Foreigners have the same rights and freedoms as Spanish when buying a property in Spain, are only required as a condition inherent to pay taxes to purchase supplies or hire an NIE (Foreign Identification Number), which is assigned by the police.

 

Recommendations and requirements:

1 .- Grant POWER OF ATTORNEY: For a lawyer can act for, sign all relevant contracts and so on. is necessary that the foreign buyer grant a Power of Attorney. Such power may be signed before a Spanish Notary or notary in your country of residence. It is the latter case he must obtain the Apostille of The Hague so that the power is valid in Spain.

2 .- open bank accounts in SPAIN: To pay the bills for water supplies, electricity etc. debit, you must open a Spanish bank account.

3 .- a will in SPAIN: It is mandatory a will in Spain, but it is recommended to streamline and simplify procedures to the heirs of the estate with respect to housing acquired in Spain.

 

The total amount of expenses and taxes associated with the sale usually up to about 11% of the deed price. The costs are:

Attorney's Fees: Minimum of € 1,200 or about 1.5% of the purchase price for properties less than 250,000 € and 1% for properties priced above € 250,000 plus 18% VAT

Notary fees: From 300 €, depending on the price of the property.

Recorder's fees: From € 250.00.

Transfer Tax, if it is a second hand property: 8% of the purchase price, if it is a new home purchased directly from the promoter, VAT 8% and Stamp Duty 1.2% of the purchase price. Any person who acquires a property of a non-resident must withhold 5% of the purchase price that is paid to the tax authorities of the obligations of the seller.

Wealth Tax and Income of Non-Resident: This is a tax year must pay non-resident aliens whose heritage is Spanish territory consisting exclusively of a home. The amount depends on the value of the property and rates applicable to that value ranging between 0.2% and 2.5%.

These requirements and recommendations are subject to variations that can establish the Spanish Government and the Ministry of Finance.