What are the rules for buying property in Spain?

There are no restrictions on buying property in Spain, whether it's commercial, residential or land. In fact, Spain encourages investment by foreigners, both resident and non-resident. Remember that if you buy a house worth more than €500.000 you can apply for a Golden Visa.

What are the pitfalls of buying property in Spain?

Some of the common pitfalls of buying a property in Spain include deposit, purchase tax, issues with off-plan properties and properties being built illegally. During your research into buying a property in Spain you will have come across many stories of purchases in Spain gone wrong.

How long can I stay in Spain if I own a property?

At present you can only spend up to 90 days in Spain, then you must leave the country. You will then not be able to return to the Schengen Area until 180 days have passed since your date of entry into Spain (or elsewhere in the Schengen Area).

Can I live in Spain if I buy property?

Yes, you can get residency in Spain after buying a house, and that is thanks to the golden visa scheme. Since 2013, non-EU citizens who purchase a property in the Spanish territory can get a 2-year residence permit (that can be renewed) as long as the property investment is at least € 500.000.

Do you have to be a citizen of Spain to buy property?

Can a US citizen buy property in Spain? Absolutely yes! There are no restrictions on any nationality from any country to purchase real estate in Spain. Residents and non-residents alike can purchase property in Spain: residential and commercial properties, or plots of land in Spain.

Buying a Property in Spain: The Five Steps To Take Before Searching for Spanish Property

How much tax do you pay when buying property in Spain?

Expect to pay between 8% and 11.5% in taxes on a property purchase in Spain.

Do I need a Spanish bank account to buy a property in Spain?

Spanish laws require buyers to open a bank account in one of the Spanish banks, and transfer the funds there to pay to the vendor directly from the Spanish bank account.

Can Brits buy property in Spain after Brexit?

Whether you are an EU citizen or not, you still have the right to buy property in Spain after Brexit. The costs of buying a property remain the same whatever your nationality and, broadly speaking, include purchase tax, a Notary's fee, a property registry fee and your lawyer's fees amongst other miscellaneous expenses.

Can I live in Spain permanently after Brexit?

Can I still move to Spain now that the Brexit transition period has ended? Yes, you can still apply for residency in Spain like other non-EU nationals. There may be preferential rules introduced for UK nationals. We will need to wait and see what is decided.

What happens if you own a property in Spain after Brexit?

Can I buy a house in Spain after Brexit? Foreigners can buy a property in Spain regardless of their nationality. British buyers should not face added difficulties buying a house in Spain after the UK leaves the EU. Spanish law regarding the purchase of property does not differentiate between EU and non-EU citizens.

Can Brits retire to Spain after Brexit?

The answer is simple: yes. It is still possible to retire to Spain after Brexit, even though the path has now changed (things are not that simple now that Brits are subject to the same immigration rules as non-EU citizens).

What happens if you stay over 90 days in Spain?

If you leave Spain, you may be registered as having overstayed the 90-day period by Spanish immigration. This could make it difficult for you to return and/or mean you have to pay a fine. In the worst-case scenario, you could face deportation and/or a ban from the Schengen area.

Can you live in Spain permanently?

You can acquire permanent residency in Spain in two ways: EU long-term residence permit. Spanish citizenship.

How much below asking price should I offer in Spain 2021?

Property owners who sold their homes on a Spanish website accepted 14 percent below the initial asking price, according to research specialist Beatriz Toribio. That translates into an average saving of €33,400 on the average price of the sales surveyed. More than four out of every five sellers lowered their price.

Is it a good time to buy property in Spain 2020?

Spanish house prices rose 1.68% during Q3 2020 (2.2% inflation-adjusted). In the previous year, property prices in Spain in 2019 posted a 4.68% rise according to the Instituto Nacional de Estadistica. On a quarterly basis, house prices increased 1.15% in Q3 2020 (1.67% inflation-adjusted).

Do you pay council tax in Spain?

IBI is a local charge in Spain that is similar to council tax in the UK. The letters I.B.I. stand for Impuesto sobre Bienes Inmuebles, literally an immovable property tax. Depending upon where in Spain your property is located you can expect to pay this expense either once or twice per year.

What are the pitfalls of retiring to Spain?

How much money do you need to retire to Spain?

Retirement in Spain also tends to be fairly low cost. You can retire comfortably on about $2,000-2,200 a month, about $25,000-27,000 a year. If you choose to live a bit further away from the big cities, you can retire at approximately $1,700-1,900 a month, which is about $20,000-22,000 annually.

How much money do I need in the bank for Spanish residency?

You must have income of at least €25,560 annually, plus €6,390 per each additional family member. Income may be derived from investments, annuities, sabbaticals and any other sources of income. The visa issued will have a validity of three months and fifteen days, with multiple entries and 90 days of stay in Spain.

How long can I stay in Spain without becoming a resident?

How long can I stay in Spain without becoming a resident? You can stay in Spain for a maximum of 183 days per year (6 months) in order to not become a resident. If you spend an extra day (184 days and onwards), you will be regarded as a resident, hence paying resident taxes in the country.

How long can UK citizens stay in Spain?

UK citizens in Spain will be able to remain for a period of 3 months at a time, staying longer than this will require a visa. To spend more than 90 days in Spain in a period of 6 months Brits will need to acquire a Spanish Schengen visa. This can be obtained from a Spanish embassy or consulate in UK.

Can I buy a property in Spain if I live in the UK?

YES. There are no rules that restrict the purchase of property in Spain to only EU citizens. This is a point to make clear straight away as the uncertainty can lead to misinformation and concern. In Spain, if you can pay the purchase price you can own the property.

What deposit do you need to buy a property in Spain?

Deposit. For a Spanish mortgage, you will generally need a minimum deposit of 30% of the property's purchase price, with borrowing rates currently starting around 2% (lower for premium clients). “The maximum mortgage for non-residents is 70% of the purchase price or valuation, usually depending on which is lower.

Is it difficult to buy property in Spain?

The rules for buying a property in Spain as an expat are relatively straightforward. Before buying, you'll require a financial number, which can be obtained by visiting a police station with your passport. This is typically processed on the same day for Spanish or EU citizens, but may take a few weeks for others.

What are the new rules for expats living in Spain?

You must be a non-EU citizen over 18 years of age, with no criminal record. You have to obtain private health insurance and must demonstrate that you have sufficient funds to support yourself and your family in Spain. The income requirement is for twice the IPREM (a salary index used for various grants and allowances).