Today, the Spanish government is working on the legal requirements for foreign people who want to buy property in Spain and automatically receive a residence permit.
Here, we explain the requirements for buying a property in Spain:
Foreigner Identification Number (NIE)
To buy a home in Spain the first thing you will need is the Identification Number (NIE). This is a personal and a unique character sequential number which you can get at the delegations and sub delegations of the Government and immigration offices. Also, you can get it outside Spain which will save you a lot of time.
Another alternative that will facilitate the processing of getting the NIE is through real estate agencies. All you need to do is select the house you want to live in and one of the estate agents will issue a contract to expedite the process.
Pay expenses and related taxes
Another aspect you need to consider when buying a house in the Spanish territory, is that you will have to pay all other costs and taxes associated with the purchase of a home, here we enumerate them:
- ITP, whether it is residential resale
- VAT, in the case of new homes
- IBI and rate of waste
- Notary fees, registration and management
Another major requirement for buying a property in Spain refers to the payment of taxes on nonresident income (IRNR). As a foreigner you have the obligation to pay such a tax levied on the income obtained in Spanish territory unless you’re already contributing the Income Tax of Individuals (income tax).
Being clear about the requirements needed to purchase a home in Spain, you will have the freedom to choose the ideal home. We recommend that you do some research on the best places to buy a house in Spain. As a foreign person, you will feel particularly attracted to tourist places like Marbella, which, in addition to beautiful beaches, has a lot of inexpensive properties.