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Obtain guidance on buying Spanish properties with the expertise of our specialized legal team.
SOLICITOR FOR YOU
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How to Acquire a Property in Spain?
Before diving into the property purchase process in Spain, seven critical initial steps need to be considered.
Once your property is picked, the process begins this involves making a formal offer with your lawyer's assistance. Upon acceptance by the seller, a reservation agreement is signed, typically holding for 10-15 days, with possible extensions.
Securing a NIE Number (Spanish Tax ID), Establishing a Spanish Bank Account and Mortgage Assistance: International fund transfers are necessary for the property transactions.
If frequent trips to Spain are not feasible for you, it's advisable to grant a Power of Attorney to a trusted lawyer. This enables the lawyer to act on your behalf within predefined boundaries.
Duration of the Property Acquisition Process
How long does it takes to Acquire a Property in Spain?
The timeline for purchasing a property in Spain generally unfolds as follows. It's important to understand that these durations are average estimates and may vary based on individual circumstances:
Making a Formal Offer: Approximately 7 days.
Signing the Reservation Agreement: About 2 weeks
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Executing the Arras Contract: Roughly 2 months.
Completing the Property Purchase: Around 1 month.
Navigating the intricacies of acquiring property in Spain, especially for those unfamiliar with the local language and legal system, can present challenges.
Should you be contemplating purchasing property in Spain or have inquiries regarding the procedure, we encourage you to get in touch with us. Our dedicated team of legal professionals is prepared to offer you the necessary legal guidance and support to ensure a smooth transaction.
How can a lawyer help me with the Property Purchase in Spain?
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Why Choose Us
Why Choose Us to and invest Spain?
Investing in Spanish real estate not only promises a lifestyle enriched by stunning landscapes and historical marvels but also secures potential financial gains in an expanding market. This is complemented by Spain's expat-friendly culture.
Dive into Spanish culture and immerse yourself in the country's rich heritage, enjoy seamless exploration across Europe without restrictions, and benefit from the economic stability of Spain's advancing economy.
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Frequently Asked Questions
Can foreigners buy property in Spain?
Spain actively promotes foreign investment in both housing and commercial property sectors. As an incentive, for instance, investors are eligible for a Golden Visa upon investing €500,000 or more in real estate.
What types of property taxes are required in Spain?
In Spain, every property owner is obligated to pay three distinct taxes each year.
For residents, these include Income Tax, Real Estate Tax (IBI), and Capital Gains Tax.
For non-residents, the tax obligations extend to Income Tax, Real Estate Tax (IBI), Capital Gains Tax, and an additional Non-resident Property Tax."
Is it possible to acquire citizenship through property purchase?
Indeed, by investing a minimum of €500,000 in property within Spain, you become eligible to seek residency via the Golden Visa scheme. Our team of legal experts can guide you through the residency application process, and further details can be found here
What are the tax requirements for purchasing a new home?
When acquiring a new property, you are required to pay a 10% VAT based on the property's value, along with a 1.5% Legal Documentation Tax.
For the purchase of pre-owned properties, a Transfer Tax, or ITP, is applicable. The rate of this tax varies according to the property's sale price, following a progressive scale."
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"Exceptional service from start to finish! The team at the law firm made the entire process of buying our dream home in Spain incredibly smooth. Their expertise in handling the legalities ensured we understood every step. Highly recommend!"
The Mathews
"Thanks to this law firm, my property purchase in Spain was seamless. Their negotiation skills saved me thousands and cleared all legal hurdles without a hitch. Their professionalism and dedication are unmatched."
Archathon
"Invaluable assistance in navigating Spain's property market! The lawyers were thorough, ensuring no encumbrances on our property. Their advice on tax implications was crystal clear, making our decision-making process much easier."
Chris Parks & Associates
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The buyer usually bears the cost of taxes and fees, which vary by region and include:
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A property transfer tax ranging from 6% to 10% for pre-owned properties, or a 10% VAT for new ones.
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Notary, title deed tax, and land registry fees between 1% and 2.5%.
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Legal fees approximately 1% to 2%, VAT included. For an accurate estimate of the costs with us, please reach out for a complimentary case consultation.
This step involves signing the sale and purchase agreement, possibly in the presence of a bank representative if a mortgage is involved. However, attendance isn't mandatory as your legal representative can sign via Power of Attorney.
A formal agreement is made, where a 10% down payment on the property's price is placed. The norms in Spain include:
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Forfeiture of the down payment if the buyer defaults or fails to meet deadlines, unless a mutual agreement to proceed exists.
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A requirement for the seller to return double the down payment should they back out of the deal.