Question 1

Can I buy a property in Spain as a foreigner?

Accepted Answer

Yes, as a foreigner you can purchase property in Spain without any restrictions. There are no nationality restrictions on buying real estate. The only thing you need is an NIE number (Número de Identificación de Extranjero), the Spanish tax identification number for foreigners. You can apply for this at the Oficina de Extranjería in Spain or through the Spanish embassy or consulate in your home country.

Question 2

What additional costs are involved when buying property in Spain?

Accepted Answer

When purchasing property in Spain, you should budget for 10-14% additional costs on top of the purchase price. This includes: Transfer tax (ITP) of 6-10% for resale properties (varies by region), or 10% VAT + 0.5-1.5% stamp duty for new builds. Additionally, you pay notary fees (€600-€1,500), land registry fees (€400-€1,000), and lawyer fees (1-1.5% of purchase price). It's wise to reserve at least 12% extra budget on top of the purchase price.

Question 3

Can I get a mortgage in Spain as a foreigner?

Accepted Answer

Yes, Spanish banks provide mortgages to foreigners. As a non-resident, you can typically borrow 60-70% of the appraised value, while Spanish residents can borrow up to 80%. Current mortgage rates are around 3-4% for non-residents. Major banks like CaixaBank, Sabadell, Santander, and BBVA have experience with international clients. You'll need: NIE number, proof of income (payslips or tax returns from the last 2-3 years), bank statements, and a property valuation report.

Question 4

What is an NIE number and how do I apply for one?

Accepted Answer

The NIE number (Número de Identificación de Extranjero) is the Spanish identification number for foreigners. You need this number for any financial transaction in Spain, including buying property, opening a bank account, and paying taxes. You can apply at: 1) The Oficina de Extranjería or police station in Spain (by appointment), 2) The Spanish embassy or consulate in your home country. You need: valid passport, completed EX-15 form, and proof of reason (such as a preliminary purchase contract). The application costs approximately €12.

Question 5

Do I need a lawyer when buying property in Spain?

Accepted Answer

While not legally required, it is strongly recommended to hire an independent lawyer. A lawyer checks all legal aspects: property ownership verification via the Nota Simple, checks for debts or mortgages, verification of building permits, and review of community documents. A lawyer costs on average 1-1.5% of the purchase price (minimum €1,500). There are many English-speaking law firms active on the Spanish coast specializing in real estate transactions.

Question 6

What documents should I check when buying property in Spain?

Accepted Answer

When buying property in Spain, you should check the following documents: 1) Nota Simple - property ownership certificate from the Land Registry to verify the seller is the owner and there are no mortgages or liens. 2) IBI receipts - proof that municipal taxes have been paid. 3) Community certificate - confirming no outstanding community fees. 4) Cédula de Habitabilidad - habitability certificate. 5) Energy certificate (mandatory). 6) Building permits - especially for extensions or renovations. Your lawyer will check these documents for you.

Question 7

What annual costs do I have as a property owner in Spain?

Accepted Answer

As a property owner in Spain, you pay annually: 1) IBI (Impuesto sobre Bienes Inmuebles) - municipal property tax of €200-€1,500 depending on cadastral value and municipality. 2) Community fees - €30-€200 per month for apartments with shared facilities. 3) Non-resident tax (IRNR) - approximately €300-€800 per year if you don't rent out the property. 4) Building insurance - €150-€400 per year. 5) Utilities (water, electricity, gas) - €100-€200 per month. Total approximately €3,000-€7,000 per year for an average property.

Question 8

What taxes do I pay as a non-resident with property in Spain?

Accepted Answer

As a non-resident with property in Spain, you pay: 1) Annual non-resident tax (IRNR) - if you don't rent out, you pay tax on imputed rental income (1.1-2% of cadastral value × 19-24% rate). EU citizens pay 19%, non-EU citizens 24%. 2) IBI (property tax) - annually to the municipality. 3) When renting: income tax on rental income (19% for EU, 24% for non-EU). 4) When selling: capital gains tax of 19-23% on the profit (progressive rate). The buyer withholds 3% of the sale price as advance payment on this tax.

