Sure2sell International,s guide to buying a property in Spain
Buying a property in Spain, whether a retirement home, holiday home or solely for investment.
Here at Sure2sell Marbella we understand buying a property abroad in a foreign country can be some what daunting – everyone has heard the stories of costly and long term problems where things have gone wrong.
If you are thinking about buying a property in Spain, this home buyer’s guide will allow you to plan your purchasing process correctly whilst informing you of everything you need to know along the way.
The process to buying a property in Spain is very straightforward – but getting the advice is the key to whether they whole purchase is a success.
This guide is intended to help you obtain the information you need to make a full and considered decision about your property purchase and provides a clear insight to buying property in Spain.
Buying a property in Spain is the dream of many people who are looking for a great place to live in a sunny location. In order to make a dream like this come true, however, it is necessary to do some research so that you can find the best property at the lowest price.
From putting in your offer to picking up the keys… an overview of the entire process of buying property and real estate in Spain.
If you want to purchase a property in Spain in an easy and hassle free way, then follow these useful tips below and apply them when you begin your search for a Spanish property.
1. Purchasing a resale property in Spain
- Costs of purchasing
- Appointing a legal representative
- Power of attorney
- Deciding on a property
- The private purchase contract
- Due diligence
- The title deed and registration
- Property values
2. Purchasing a property – off plan
3. Annual property and income taxes
- Annual real estate tax (IBI)
- Wealth tax
- Property owner imputed income tax
- Special tax on offshore companies
- Non-resident rental tax
- Business income
- Your fiscal representative
- Non-residents fiscal identification number (NIE)
- Residents in Spain must declare overseas assets
4. Tax advantages for residents
- Exemption from capital gains tax
- Residents reinvesting profits in a new home
- Holders Of Usufruct
- 3% Retention not applicable
- 95% Reduction in inheritance tax
- Annual iImputed income tax not applicable
- Unlimited stay
- Resident pays capital gains tax as income tax
- Residence permits
5. Registration at the town hall
- Who should be registered?
- What are the benefits?
- What documents are necessary for the registration in the town hall?
- Does it need to be renewed?
6. Spanish wills & inheritance tax
- Should I have a Spanish will?
- Spanish will
- Family trust
- Equity release, reverse mortgage
- Offshore company
- Four years limit
- Power of attorney