How to buy a property in Spain as a foreigner?

Do you want to know how to buy a property in Spain as a foreigner in a proper way and according to the regulations of the country? When it comes to buying and selling transactions as a foreigner, it is extremely important to know every detail.

In this way, you can avoid any unnecessary headaches and you will be respecting the current legislation or regulations of the country. In the case of Spain, this procedure contains some elements that you should always bear in mind before making the purchase.

For this reason, we want to show you every relevant detail to take into account before buying a property in Spain. Don’t miss this article and become a connoisseur of the subject. Keep on reading.

Buying a property in Spain

How to make a legitimate property purchase in Spain?
As we have already mentioned, in order to buy a property in Spain it is important to know some details of its regulations for foreigners. This is because the buying process is very different for foreigners than for residents, for obvious reasons.

The most important thing to bear in mind if you are a foreigner and wish to purchase a property is to obtain the NIE. This is the foreigner’s identification number that will allow you to appear in the necessary registers in the country for your purchase to be legitimate.

In addition, it is necessary to take into account other details such as the various taxes to be paid at the time of the transaction. Some of these are VAT, ITP and AJD, all of which are of utmost importance for the transaction to be successful and quick.

Likewise, it is necessary to take into account other expenses which we will talk about below. These extra expenses are:

• Public deed in the notary’s office of the country.
• The cost of registering the deed in the land registry.
• In a mortgage situation, it is necessary to include the appraisal of the property and the notary.
• Expenses related to real estate taxes (IBI).

Spanish regulations for the purchase of property by a foreignerAlthough it is not compulsory to have a bank account in Spain in order to buy a property in Spain, this can be an excellent advantage. This is because it will greatly facilitate the procedure, as well as making it much more efficient and convenient.

Each of the taxes must be paid and, at the same time, it is necessary to have the NIE to start with the purchase procedures. Likewise, the purchase of the property must be made in front of a notary and it will be registered in the public registry, i.e. in the land registry.

Buying a property as a foreigner in Spain is not an easy thing to do. However, by taking into account these simple details, it is possible to speed up the process.

Buying a property in Spain

Tips for buying a property in Spain as a foreigner
In addition to adhering to the regulations and complying with each of the above-mentioned processes, there are some recommendations to bear in mind. Below, we will show you the most important ones before buying a home in Spain so that everything goes according to plan:

• Get to know the property personally before making the purchase transaction.

Get to know the owners of the property before taking any action, in order to know in depth the important details about the property.
Once the purchase has been finalised, it is extremely important to duly register the property in the public registry.
If a contract is made, it is advisable to have an expert’s opinion.
Now that you know in depth how to buy a property in Spain in a legitimate and practical way. It only remains to invite you to keep this information in mind so that you can complete the purchase process without any problems.