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Legal Tips for buying property in Spain in 2022

Property Buyers by SomRIE

Our legal department answers frequently asked questions by would-be homebuyers in Spain. (updated December 2021)

Buying a home in Spain is a simple task if the right experts accompany you; if not, the transaction can become extremely complicated.

How can I reach Off-market properties in Spain?

As real estate specialists in Spain, we can show you houses and apartments that are not publicly listed, which we have access to thanks to our wide network of contacts. These homes are difficult to have access to if you’re looking on your own.

If I am a foreigner, what documentation will I have to prepare to buy a house in Spain?

Well, the first thing you will need is a NIE, which stands for Foreigner’s Identification Number. The NIE can be requested at the Spanish Consulate in your home country, or here in Spain at the department of Immigration of the National Police.

Next, once you have your NIE, as future buyer you will need to open a bank account in Spain to which you can transfer funds from your country to pay for the property and later all the related expenses.

Last but not least, as a foreigner who wants to buy a home in Spain, what you will most need is to be accompanied by a Real Estate Personal Shopper who will help you and inform you of all fiscal, civil and urban aspects of the purchase.

Do I need a legal and technical due diligence:?

Yes. We review all the legal documentation, the earnest money contract, the title deeds, the extract from the Registry, the Statutes of the community of owners; we also survey the state of the installations, checking for cracks, dampness, failed ITE reports, etc.

 

I need a Golden Visa. How do I get it?

To obtain a Golden Visa the first thing that is needed is to be qualified as an investor. And to be qualified as an investor, you will have to make a purchase of at least 500,000€. The investment can be made in a single property or several, but the minimum net investment must always be at least five hundred thousand euros. This means that the amount can’t include mortgages, but have to come from your own funds.

Once you have made the purchase, to request the Golden Visa you will need the deeds of sale, proof of having presented the deeds at the Property Registry, and proof of payment of the applicable taxes.

Where can I apply for the Golden Visa? If you are in Spain and are staying here for some time, you can request it here. If you are in your home country, you can request it at the Spanish Consulate.

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Who can help me with my taxes in Spain?

We always recommend that you hire a tax manager. It is he or she who will advise you on everything, all the benefits and all the deductions that an investor may apply for.

Obviously, if you are going to invest five hundred thousand euros or more, we recommended that prior to the purchase you consult with experts to plan things like where the money will come from, what fiscal repercussions it will have in your home country and also in Spain, and what taxes you will need to pay.

In other words, fiscal matters are very important and should always be reviewed by specialized professionals.

All in all, if you are a foreigner and you want to buy a property in Spain, make sure you hire the services of the right professionals, since the operation could get very complicated if you try to do it alone.

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