FAQ – TO BUY A PROPERTY IN SPAIN – So Simple Even Your Kids Can Do It

FAQ – TO BUY A PROPERTY IN SPAIN – So Simple Even Your Kids Can Do It

This article will share with you how to buy a Property in Spain

  1. What are the requirements To  Buy a Property in Spain?

In general, any physical person or legally formed society from any country can purchase property in Spain.

however, depends on the country and can have limitations that depend on the authorities of the country of the investor, for example regarding exporting bottom or controls more *extensions regarding *anti-bleaching and origin of the bottoms (fiscal paradises, etc.).

These complications can practical effects hamper operations. In these cases the solutions will look for to size, depending on the *particularities of each case.

  1. What is the NIE and how can obtain it?

An NIE is simply the “number of identification” of a foreigner in Spain, which has nothing to see with the residence.
All buyers that don’t have the Spanish nationality will have to obtain him, European or non-European; and physical people as companies. Physical people can obtain it in three different manners:
• through the consulate of Spain to his country of origin.
• Personally to the municipality where was situated the object of purchase (eye: in some places, like Barcelona, It’s necessary to ask the previous appointment).
• For notarial power that the customer can give to his lawyers or to any third of his confidence.
foreign companies can obtain the NIE/NIF to *Hacienda.

  1. Has the buyer been present in the different phases of the purchase?

No. Buyers can sign a notarial power in Spain (the easiest solution) or through a procedure of legalization to the country of origin in favor of his lawyers or any one other person of his confidence.

  1. I need a bank account in Spain.

Of course. The most convenient way to pay the final purchase price is with a banking check issued by a Spanish bank.

They do not serve overseas, and direct seller ownership transfer is not recommended.

On the other hand, Sellers will not want to sign the sale until it has been earned.

Besides, all supplies, quotas of community, taxes, etc.

They will be paid by domiciliation to the account of the customer and only cost national accounts.

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  1. Which documentation has contributed to opening the account and matter bottom?

A majority of banks open accounts simply with a passport; it treats European physical people and western countries “of confidence” in the same way that the United States, Canada, and Switzerland can.

The procedure is up to the country of origin of the customers and of the bank. Even the different offices of the same bank can have different criteria regarding the necessary requirements.

It is important to take into account that all the banks have the obligation to know their customers in person, and this is the only moment in all the procedures of purchase that cannot do for power.

Customers must first appear in person at the bank, after which the rest can be done by proxy.

  1. I can obtain funding in Spain.

    Yes. Requirements vary depending on the bank and the origin of the customers,

    but generally, A no-resident can have funding of roughly 50% of the valuation (or price of purchase if it is lower than the valuation), with a maximum of 25 years, whenever the monthly quota does not surpass 30% of his free revenue that can show. 

  2. Which is preferable, forming a corporation or buying in the proper name?

    Several things determine this:

    • Country of origin and pre-existing structure of customer
    • Value of investment
    • Age and other characteristics of the customer
    • Use of property
    • Type of property (local / house – new / to renew)

    When you are purchasing a separate home for personal use or even rent, you should not usually form an association and instead purchase directly on your behalf.

    supposing that the goal is to run a real estate business, or the cost of investment is prohibitively expensive, it may be preferable to create a community or use another formula.
  3. Which expenses must you pay to Buy a property in Spain?

    Expenses at the moment of the purchase are the same so much for foreign buyers as for national buyers and altogether are between 10%-15%.

Vendome International Property  Will Help Buy a Property in Spain :

We will recommend the best residential areas and assist you in locating exceptional properties and good deals.

If you are considering purchasing a property in Spain, please contact us as we have many options for you!

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