3.5. Exempt property and rights

1. The following assets and rights are exempt from the Wealth Tax:

   • The habitual residence up to 300,000 euros

     The taxpayer's habitual residence, as defined in article 68.1.3 of the Personal Income Tax Law, up to a maximum amount of 300,000 euros.

     The exemption will be applied by the taxpayer who holds the right of ownership, full or shared, or a real right of use or enjoyment over the habitual residence.

     A habitual residence is considered to be a building that constitutes the taxpayer's residence for a continuous period of at least three years.

     However, the dwelling will be deemed to have had a habitual residence status when, despite the aforementioned period not having elapsed, the taxpayer dies or other circumstances occur that necessarily require a change of address, such as a marriage, marital separation, job transfer, obtaining the first job, or change of employment, or other similar justified circumstances.

   • Spanish Historical Heritage Assets

     The assets comprising the Spanish Historical Heritage, registered in the General Register of Assets of Cultural Interest or in the General Inventory of Movable Assets, as well as those included in the Second Additional Provision of Law 16/1985, of June 25, on the Spanish Historical Heritage, provided that in the latter case they have been classified as Assets of Cultural Interest by the Ministry of Culture and registered in the corresponding Register.

     In the case of Archaeological Zones and Historic Sites or Complexes, the exemption will not apply to any type of real estate located within the delimitation perimeter, but only to the following:

     • In Archaeological Zones: Real estate included as an object of special protection in the urban planning instrument referred to in article 20 of Law 16/1985, of June 25, on the Spanish Historical Heritage (BOE of June 29).

     • In Historic Sites or Complexes: Real estate properties that are fifty years old or older and are included in the Catalogue provided for in Article 86 of the Urban Planning Regulations as an object of comprehensive protection under the terms provided for in Article 21 of Law 16/1985, of June 25, on the Spanish Historical Heritage.

   • Historical Heritage of the Autonomous Communities

     The assets comprising the Historical Heritage of the Autonomous Communities, which have been classified and registered in accordance with the provisions of their regulatory standards.

   • Certain art objects and antiquities.

     Objects of art and antiques are exempt in the following cases:

     • When its value is less than:

       • 90,151.82 euros for paintings and sculptures less than 100 years old.

       • 60,101.21 euros in the case of paintings that are one hundred years old or more.

       • 60,101.21 euros for collections or sets of artistic and cultural objects and antiques.

       • 42,070.85 euros for sculptures, reliefs and bas-reliefs that are one hundred years old or more.

       • 42,070.85 euros in the case of collections of drawings, engravings, books, documents and musical instruments.

       • 42,070.85 euros for furniture.

       • 30,050.61 euros in the case of carpets, tapestries and historical fabrics.

       • 18,030.36 euros for drawings, engravings, printed or handwritten books and single documents in any format.

       • 9,015.18 euros in the case of single musical instruments of a historical nature.

       • 9,015.18 euros in the case of antique ceramics, porcelain and glass.

       • 6,010.12 euros for archaeological objects.

     • When they have been transferred by their owners on permanent deposit for a period of no less than three years to Museums or non-profit cultural institutions, for public exhibition, while they are on deposit.

     • The artist's own work as long as it remains in the author's estate.

     For these purposes, art objects are understood to be: paintings, sculptures, drawings, engravings, lithographs or other similar works, provided that, in all cases, they are original works.

     Antiques are understood to be: movable, useful or ornamental property, excluding works of art, that are more than one hundred years old and whose basic original characteristics have not been altered by modifications or repairs carried out during the last one hundred years.

   • The household trousseau

     Household goods are understood to be personal and household effects, household utensils and other movable property for the private use of the taxpayer, except for jewelry, luxury furs, automobiles, two- or three-wheeled vehicles with a cylinder capacity equal to or greater than 125 cubic centimeters, recreational or water sports boats, aircraft and works of art and antiques.

   • Economic content rights in the following instruments

     • The consolidated rights of the participants and the economic rights of the beneficiaries in a pension plan.

     • The economic content rights that correspond to premiums paid to insured pension plans.

     • The rights of economic content that correspond to contributions made by the taxpayer to corporate social security plans.

     • The rights of economic content derived from the premiums paid by the taxpayer or by employers to collective insurance contracts.

     • The economic rights corresponding to the premiums paid to private insurance covering dependency.

     • From July 2, 2022, the rights of economic content derived from contributions to pan-European individual pension products regulated in Regulation (EU) 2019/1238 of the European Parliament and of the Council, of June 20, 2019, relating to a pan-European individual pension product.

   • Intellectual and Industrial Property

     Rights derived from intellectual or industrial property, as long as they remain in the author's assets, and in the case of industrial property, are not affected by business activities.

   • Securities belonging to non-residents whose income is exempt

     Securities belonging to non-residents whose income is exempt under the provisions of article 14 of the consolidated text of the Non-Resident Income Tax.

   • Assets and rights affected by economic activities

     The assets and rights of natural persons necessary for the development of their business or professional activity, provided that this is carried out regularly, personally and directly by the taxpayer and constitutes their main source of income, fulfilling the requirements indicated in section "D. Exempt assets and rights related to economic activities.

     Subject to the same requirements, property and rights common to both members of the marriage will also be exempt when used in the development of the business or professional activity of either spouse.

   • Participations in entities

     Shares in entities, with or without trading on organised markets, provided that the conditions set out in the Wealth Tax are met.

2. Autonomous exemptions

   • Taxpayers residing in the Community of Castile and Leon

     Taxpayers with disabilities who have had their habitual residence in the Community of Castile and León will also not have to declare the assets and rights of economic content that form part of the specially protected assets of the taxpayer, established under Law 41/2003, on the asset protection of people with disabilities and the amendment of the Civil Code, the Civil Procedure Law and the tax regulations for this purpose.

   • Taxpayers residing in the Autonomous Community of the Canary Islands

     Property and rights with economic content computed for the determination of the tax base that form part of the specially protected assets of the taxpayer, established under Law 41/2003, on the asset protection of persons with disabilities and the amendment of the Civil Code, the Civil Procedure Law and the tax regulations for this purpose, will be exempt from this tax.