How to buy a property in Spain
1 .Which are the requirements for can buy a property in Spain?
There are not limitations, any physical person or society legally constituted of any country can buy a property in Spain.
The only indispensable requirement to buy a home in Spain is to obtain the NIE (Foreigners Identification Number).
2.What is the NIE and how can obtain it?
The NIE is simply a number of identification of a foreigner in Spain .It is a personal and unique number, essential to carry out any transaction in the country.
Lawyer will carry the process to obtain the NIE.
3. Have buyer to be present in the different phases of the purchase?
There is no obligation to be present, His lawyer will be in charge if the buyer choose to sign the power of attorney.
4.I need a bank account in Spain?
Yes. The most comfortable shape to pay the final price of the *purchase is by means of a banking cheek issued by a Spanish bank. They do not serve cheek issued abroad and is not recommended to do a direct transfer to the seller before having obtained the titularity. On the other hand the seller will not want to sign the sale until it have earned. Besides, all the supplies, quotas of community, taxes, etc. They will be paid by domiciliation’s to the account of the customer and only cost national accounts.
5.Is posible to obtain mortgage in Spain for non resident?
Yes, it is posible.The amount granted is usually 60 percent of the total amount of the price and the maximum term of 20 years. The requirements to opt for this type of financing would be to provide all the necessary documentation (employment contract, information on assets and working life).
The applicant will have to justify the origin of the capital that he contributes in equity to the operation. It is a very simple process, in which it is simply confirmed that the origin of the money is legal.
6.It is better to buy in proper name or constitute a company.
Depends on each case.
- Country of origin and pre-existing structure of the customer
- Value of the investment
- Age and other characteristics of the customer
- Use of the property
- Type of property (local / house – new / to renew)
If it buys an only house for personal use or even for rent, usually does not be worthwhile to constitute a society, but buy directly to proper name. If the objective is to do true businesses with properties, or if the value of the investment is very high, can be advantageous constitute a society or use any other formula
7.Which expenses have to pay in the moment of the purchase?
The expenses in the moment of the purchase are the same so much for foreign buyers how for national buyers, and altogether are between 10%-15%.