Can I Buy Property In Spain As A Non-Resident - Propertysotogrande.es
by Liz Seyi Digital marketing managerThe
prospect of buying property in Spain — whether for leisure, business, or
investment purposes — is enticing. You could be especially attracted to the
idea of buying property
in Sotogrande due
to this coastal community’s stunning views of the Mediterranean Sea and the
Rock of Gibraltar.
However,
if you don’t currently live in Spain, you might wonder whether snapping up property
in this southwestern part of Europe would be a practical possibility for you.
Fortunately, you could be somewhat reassured by the answer, as the obstacles
are not necessarily too tricky to overcome.
What
are the legal requirements for acquiring a Spanish property?
Technically,
as a foreigner, you would actually face only one legal requirement: that of
holding what is called a NIE (Número de IdentificacióndelExtranjero). Without a
NIE, you are barred from undertaking any transaction in Spain.
You
must have a NIE already at hand before you sign or are issued any documents in
Spain, as the NIE will need to appear on all of this paperwork.
As you
will be made to wait quite a while to be handed a NIE after requesting one, you
should — after deciding to buy a Spanish property via an estate agency — ask
this agency to assist you in speeding up the NIE-sourcing process as far as
possible.
Will
I need a Spanish bank account?
In what
may come as a surprise to you, this isn’t actually mandatory for buying a
Spanish property. However, it would remain advisable for you to get a Spanish
bank account all up and running beforehand, as it will remove much of the
friction from payments you make.
A
step-by-step guide to purchasing a Spanish property
Although
there is no certainty as to what your own Spanish home-buying process will
entail, you can realistically expect it to at least consist of the following
stages.
Those
include paying a property transfer tax of 6-10% if you are buying from another
individual, or VAT or IVA of 10% if the property is a new build. There are also
notary costs, a title deed tax, and a land registration fee to pay, not to
mention legal fees — including VAT — of 1-2%.
Are you
already aware of a specific property you would like to buy in Spain? If not,
you should search for one. If your heart is set on buying property in Sotogrande, take heart that our website collates suitable
listings from a range of estate agents covering this residential part of Andalucia.
Once
you have notified a seller that you would like to acquire a Spanish property
they are offering, you can pay a fee and make what is formally referred to as a
reservation agreement.
This is
where the builder or developer will agree to withdraw the property in question
from the market while you arrange to finalise your purchase. This would involve
the presentation — and negotiation — of a letter of intent, a document which
will subsequently be signed.
When
will the Spanish property finally be mine?
Basically,
once you have paid the applicable taxes, and the Spanish Land Registry — or the
RegistroCatastral, as this government-run database is properly known — has been
updated to confirm the sale and transfer of the property’s ownership to you.
As you can now see, being a non-resident of Spain doesn’t have to place too many hurdles on your path if you are eager to acquire a property in this particular country. However, the Spanish home-buying journey remains both lengthy and worth preparing diligently for.
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Created on Oct 6th 2022 02:25. Viewed 123 times.