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Which ones are the requirements to buy property in Spain if you are a foreigner

Spain has become one of the most attractive countries for foreign home buyers. It is common for many of them to have doubts about what is needed to successfully complete the process.

Buying a home in a country that is not ours is always complicated. Although the process of buying and selling looks alike, it is not always the same. There are procedures and protocols that change from country to country, in addition to documentation or requirements. In this post we list the aspects that you will need during your purchase of housing in Spain if you are a foreigner.

Having the Foreigner Identification Number (NIE)

The so-called Foreigner Identification Number (NIE) is only a personal number that foreigners wishing to invest in housing in Spain must apply for, since it has the purpose of identification in specific procedures with the public administration. The application for the Alien Identification Number is linked to legal residence in the country, so those who reside illegally can not request this identification number.

It can be processed personally or through representatives in police stations.

Open a bank account in Spain.

It is not mandatory to have a bank account in our country, although it is highly recommended. All taxes and expenses associated with the purchase of a home must be paid in Spain and the fact of having a bank account makes the process much easier.

Tax payment.

Buying a home, whether with or without a mortgage, is not only about paying its price, there are a whole series of expenses and taxes that taxes the transaction of purchase and sale that we must take into account, if we do not want to take a good scare.

The main taxes subject to the sale are:

  • The Transfer Tax: applies only to the purchase of second hand properties (resales) and is paid after the signing of the public deed.
  • The Tax of Documented Legal Acts: this tax is levied exclusively on the purchase of new, not second-hand, homes.
  • VAT: the purchase of new homes is subject to the payment of Value Added Tax (VAT). The tax currently established is 10% of the price.
  • Petra Hönig offers you in Cabo Roig property for sale.

    Take a few moments to browse through our unique catalogue of properties in Orihuela Costa and Costa Blanca, where you will find the latest and finest selection of properties in and around Cabo Roig, Quesada, Villamartin, Torrevieja and Guardamar.

    Our experienced multi-lingual staff based in our Quesada head office and Villamartin offices on the Costa Blanca will be able to help you with every aspect of your Spanish property purchase.

    In Petra Honig, from your first contact with us we will endeavour to identify your requirements and provide you with relevant options that fall within your budget and will help you find the best value for your money that is currently available when buying a Spanish property. We specialise in both Resale and Brand new homes, to suit all budgets, both on the coast of the Costa Blanca and further in land.

    15 Dec 2016
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