Question 9

Can I rent out my property in Spain to tourists?

Accepted Answer

Yes, you can rent your property in Spain to tourists, but you need a tourist license (licencia turística). Rules vary by region: Valencia and Andalusia have become stricter. Requirements often include: minimum surface area, safety provisions, and registration with the regional tourism office. Note: some homeowner associations (comunidades de propietarios) prohibit short-term rentals. Always check the statutes before purchasing. Rental income must be declared for Spanish income tax. Platforms like Airbnb and Booking are popular, but ensure you have the correct permits.

Question 10

What are the steps in buying property in Spain?

Accepted Answer

The purchase process in Spain follows these steps: 1) Search and view properties. 2) Reservation agreement with deposit (€3,000-€6,000). 3) Apply for NIE number and open Spanish bank account. 4) Hire lawyer for legal checks. 5) Sign private purchase contract (contrato de arras) with 10% deposit. 6) Mortgage application if needed. 7) Sign notarial deed (escritura pública) and pay remaining balance. 8) Registration at Land Registry. 9) Transfer of utilities. The entire process typically takes 4-12 weeks, depending on financing and documentation.

Question 11

What's the difference between new build and resale properties in Spain?

Accepted Answer

New builds in Spain: You pay 10% VAT (IVA) + 0.5-1.5% stamp duty instead of transfer tax. New builds are more energy-efficient with modern insulation and often solar panels. You get guarantees: 1 year on finishes, 3 years on installations, 10 years on construction. Disadvantage: longer delivery time (1-3 years for off-plan purchase) and often further from center. Resale: You pay transfer tax (6-10% depending on region). Immediately available, often better locations, and you see exactly what you're buying. Disadvantage: possible renovation needed and higher energy costs.

Question 12

What is the Spanish Golden Visa program?

Accepted Answer

The Spanish Golden Visa is a residency permit for non-EU citizens who invest a minimum of €500,000 in Spanish real estate. Benefits: right to reside in Spain, free travel within the Schengen zone, and the right to work in Spain. The visa is valid for 2 years and renewable. Your family (spouse and children under 18) also qualifies. Note: the Spanish government is considering changes to this program. The investment may be spread across multiple properties, as long as the total is at least €500,000. Mortgage financing does not count towards the minimum requirement.

Question 13

How long can I stay in my property in Spain?

Accepted Answer

As an EU citizen, you can stay in Spain indefinitely. If staying longer than 3 months, you must register with the municipality (empadronamiento) and apply for a residency certificate at the Oficina de Extranjería. As a non-EU citizen (for example, British after Brexit), you can stay a maximum of 90 days per 180 days in Spain without a visa. For longer stays, you need a residency permit through work, retirement, Golden Visa, or family reunification. Owning property alone does not grant residency rights.

Question 14

How do I open a Spanish bank account?

Accepted Answer

A Spanish bank account is essential for paying mortgages, taxes, and utilities. You can open an account as a non-resident with: valid passport or ID, NIE number, and proof of address in your home country. Some banks also require proof of income. Major banks like CaixaBank, Santander, BBVA, and Sabadell offer English-language service. You can often start online, but must visit in person for identification. Costs vary: some banks charge €0-10 per month, others offer free accounts with a minimum balance.

Question 15

How does inheritance and succession tax work for property in Spain?

Accepted Answer

If you own property in Spain, it falls under Spanish succession law upon death. Spanish inheritance tax varies greatly by region (0-34%) and depends on the relationship to the deceased, the value of the inheritance, and existing assets of the heir. Some regions (like Andalusia and Valencia) have high exemptions for direct family. Important: create a Spanish will specifically for your Spanish assets, alongside your home country will. This prevents complications and delayed settlement. Consult a specialist in international inheritance law.

Benahavís

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