FAQ
FAQ
Frequently Asked Questions
Are there restrictions for foreign property ownership in Spain?
No, Spain allows both EU and non-EU citizens to own property without restrictions.
Can I rent out my property in Spain?
es, but you may need to register as a landlord and comply with local short-term rental regulations. Rental income is subject to taxes.
What Is the Lender's Formula?
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What is the process of buying property in Spain?
The general steps include:
- Obtain an NIE and open a Spanish bank account.
- Sign a deposit agreement and pay a 10% deposit.
- Arrange financing (if necessary).
- Sign the final purchase deed (escritura) in front of a notary.
Do I need a lawyer to buy property in Spain?
While not mandatory, hiring a lawyer is highly recommended to ensure that the property has no debts or legal issues and to oversee the transaction process.
What papers are needed to buy a property in Spain?
The essential documents include:
- Passport or ID card.
- NIE (Número de Identidad de Extranjero): A foreigner identification number required for all financial transactions in Spain.
- Proof of funds or mortgage pre-approval.
- Power of Attorney (optional): If you cannot be present to sign documents.
Can foreigners get a mortgage in Spain?
Yes, Spanish banks offer mortgages to foreigners. Typically, banks lend up to 70% of the property value for non-residents and up to 80% for residents.
Q: What documents are needed to apply for a mortgage in Spain?
A: Banks usually require:
- Passport or ID.
- NIE (Foreigner Identification Number).
- Proof of income (pay slips, tax returns, or bank statements).
- Credit history report.
- Pre-agreement of the property purchase.
Are there annual property taxes I should consider?
- IBI (Property Tax): A local municipal tax, based on the cadastral value of the property.
- Non-Resident Tax: A fixed percentage of the cadastral value if the property is not rented.
- Community fees if the property is part of a complex with shared facilities.
What taxes do I need to pay when buying a property in Spain?
When purchasing property in Spain, buyers typically pay the following:
- Resale properties: Transfer Tax (ITP) ranges between 8%-10%, depending on the region.
- New properties: VAT (IVA) at 10% and Stamp Duty at 1%-1.5%.
- Additional fees include notary, land registry, and legal fees, which usually add another 1.5%-2.5% to the purchase cost.
Can I Ask You for Advice?
Definitely, we will be glad to assist you in any issue emmarged, we are supported by a network of highly qualified professionals, including lawyers, notaries, accountant and financial advisors, ensuring you receive expert guidance and accurate information tailored to your needs.
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