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News
Are you a foreigner looking to invest in Spain?
“
20
JUN
Are you a foreigner looking to invest in Spain?
In UNLIMIT GROUP we help you to clarify those doubts and give you advice in this real estate process. We will give you advice and a step by step of certain requirements that you must have to be able to invest in Spain.
The first step is to have a Foreigners Identification Number (NIE). Having this number makes it unique, personal and exclusive to you. It is necessary for all foreigners who want to invest in Spain to obtain this identification. This can be requested in Spanish territory to the General Directorate of the Police or, in the case that they are not in Spain at the time of the request, to the Embassy or Honorary Consulates.
You may ask yourself, what are the requirements of the banks in Spain?
Here we clarify your doubts.
What taxes does a NON RESIDENT pay when buying a property in Spain?
Every time you sign a mortgage, you must pay a tax on notarial documents, called "Actos Jurídicos Documentados" (AJD), which represents a percentage depending on the autonomous community in which the loan is formalized.
NON-RESIDENTS must pay the taxes derived from the transfer of property in Spain. If the property is new it will be subject to VAT, if the property is used it must pay the (ITP) Property Transfer Tax.
What taxes must a NON RESIDENT pay when acquiring a property?
Who pays an appraisal and what is its proceeds?
There are other taxes associated with the purchase of a property such as notary fees, registration fees and the appraisal.
The appraisals must be carried out by independent entities and approved by the Bank of Spain.
ECO APPRAISALS
In the case of investing in a property in Spain by means of a mortgage, whether the financial entity is Spanish or foreign, the Notaries request an official appraisal in accordance with the ECO standard by an independent entity prior to the purchase transaction.
What is the influence of investing in Spain?
On the part of the foreigners what influences to invest in Spain is its climate, the quality of the infrastructures, the offers, the sanitary services and the good gastronomy.
So, what are you waiting for to contact us and we can help you in this real estate process together? Count on UNLIMIT GROUP, your best reliable ally.
The first step is to have a Foreigners Identification Number (NIE). Having this number makes it unique, personal and exclusive to you. It is necessary for all foreigners who want to invest in Spain to obtain this identification. This can be requested in Spanish territory to the General Directorate of the Police or, in the case that they are not in Spain at the time of the request, to the Embassy or Honorary Consulates.
You may ask yourself, what are the requirements of the banks in Spain?
Here we clarify your doubts.
What taxes does a NON RESIDENT pay when buying a property in Spain?
Every time you sign a mortgage, you must pay a tax on notarial documents, called "Actos Jurídicos Documentados" (AJD), which represents a percentage depending on the autonomous community in which the loan is formalized.
NON-RESIDENTS must pay the taxes derived from the transfer of property in Spain. If the property is new it will be subject to VAT, if the property is used it must pay the (ITP) Property Transfer Tax.
What taxes must a NON RESIDENT pay when acquiring a property?
- IBI: Real Property Tax, this is a local tax that is paid to the town hall based on the cadastral value. The percentage rate is established by each municipal administration.
- IRNP: Income Tax, the NON RESIDENTS is a tax that is applied to the owner of the property, in case he/she does not live permanently in Spain. If he/she stays in the Spanish territory for more than 183 days, he/she is considered a fiscal resident and in this case is taxed by the IRPF.
- IP: Although the owner does not reside within the Spanish territory, he is subject to Wealth Tax. The state law establishes a minimum exemption of 700.000€, which is also applicable to NON RESIDENTS.
Who pays an appraisal and what is its proceeds?
There are other taxes associated with the purchase of a property such as notary fees, registration fees and the appraisal.
The appraisals must be carried out by independent entities and approved by the Bank of Spain.
ECO APPRAISALS
In the case of investing in a property in Spain by means of a mortgage, whether the financial entity is Spanish or foreign, the Notaries request an official appraisal in accordance with the ECO standard by an independent entity prior to the purchase transaction.
What is the influence of investing in Spain?
On the part of the foreigners what influences to invest in Spain is its climate, the quality of the infrastructures, the offers, the sanitary services and the good gastronomy.
So, what are you waiting for to contact us and we can help you in this real estate process together? Count on UNLIMIT GROUP, your best reliable ally.
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