,000; each commune adds its own multiplier. No federal wealth tax. | |
| Colombia | Worldwide net wealth | 72,000 UVT (≈ US$2.5 million) – temporarily reduced to 40,000 UVT by an emergency decree (later struck down in Apr 2026) | 0.5 %, 1.0 % or 1.5 % marginal rates; a 2025 decree raised the top rate to 5 %, but the Constitutional Court annulled it. | |
| Argentina | Worldwide net wealth | No fixed exemption; rates applied to the whole net worth | 2026: two rates – 0.50 % and 0.75 %; from 2027 a single lower rate replaces both. The top bracket is being phased out each year. | |
| Uruguay | Assets located in Uruguay (regardless of residence) | – | Rate varies with residence status but the tax base is limited to Uruguayan assets. | |
| Bolivia | Worldwide net wealth | BOB 30 million (≈ US$4.3 million) | Progressive rates 1.4 % – 2.4 %. A repeal bill was rejected, so the tax remains unchanged. | |
| Liechtenstein | Worldwide net wealth (integrated into income tax) | – | Taxable wealth is multiplied by a statutory interest rate of 4 % to produce a notional income, which is then taxed at the regular income‑tax rates. | |
| Venezuela | Net worth ≥ 150 million tax units (very high threshold) | – | Flat rate 0.25 % applied only to a narrow group of “special” taxpayers designated by the administration. |
Narrow‑scope wealth taxes (5)
- France – Impôt sur la Fortune Immobilière (IFI): applies only to immovable property. Taxable when net property wealth exceeds €1.3 million (after an €800,000 allowance). Rates rise from 0.50 % to 1.5 % on wealth above €10 million.
- Belgium – Tax on securities accounts when the value reaches €1 million over the reference period. Rate increased from 0.15 % to 0.30 %.
- Italy – IVIE (foreign real estate) at 1.06 % (reduced to 0.4 % for a foreign main home) and IVAFE (foreign financial assets) at 0.2 % (or 0.4 % for assets in “privileged” jurisdictions). These apply only to residents on foreign assets.
- Netherlands – “Box 3” tax, treated as a wealth tax: the tax authority assumes a return on assets (2026 assumed return: 6 % on investments, 1.28 % on bank deposits, 2.70 % on debts) and taxes that deemed return at 36 %. The first €59,357 per person is exempt. A new system taxing actual returns is slated for 2028 (senate vote pending).
- Portugal – AIMI on Portuguese residential property and building land above a tax registration value of €600,000. Base rate 0.7 %, with higher marginal rates for larger holdings. Residence status is irrelevant; any owner of qualifying property is taxed.
Residency versus immigration permits
Tax residence and immigration status are governed by separate legal regimes in almost all of the listed countries. A residence permit (e.g., Portugal’s Golden Visa, Swiss B‑permit, Dutch residence authorization) does not by itself create a wealth‑tax liability.
- Spain – Wealth‑tax residency is defined in Article 9 of Ley 35/2006: either > 183 days in Spain or the “main base of economic interests” in Spain. The 183‑day rule also appears in immigration law (Royal Decree 1155/2024) but the two tests are independent.
- Norway, Switzerland, France, Italy, Belgium, the Netherlands, Colombia, Uruguay, Portugal – Same separation: immigration permits do not trigger wealth‑tax residency.
Exceptions
- Argentina – Permanent residency under migration law automatically creates tax residence; a temporary permit requires a continuous 12‑month stay to trigger residency.
- Hungary – Proposed wealth tax (see below) would apply only once a third‑country national obtains permanent settlement under Hungarian immigration law. Temporary or investment‑linked permits do not trigger the tax.
How non‑residents are taxed
| Country | Non‑resident wealth‑tax exposure |
|---|---|
| Spain | Taxed on all assets situated in Spain (property, Spanish shares, Spanish bank accounts) at the same rates as residents. |
| Portugal | AIMI applies to qualifying Portuguese property regardless of residence. |
| Norway, France, Switzerland, Liechtenstein | Tax base limited to property and business establishments located in the country; foreign portfolios are excluded. |
| Netherlands | Dutch property is taxable; Dutch bank accounts are explicitly excluded. |
| Belgium | Residents taxed on global securities accounts; non‑residents taxed only on accounts held with Belgian institutions. |
| Italy | IVIE/IVAFE apply only to residents on foreign assets; non‑residents are not subject to these wealth taxes (they still pay the ordinary municipal property tax, IMU, on Italian real estate). |
| Colombia, Argentina, Bolivia, Venezuela | Residents taxed on worldwide wealth; non‑residents taxed only on assets located within the respective country. |
Regimes that shield new residents
Four jurisdictions allow incoming residents to limit their wealth‑tax base to local assets only:
| Country | Shield mechanism |
|---|---|
| Spain – “Beckham Law” | New residents are taxed as non‑residents for wealth tax purposes, i.e., only on Spanish assets. |
| Italy – Flat‑tax regime | Qualified new residents are exempt from IVIE and IVAFE, effectively removing foreign‑asset wealth tax. |
| Switzerland – Lump‑sum taxation | Wealth tax is calculated on a negotiated base rather than worldwide assets; the regime has no time limit. |
| Greece & Uruguay – Tax holidays | Offer temporary relief on property taxes, which are already asset‑location‑based, so no additional wealth‑tax shield is needed. |
Recent and upcoming changes
- Hungary – No wealth tax today. A 1 % levy on wealth above HUF 1 billion is slated for a parliamentary vote in October 2026. The proposal is still a draft; its scope (including non‑resident assets) is unclear.
- Colombia – President Abelardo De La Espriella pledged to abolish the wealth tax in his August 2026 inaugural address. Abolition requires ordinary legislation and has not yet been enacted.
- Bolivia – A repeal bill was rejected by the Chamber of Deputies committee; the tax remains in force.
- Austria, Denmark, Germany, Finland, Iceland, Luxembourg, Netherlands, Sweden – All eliminated their general wealth taxes between 1994 and 2007, accounting for the OECD’s drop from 12 to 4 countries with such taxes.
Practical take‑aways for prospective residents
- Map your asset locations before applying for any residence permit. In 13 of the 14 jurisdictions, the location of assets determines wealth‑tax exposure, not the permit itself.
- Count days precisely. Most countries use a 183‑day presence test (Spain, Norway, etc.) to establish tax residence; the exact measurement can differ (calendar vs. fiscal year, inclusive vs. exclusive).
- Check the applicable year for rate tables. Thresholds and rates for 2025, 2026, and later can differ markedly (e.g., Colombia’s top rate, Belgium’s 0.30 % rate, Argentina’s 0.75 % rate).
- Review immigration‑status triggers in Argentina and the proposed Hungarian regime if you plan to obtain permanent residence there.
- Consider shield regimes (Spain’s Beckham Law, Italy’s flat tax, Swiss lump‑sum) if you wish to limit worldwide wealth‑tax liability after moving.
- Stay updated: wealth‑tax rules change frequently; consult a qualified tax adviser familiar with the specific jurisdiction before making residency or investment decisions.
Source article: www.imidaily.com
