To whom does this obligation apply?

The wealth tax or Model 714 taxes the total assets of a taxpayer if they exceed a certain value. That is, the value worldwide of all assets and rights of economic substance owned by the natural person. For this calculation, deductions such as charges that may reduce the value must be taken into account, as well as personal debts or liabilities to which this applies.

Period of declaration is between 7 April and 30 June, approximately the same as model 100. For the application of the first limit for your obligation, it must be taken into account whether the established tax base is equal to or less than the established exempted minimum, usually 700,000 euros or the above mentioned exemption approved by the Autonomous Communities for its residents. For example, Aragon has a limit of 400,000 euros, in the Valencian Community it is 600,000 euros.

To arrive at this total sum, there are also deductions. For example, you may deduct the principal residence in Spain up to a maximum value of EUR 300,000, i.e. if your permanent residence has a value of EUR 500,000, you will only contribute EUR 200,000 to the tax base.
Some investments such as pension plans, PPAs, business plans and group insurance contracts are also not included in the taxable base of the 714 model.
The assets and rights that constitute your business assets and are your main source of income are included.
Certain works of art and antiques must also be included (Article 4.3 of Act 19/91), although there are also exempt amounts.

In short, if your assets are higher than the exempted limit (usually EUR 700,000), taking into account the deduction of the Spanish main residence, you will have to submit model 714.