30 Apr, 2021 @ 10:05
1 min read

What requirements do you need to buy a property in Spain if you are a foreigner?

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Horizontal Purchases of property in Spain by non-resident foreigners have a marked tourist character. What are the requirements of the banks?

Cuenca & Mirasol tells you:

Spain continues to be one of the favourite destinations for foreigners to buy property. The climate, the geographical location and the quality of the infrastructures are important factors in the choice of our country as a destination for second homes. www.cuencamirasol.es will answer the main questions and requirements for non-residents to purchase a home.

What are the requirements for a non-resident foreigner to buy a property in Spain?

The first step is to have a Foreigners’ Identification Number (NIE). This number is personal, unique and exclusive, and is necessary for all foreigners whose economic, professional or social interests are related to Spain. It can be requested in Spanish territory from the Directorate General of Police or, in the event that they are not in Spain at the time of application, from the Embassy or Honorary Consulates.

What taxes must a non-resident foreigner with a property in Spain pay?

IRNP: the Impuesto sobre la Renta de los No Residentes is a tax that applies to the owner of a property if he/she does not live permanently in the country. A person is considered to be a tax resident in Spain if he/she physically stays in Spanish territory for more than 183 days. In this case, he/she would be subject to personal income tax.

IP: even if the owner of a property does not reside in Spanish territory, it is subject to Wealth Tax. State law establishes a minimum exemption of 700,000 euros, which is also applicable to non-residents.

IBI: the Impuesto sobre Bienes Inmuebles (property tax) is a local tax that is paid by local councils on the basis of the cadastral value. The tax rate (percentage) is set by each municipal administration.

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Who pays the valuation and what is the procedure?

In addition to taxes, there are other taxes associated with the purchase of a property, such as notary fees, notary fees, registration fees and the appraisal.

Which is the favourite destination for home purchases by foreigners?

The regions of greatest interest to non-residents are mainly concentrated on the Mediterranean coast and the archipelagos. The ranking of autonomous communities is headed by the Valencian Community, followed by the Canary Islands, the Balearic Islands and Murcia.

In www.cuencamirasol.es As real estate agents with more than 30 years of experience, they will advise you on the purchase and sale of any property in Spain.

960 300 606
info@cuencamirasol.es

Staff Reporter

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