Put this on another thread but thought this is worth attention separately. This is what I've been told. A person who is not a fiscal resident in Spain and who owns any urban property in this country is subject to Non-resident Income Tax and Wealth Tax. If the property belongs to more than one person, each one is an independent taxpayer, and must file an individual tax return. The tax year runs January to December. Wealth and Income Taxes (Impuesto de Patrimonio y Presunta Renta) corresponding to 2007: Wealth Tax: 0.3% on the value of the property registered in your name (ie the price you paid for it). Income Tax: 0.275 % on the value of built properties. On top of that there's the solicitor's expenses and fees for the declaration and payment of the Wealth and Income Taxes if you don't do it yourself. I don't know what happens to Wealth Tax in view of falling prices. Presumably one can get a surveyor to revalue it but that would cost more than the tax!