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Parking
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News
Buying a House in Spain as a Foreigner
“
06
NOV
Buying a House in Spain as a Foreigner
Every year, more foreigners are buying homes in Spain, whether it's for the culture, climate, quality of life, or real estate prices. In 2022, 18.7% of the homes sold in Spain were purchased by non-Spaniards. Apart from the islands, the Valencian Community was where most properties were sold to foreigners.
Citizens from the United Kingdom, Germany, and France are the Europeans who acquire the most properties in Spain, both for vacation and relocation purposes. Individuals from other nationalities, such as Americans, Venezuelans, and Ecuadorians, also frequently do so.
If you're a foreigner and thinking about buying a property, here are the basic requirements you need to meet:
• Obtain the NIE (Foreigner Identification Number): This can be requested in Spain or at the consulate in the individual's place of residence, although the card is issued in Spanish territory.
• Open a bank account: To save on bank fees, facilitate mortgage payments, or pay rent, it's advisable to do so.
• Rely on a notary: To register the property when buying an apartment.
• Provide a down payment to reserve the property: Typically around 10%.
• Sign contractual documents: To avoid doubts and misunderstandings and to record the transaction.
The taxes that individuals must pay include:
• VAT (Value Added Tax): For a first acquisition property, you pay 10% of its value.
• ITP (Property Transfer Tax): For a second-hand property, it ranges from 6% to 10%, depending on the region.
• IRPF (Personal Income Tax): Paid by individual residents in Spain to the state.
• IBI (Property Tax): Levied on the ownership of real estate.
• AJD (Stamp Duty): Applied to notarial documents.
Additional expenses to consider include:
• Notary deed.
• Property registration in the Property Registry.
• Appraisal.
• Real estate agency fees.
We hope this information has been helpful, and remember that buying a property is an exciting but complex process that should be entrusted to professionals.
Citizens from the United Kingdom, Germany, and France are the Europeans who acquire the most properties in Spain, both for vacation and relocation purposes. Individuals from other nationalities, such as Americans, Venezuelans, and Ecuadorians, also frequently do so.
If you're a foreigner and thinking about buying a property, here are the basic requirements you need to meet:
• Obtain the NIE (Foreigner Identification Number): This can be requested in Spain or at the consulate in the individual's place of residence, although the card is issued in Spanish territory.
• Open a bank account: To save on bank fees, facilitate mortgage payments, or pay rent, it's advisable to do so.
• Rely on a notary: To register the property when buying an apartment.
• Provide a down payment to reserve the property: Typically around 10%.
• Sign contractual documents: To avoid doubts and misunderstandings and to record the transaction.
The taxes that individuals must pay include:
• VAT (Value Added Tax): For a first acquisition property, you pay 10% of its value.
• ITP (Property Transfer Tax): For a second-hand property, it ranges from 6% to 10%, depending on the region.
• IRPF (Personal Income Tax): Paid by individual residents in Spain to the state.
• IBI (Property Tax): Levied on the ownership of real estate.
• AJD (Stamp Duty): Applied to notarial documents.
Additional expenses to consider include:
• Notary deed.
• Property registration in the Property Registry.
• Appraisal.
• Real estate agency fees.
We hope this information has been helpful, and remember that buying a property is an exciting but complex process that should be entrusted to professionals.
Diseñado por CRM Inmovilla