Buying a property in Spain on your own can be quite a complicated and confusing process for those who are not Spanish. The process can involve unfamiliar legal transactions and transactions of fairly large sums of money. There is also a significant amount of legal work involved to ensure the transaction is made safely, and complies with all Spain’s legal and tax regulations.
If you are planning to purchase a house, a plot of land or any kind of commercial property in Spain, the first move you should make is to contact a Spanish Lawyer (Abogado) , an independent professional who will protect your interests and make your transaction trouble free.
Never sign anything until you have sought independent legal advice.
Choosing your solicitor is very important and it is worth finding one with whom you feel comfortable, as regards to both service and price.
Your house in Spain will probably be one of the most important financial commitments you will ever make and it is essential that an independent professional guides you step by step through this important process.
Before purchasing it is very important to understand the complexities of the procedure and the importance of such matters as:
Requirements to be an owner of a property in Spain:
Having a Fiscal Identification Number (NIE), which must be requested to the Police Authorities, and open a Bank Account with a Spanish Bank for paying all suppliers of the property (water, electricity, telephone, community rates, etc).
Taxes to be paid for the transaction:
VAT 7% and Stamp Duty 1 % on the purchase price for new properties, Transfer Tax 7 % on the purchase price for second hand properties, and VAT 16% and Stamp Duty 1 % on the purchase price for Plots of Land from companies, and Commercial properties. It can also be agreed that the purchaser pays the Plusvalia Tax that is a Local Tax.
Taxes to be paid in the future:
Taxes to be paid in the future for having the property are:
IBI rates, Deed Income Tax, Wealth Tax.
Main outlays and costs:
The main outlays and costs to be paid in the transaction are:
Notary fees, Land Registry fees and solicitor fees.
We will explain ALL of the costs associated with buying a property in Spain or buying an Overseas Property and we will provide you with Spanish and UK based contacts, before, during and after your purchase ensuring all issues are handled efficiently in a manner you would expect from an organisation that makes customer service our highest priority.
The information presented at these pages is provided for general information only and should not be regarded as offering a precise and complete advice. Future changes in legislation could affect the information provided. Therefore, people accessing this information are encouraged to contact us or seek independent counsel for advice regarding their individual legal issues.
Here at Hudson International Properties Marbella we firmly believe that in order to provide the best service to our clients it is important that all of our staff are experienced and knowledgeable about the area's and properties we sell.