PRICES/FEES

All prices on our website are before taxes and legal fees.
​The following is a current guide (November 2020) to expenses that need to be added to a Spanish property:
​Either 10% IVA (Spanish VAT) to a new or off-plan/never been previously owned property, plus an additional 2% Stamp Duty is added to brand new properties; or 8% ITP(Transmission Tax) when buying a resale property.
​Land registry/notary costs 1% to 2% of the list price.
​Solicitors/legal fees typically €800 to €1,500 excluding IVA
​This is just a guide and not an exhaustive list of costs.
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Non-Resident Income Tax (IRNR)
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In Spain, there is a non-resident tax, often called “wealth tax”. This is a direct tax which is levied on the property of owners who do not permanently reside in Spain. The declaration is made in December and is approximately the same amount as the IBI or council tax, normally a few hundred Euros each year.

DEPOSITS

All our properties can be reserved with a €5.000 deposit which can be paid with a credit/debit card or bank transfer, Once the payment is received this removes the property from the market. You are then required to pay a second deposit 14 days after the first deposit to cover 10% of the total cost of the property. See example below: Property price agreed €100.000 First deposit of €5.000 – on agreement of price Second deposit €5.000 – 14 days later However on occasions the completion can be within four weeks, in these circumstances your solicitor and the sellers solicitor can negotiate the second deposit being paid at the time of completion.

LEGAL INFORMATION

When buying property in Spain you will require an NIE number (National Insurance Number). These are obtained from the local police station. We recommend that you give your solicitor Power of Attorney. Once registered your solicitor can obtain and collect your NIE certificate on your behalf. Whenever buying a property we would always recommend independent legal representation. There are a number of local solicitors that speak many languages including English. If you do not want to keep flying back to Spain during the buying process we would recommend you grant your solicitor Power of Attorney. With POA your solicitor can obtain your NIE number, open a bank account and also set up your utilities. The solicitor will only action anything once they have written approval by you.

COMPLETION PROCESS

It normally takes five to eight weeks from the time of your deposit being paid to completion. However since March 2020 it is taking longer we would advise eight to ten weeks. If you are taking out a Spanish mortgage then you should add three more weeks. If you have gave your solicitor power of attorney you do not need to be present for the completion. Once you have your keys we can give you guidance on property management through our in house service.