Requirements to buy a property in Spain as a foreigner or expat
If you are a foreigner or expat and you are thinking about buying a property in Spain, we have good news for you: it does not require too many procedures.
However, we explain you the requirements, taxes and expenses that you should keep in mind for the acquisition of a home:
Foreigner's Identification Number (NIE)
It is the indispensable requirement for the purchase of a property in Spain. It is a personal, unique and exclusive number, essential to carry out any burocratic procedure in the country.
There are three ways to get the NIE:
- In Spain, apply in person in a National Police Station or in a Foreigner's Office
- Appoint a representative to do it
- At the Spanish Council in the applicant's country of residence
To open a bank account
Despite not being obligatory, it is recommended to open a bank account in Spain, as it will facilitate the payment of taxes and expenses related to the purchase of the property.
To pay off Non-Resident Income Tax
Only applicable in case of not living permanently in the country. It is considered that a person is resident in Spain when he or she stays for more than 183 days, during the natural year, in Spanish territory.
Taxes for the acquisition of the property
Depending on whether you choose a new or second-hand home, you will have to face one type of tax or another:
- New homes → Value-Added Tax (VAT). 10% of the purchase price
- Second-hand homes → Tax on Patrimonial Transmissions (ITP). The tax rate is between 6 and 10% of the purchase price, depending on the Autonomous Community in which the property is located (in the Valencian Community, 10%)
In addition, other expenses related to the purchase of a property and that you should keep in mind are:
- Public deed by the notary
- Registration of the deed in the Land Registry
At Voymus we know how important and complex is to buy a property, so we want to help and to accompany you throughout this process.
Trust professionals, feel safe and forget about worries.