Steps to buy a home in Spain being a foreigner
Have you decided to live in Spain and do not know where to start when buying a house? Living here has great benefits, and offers an excellent quality of life.
In our country, British citizens are the ones that most acquire houses to move here. Nor does Spain go unnoticed by the French, Germans, Russians, Italians, Americans and Chinese, who also decide to reside here, although to a lesser extent than the first mentioned.Coastal areas, with greater tourism, or nature areas are the most attractive.
That said, the most important thing when making the decision to leave the country of origin to buy a home in Spain is to know the procedures and procedures necessary for it. In today’s article, you will know the details to consider.
What you must know to acquire a home in Spain!
Non-residents must meet the following requirements:
- Obtaining the NIE (Foreigner Identification Number). This is essential because it allows you to carry out any procedure in Spain such as buying a home, creating a company, or any management you want to carry out. Here you can find more Information to request it.
- You must open a bank account to expedite the process, and receive payments from the relevant arrangements. It is not an immediate obligation, but it is advisable to start with the paperwork.
- You should contact a notary. This is necessary because to process the purchase sale of a home must be before a notary who will help you with all the steps, and also with the registration in the Property Registry. That way you will be considered as the new owner.
- On the other hand, you will have to know the expenses and taxes that you face as: VAT (Value Added Tax), whether they are new homes or first transmission. The tax rate is 10%, the ITP (Property Transfer Tax), if it is second-hand or second-hand housing. The tax rate is between 6 and 10% depending on the Autonomous Community where the property is located, the AJD (Tax of Documented Legal Acts). Present if the house is purchased and VAT is applied or if it is bought by mortgage, the IBI (Real Estate Tax), the IRPF, if you reside in our country, or the Non-Resident Income Tax: If you do not reside In our country.
You should keep in mind that buying a home here can bring you benefits such as: the Golden Visa (a visa granted to investors who want to buy a home) with an investment of at least € 500,000 in one or more properties, and the most competitive prices and affordable housing in Spain in relation to other countries that have a higher cost. If you have any questions, contact us and we will help you with the management and search of your dream home!