Europe has no single wealth tax system. In the 2026 comparison of 32 EU member states and European OECD countries, Norway, Spain, and Switzerland all impose a net wealth tax.
Belgium, France, Italy, and the Netherlands do not tax total net wealth but impose recurrent taxes on selected assets. However, most European countries, such as Portugal, Greece, etc., have no net wealth tax.
For expats looking to move their wealth to Europe, understanding the legislation for taxes on wealth in Europe is important. While each European country has its own tax regulations, some may be more attractive for financial planning than others.
This guide explains what “no wealth tax” means, compares all 32 countries in the dataset, and outlines the tax-residence and relocation questions to check before moving. It will also explore how Global Citizen Solutions (GCS) can help guide your immigration plans.
European Countries with No Wealth Tax – Key Takeaways
What “No Wealth Tax” Means
“No wealth tax” means a country does not levy an annual tax on a person’s total net worth. However, a country can have no net wealth tax but still levy recurrent taxes on selected assets.
For example, France imposes tax on certain real estate wealth, while Belgium, Italy, and the Netherlands apply different forms of taxes to selected financial, property, or investment assets.
So, a country having no wealth tax does not mean it is tax-free. It may still impose:
- Personal income tax
- Capital gains tax
- Property and real estate taxes
- Inheritance and gift taxes
- Taxes on dividends, interest, or investments
- Stamp duties and transaction taxes
- Exit taxes when a person changes tax residence
Note: This classification only compares net wealth taxes and recurrent taxes on selected assets. It does not depict the overall tax burden of a country or determine how much tax you would pay if you move there.
European Wealth Tax Comparison for 2026
The following comparison covers the 27 EU member states and five additional European OECD countries included in the Tax Foundation’s 2026 dataset: Iceland, Norway, Switzerland, Turkey, and the United Kingdom.
Of the 32 countries listed in the dataset,
- Three levy a general net wealth tax.
- Four do not levy a general net wealth tax but tax selected assets.
- 25 fall into neither category.
| Category | Countries |
|---|---|
| Net wealth tax: Yes | Norway, Spain, Switzerland |
| Net wealth tax: No; Selected-assets tax: Yes | Belgium, France, Italy, Netherlands |
| Net wealth tax: No; Selected-assets tax: No | Austria, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, Germany, Greece, Hungary, Iceland, Ireland, Latvia, Lithuania, Luxembourg, Malta, Poland, Portugal, Romania, Slovakia, Slovenia, Sweden, Turkey, United Kingdom |
Note that countries in the last category may still tax aspects of your wealth, such as property, income, investment returns, capital gains, inheritances, gifts, etc.
Countries with Net Wealth Taxes
Norway
One of the richest countries in the world, Norway, levies a recurrent tax on an individual’s net wealth above the applicable allowance. The tax has both national and municipal components.
An example of taxable wealth in Norway is asset classes (after debt and valuation adjustments). The allowance, valuation discounts, and overall rates can change, so you must always check against current Norwegian tax rules or consult an international tax expert.
Spain
Spain imposes a progressive net wealth tax, but the rules vary by its autonomous regions. Spanish residents are taxed on a worldwide basis, while non-residents pay only on assets located in Spain. You become a Spanish tax resident if you spend more than 183 days in a calendar year in the country, or you have Spain as your main center of economic interests, or through a presumption where you have a spouse or minor children living in the country.
Spain also imposes a national solidarity tax on large fortunes, and amounts paid under the regional wealth tax system can affect the national calculation. Having a regional tax break may not eliminate all your wealth tax liability.
Switzerland
Switzerland imposes its wealth tax at the cantonal and municipal levels instead of a standard federal wealth tax. Basically, any allowance, rate, valuation rules, and deductions you get depend on the canton and municipality you’re a tax resident in.
Swiss tax residents are assessed on worldwide covered assets, although foreign real estate and permanent establishments are excluded from the taxable base and considered when determining the applicable rate.
