The Law on Spanish Wealth Tax dates from 1991 (Ley 19/1991). The tax rates have not changed since then. While in 1991 the interest rate in Spain was about 10 to 15 per cent, they are now at 1 per cent. If someone in 1991 had to pay 1.7% for wealth taxes, this was acceptable, as these assets were far more profitable than they are today. Thus the actual impact of Wealth Tax has increased significantly as a result.
From 2008 to 2010, the Wealth Tax was abolished, but was reintroduced again in 2012 and 2013 due to the Spanish crisis situation and was afterwards extended to the assessment periods 2014 and 2015. In 2016, this tax is theoretically to be abolished again (RDL 13/2011). But the political panorama in Spain today allows no long-term predictions and reintroduction of this Tax by Royal Decree-Law is not improbable.