If you are a foreigner and are considering buying a home in Spain, we have good news in Spain it is possible to make this transaction, although it is not a very complex operation, there are some requirements and a number of taxes that you should take into account when choosing a house and organizing your budget. Below we tell you some of the Requirements requested to buy your home:
- Foreigners Identification Number (NIE).
This is an essential requirement to be able to acquire a house. Consists of a personal number, exclusive and unique granted by the general direction of the police, can be requested within Spanish territory or from abroad through the embassy or consulate.
- Make all payments in Spain.
Although it is not mandatory to have a bank account in Spain, is highly recommended, since all payments associated with the process of sale of a property must be made in Spain.
- Cancel Non-Resident Income Tax.
This tax applies only if you do not live permanently in the country. A resident is a person who lives by 183 days of a calendar year, in this case you would not apply this tax.
Additional expenses in the process of acquiring a property:
The variety of taxes required of a foreigner to buy a home in Spain are the same as those that a Spaniard must cancel. These vary depending on whether the house is new or second-hand:
- Taxes on new houses.
Two tariffs are required, Value Added Tax (VAT), which represents a 10% of the price fixed to the house. additionally, there is the tax of the documented legal acts and the amount varies between 0,5% And 1,5% according to the community in which the house is located.
- Taxes for second-hand household.
In the event that you want to acquire a second-hand home, must cancel the Property Transfer Tax (ITP), whose amount ranges from the 6% and the 10% of the price established for the property. The percentage to be paid varies according to the autonomous community where the house is located.
- Additional taxes.
In addition to the taxes established by law, payments should be considered by the Notary and Land Registry. At last, in case you need to apply for a mortgage, must include notary fees, assessment, mortgage taxes and registration in the land registry.