Countries with Wealth Taxes on Selected Assets
France
France abolished its former general net wealth tax in 2018 and replaced it with the real estate wealth tax, known as the impôt sur la fortune immobilière.
The tax applies to qualifying net real estate wealth, not to your entire net worth. French tax residents and non-residents may face different territorial rules, especially regarding property outside France.
Belgium
Belgium does not levy a net wealth tax but imposes an annual tax on qualifying securities accounts, and this applies to your securities account and not your total wealth. Belgium also imposed a capital gains tax on qualifying financial assets such as crypto, bonds, shares, and investments, and it applies to gains realized from 1 January 2026. However, this is not a recurrent wealth tax and is triggered by disposal. Other taxes are also imposed on investment income, property, gifts, transactions, and inheritances.
Italy
Like other countries in this category, Italy does not levy a total net wealth tax. However, it imposes recurrent taxes on some assets, such as qualifying crypto assets, financial as sets, and real estate held abroad by Italian tax residents.
So, what you’re taxed depends on the type of asset in question, how it’s held, the location, and whether there is an Italian intermediary, such as a bank or investment firm, involved.
Netherlands
Although the Netherlands does not impose a net wealth tax, certain qualifying investments and savings are included in the country’s Box 3 income-tax system.
Box 3 calculates taxable income based on assumed returns and does not impose a direct percentage tax on total net wealth. However, the system has been subject to court decisions and changes, such as possibly transitioning from a fictitious return system to an actual return model targeted for 2028, so you should always confirm current laws before making any decisions.
Countries with Neither Category In This Dataset
The remaining 25 countries do not have a general net wealth tax or the selected assets taxes covered in the article so far. Note that this does not mean these countries do not impose property, income, gains, inheritance, gift, or exit taxes.
Before relocating, ensure you assess the immigration rules as they relate to tax residence, asset location, income sources, and exposure to other national taxes.
Portugal
Portugal does not levy a general tax on an individual’s total net wealth. However, certain property taxes may still apply, including the annual Municipal Property Tax (IMI) and the Additional Municipal Property Tax (AIMI) on certain holdings of residential property and building land.
If you are considering the Portugal Golden Visa, the country’s no wealth tax may be appealing. However, obtaining a Golden Visa does not automatically make you a Portuguese tax resident or provide a special tax exemption.
You can only become a tax resident in Portugal by spending more than 183 days in the country during the relevant 12-month period or by maintaining a home under circumstances indicating that it is your habitual residence.
Greece
Greece does not impose a general net wealth tax nor a selected assets tax. However, Greek property taxes, income tax, capital gains rules, inheritance and gift taxes, and taxes on investment income may still apply.
Obtaining a Greek residence permit, including through the Greece Golden Visa program, does not automatically make you a Greek tax resident or provide exemption from wealth tax. This is because immigration residence gives a person permission to reside in Greece, while tax residence is determined under separate rules.
A person who spends more than 183 days in Greece during a 12-month period is considered a Greek tax resident from the first day of their presence, subject to limited exceptions. Other factors, including the individual’s permanent home and center of vital interests, may also be relevant.
Other Taxes to Check Before Relocating
Having no net wealth tax does not mean a country has a low overall tax burden. Before relocating, ask the following questions:
- Tax residence: When would you become tax resident, and when would your existing tax residence end?
- Income tax: How would the country tax your salary, business income, pension, rent, dividends, interest, and foreign income?
- Capital gains tax: Would gains from selling property, investments, businesses, or other assets be taxable?
- Property taxes: Would owning, buying, renting, or selling real estate create national or local tax obligations?
- Inheritance and gift taxes: How would transfers be taxed, and do the rules depend on family relationships or asset location?
- Exit taxes: Could leaving your current country trigger tax on shares, business interests, or unrealized gains?
- Tax treaties: Is there an applicable double-tax treaty, and which taxes and sources of income does it cover?
These questions require an individual assessment based on the countries involved, residence status, income sources, and location of assets.
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