March 2026 Tax Bulletin

Just as was the case last year, 2026 has brought few regulatory changes in the area of wealth taxation—perhaps even fewer than in 2025—due, among other factors, to the difficulties involved in passing new legislative initiatives.

In this regard, it is telling that Royal Decree-Law 2/2026, which contained certain tax measures, was not ratified by Congress and therefore never came into effect—just as happened with Royal Decree-Law -Law 16/2025 at the end of 2025, which included a significant portion of the tax measures that were later incorporated into Royal Decree-Law 2/2016.

However, in recent months we have seen new developments regarding transferred tax powers approved by some autonomous communities, as well as tax developments—not regulatory in nature but rather interpretive of the law—through significant Supreme Court rulings.

In this regard, it is worth noting the Supreme Court rulings that extend to taxpayers not resident in Spain the reduction in the Wealth Tax liability through the application of the joint tax limit with the Personal Income Tax; as well as those in which, although subject to certain conditions, it allows the requirement that a person be employed in order to consider real estate leased by a leasing entity as related to economic activity to be met by any of the group’s companies.

In short, there have been few changes to tax regulations, although the courts have adopted significant new approaches to issues related to wealth management.

Jesús Muñoz García

Director of Asset Planning

BBVA Private Banking