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In January 2013 Spain announced an asset tax to apply to anyone tax resident in mainland Spain; ie, anyone spending more than 182 days per tax year (a calendar year) in Spain or within 12nm of the mainland Spain coastline. It is not clear whether the Balearics are included in this definition.
updated The effect is that world wide assets owned by Spanish tax residents worth more than €50,000 must be declared to the tax authorities. This includes houses, boats, and offshore accounts, wherever they may be located. The total must be declared before the first of April 2013. There are substantial allowances, such that taxation only starts if your assets are worth more than several hundred thousand Euros
Assets above the allowance will subsequently be taxed as if they supplied an imputed income . The tax rises from a small amount up to over 2% of assets pa for high net worth individuals, but varies by region and amount. The comment below gives some idea of the amounts involved in Andalucia.
Assets discovered after the declaration date will be taxed at over over 50% of the imputed income, plus 150% of the tax due.
So, if you are a Spanish tax resident with a valuable boat and maybe a house in UK as well, talk to your Spanish accountant or Gestor! And if you haven't got one, find one!