The process of purchasing property in Spain is not overly complicated with completion possible within eight weeks of offer accepted. Deals are legally binding from early on so a lawyer is advisable from offer stage and get as much information as possible about the property in advance.
Buyers need a Spanish tax number (NIE) and typically, a bank account in Spain to pay ongoing rates, utilities and other charges such as mortgage if required. Allow an additional 8-14% on top for property taxes & fees. Figures can be checked in advance and will vary depending on location, resale or new. Ask your agent. Read through our expert guide for a deeper understanding of
how to buy property in Spain
The sale process is officiated by an appointed Notary. It is possible to grant Power of Attorney to your legal adviser if it is not possible to be present at the completion signing.
For the financially independent, Spain offers a Non-Lucrative Residence Visa to those outside the EU.
Post Brexit, our partners have noted Brits spending more on second homes rather than buying to relocate. You are considered tax resident if you stay longer than 183 days in the country. Non-residents will be liable for tax on any income generated in Spain. Those who own a home purely for private use are liable for annual imputed income tax, based on cadastral value. The tax rate is 19% for EU & EEA citizens and 24% for others, including UK.
The Spanish tax system is complex, so consult a specialist. There is a Wealth Tax applicable for assets €700,000 upwards, although the amount may vary according to region. Capital Gains Tax applies in Spain – and inheritance or gift tax.
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