The COVID-19 pandemic has drastically transformed the outlook of
businesses and individuals around the world. Thousands of people are migrating
to large city outskirts, luxurious apartments, and second homes to improve
their quality of life.
So, if you’re planning to buy a house in Spain as a foreigner, you need
to sort out some legal procedures to purchase any property. Knowing what to
expect before buying and making yourself aware of several factors like high
capital gains tax, property risks, price fluctuations, and growing trends can
help make your buying process smooth and painless.
Whether you’re considering buying a property in a coastal region or a
large city like Madrid, this guide would be very helpful for you. So, let’s get
ARE THERE ANY SPECIAL REQUIREMENTS TO BUY PROPERTY IN SPAIN?
The only aspect to keep in mind as a foreign investor is NIE, which is a
unique number for each individual to carry out essential transactions in Spain.
NIE isn’t too complicated to attain but it may take a while. Thus, it is best
to consult a local real estate agent to make things easier for you and speed up
the process of issuing NIE.
TAX AND BUDGET PLANNING
Though property buying procedures may vary from region to region, in
general, it consists of taxes and other regulations levied by the buyer, such
· Property transfer tax, which is 6-10% for existing properties and VAT at
10% for new properties
· Notary costs, title deed tax, and land registration costs 1-2.5%
· Legal procedure fees, including VAT
CAN YOU PURCHASE A HOUSE IN SPAIN?
Yes, absolutely! If you’re British thinking to buy a property in Spain
for retirement benefits, steady income, or whatever else the reason, you’re permitted
to do so. However, you will be liable to non-EU regulations, which makes the
route of buying properties in European countries a bit complicated. We suggest
applying for a Spanish non-lucrative visa to simplify your property buying
There are no such restrictions to buy any kind of property in Spain, be
it residential, commercial, or land. Spain encourages investment for everyone,
both resident and non-resident buyers, just remember to apply for Golden Visa
if your house is more than €500.000.
ESTATE IS ATTRACTING BUYERS OF ALL KINDS
Spain being a popular tourist destination has a lot to offer in terms of
housing options, such as apartments, villas, townhouses, countryside homes, and
holiday homes. Local and foreign investors are very likely to invest in Spanish
property due to the Mediterranean coastline, amazing beaches, relaxed
lifestyle, and low cost of living.
Although the COVID-19 pandemic had a significant impact on tourist
hotspots like Madrid, Calpe, etc., these locations have become steady in the
past few months and enhanced access to reliable property options. If you wish
to buy Spanish property in 2022, reach out to our experts to gain better
control over real estate deals for complete peace of mind.
If you wish to receive more information, do not hesitate to contact us.
Phone: +34 966 397 944