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BUYING A PROPERTY IN SPAIN BY NON-RESIDENTS-tomasabogados@hotmail.com |

BUYING A PROPERTY IN SPAIN BY NON-RESIDENTS-tomasabogados@hotmail.com

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In Spain, a non-resident, who intends to acquire real estate in this country, will enjoy the property in the same rights as a spanish citizen. The steps to purchasing a property in Spain, without prejudice to the details of each case are:

 

1.Get Identification Number (NIE ): For the allocation of NIE, personal number, unique, exclusive and abroad identifier, which will appear on all documents that are issued or processed, you must provide the following documents:

• Printed-standard application, completed and signed.

• Original and photocopy of the passport or identity card, or travel document or certificate of registration in force.

• Communication of financial, professional or social reasons justifying the request. NIE applications may be submitted in Spain, among other options, through a representative with sufficient power to do so. All non-EU foreign public documents must be previously legalized and, if necessary, must be translated into Castilian or official language of the territory where the application is submitted.

2. Opening of bank account.  Once obtained the NIE, the purchaser of the property will open a bank account in Spanish territory. This is necessary for the accreditation of the means of payment of the purchaser on the purchase of a building as well as for payment of successive taxes. For the opening of the current account, the bank will ask the buyer, the NIE, the passport and an official document of the country of origin duly translated into Castilian, in which their work is certified in order to understand and justify the provenance of their income and solvency. 

3. Signature of earnest money contract.   It is a private contract through which the parts, once chosen the property to acquire, formalize the agreement of future sale, giving a sum of money as a deposit.

4. Execution of the public deed of sale.  Buyer and seller will appear before Notary which will attest to the transmission and acquisition of the property by granting the public deed. Writing contain personal data of the buyer and seller, the description of the property, its state of charge, the price, payment and other terms and conditions of their own choosing sides. Normally, the seller will receive in this event the entire amount of the sale. In compliance with the Money Laundering Act, the maximum amount allowed in cash is 2,500 euros, when one part is an entrepreneur or professional, and 15,000 euros, when the payer is a natural person as always justify not having his tax domicile in Spain and not acting as an entrepreneur or professional.  

5. Registration in the Land Registry.  Once you have satisfied the payment of taxes on the transfer of the property, you must register the title in the Land Registry by appropriate location of the property acquired.

Other items of interest in the acquisition of real estate in Spain:

A) Taxes and expenses arising from the ownership of a property.

• Property Tax (IBI): The real estate tax is a local tax levied on the value nature of real estate.

• Income Tax Non-Resident (IRNR) If the purchaser of the goods is resident outside the Spanish territory, must satisfy the Income Tax of Individuals, charging the real income derived from the property of the estate.

 • Costs of Owners: Depending on the community, are paid once a year, every six months or every three months. The amount depends on the amount of community owners and public areas.

• Expenses supply of housing: Are the running costs of a building and usually bimonthly. The most common are electricity, water and gas.

B) Testament.

       The non-resident who has acquired a property in Spain is recommended to give testament to Spanish        Notary in relation to property that has sites in Spain to facilitate the paperwork on the transfer of      ownership of the same at the time of his death .

 

 

For more information and advice, contact us:

                                            tomasabogados@hotmail.com

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