FAQ – To buy a property in Spain

FAQ – To buy a property in Spain



  1. What are the requirements for buying a property in Spain?

There are not limitations in general, any physical person or society legally constituted of any country can buy a property in Spain. This however, depends on the country, can have limitations that depend of 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 to practical effects hamper the operations. In these cases the solutions will look for to size, depending of the *particularities of each case.

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

The NIE is simply a number of identification of a foreigner in Spain, has nothing to see with the residence.
All the buyers that don’t have the Spanish nationality will have to obtain him, European or no-European; and physical people as companies. The physical people can obtain it of or 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 is necessary to ask previous appointment).
• For notarial power that the customer can give to his lawyers or to any third of his confidence.
The foreign companies can obtain the NIE/NIF to *Hacienda.

  1. Have buyer to be present in the different phases of the purchase?

No. The 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?

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.


  1. Which documentation has that contribute to open the account and matter bottom?
    If it treats of European physical people and of western countries “of confidence” how can be the USA, Canada, Switzerland, etc., the majority of the banks open the accounts simply with the passport. The NIE is not necessary. In other cases, to open the account and receive bottom it is necessary to present documentation translated and legalize on the origin of the bottoms (statements of taxes, extracts of accounts, agreements of work, etc.).

The procedure it is up of 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 to his customers in person, and is the only moment in all the procedure of purchase that cannot do for power. The customer has to present to the bank in person once, and from then, all the rest can do by proxy.


  1. I can obtain funding in Spain?
    Yes. The requirements vary depending of the bank and of the origin of the customers, but generally the no-resident can have a funding of roughly 50% of the valuation (or price of purchase if it is lower that the valuation), with a maximum of 25 years, whenever the monthly quota do not surpass 30% of his free revenue that can show. 
  2. It is better to buy in proper name or constitute a company?
    *It depends of several factors:
    • 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
    of investment.
  3. 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%.



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