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The acquisition of a real estate property in Spain, under current law entails total security in its development. At SUNRISE REAL ESTATE, you will be informed of all the steps to take before the sales, so to avoid any disagreeable surprises. It is for this reason that it is necessary to have the assessment done by an experienced professional. |
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Costs
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The purchase of property in Spain entails the followings costs:
6,5% of Transfer tax (when buying a re-sale property), or 5% of IGIC for new construction
From 0,5% to 1% of notarial expenses
Increased patrimony tax payable to the Spanish Treasury(according to the agreement)
Tax for inscription in Spanish property register |
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| Information |
- Private contracts are valid in Spain.
- Before signing any document in reference to a property, it is advisable to get a Property Registration Certificate (Nota Simple del Registro de la Propiedad).
- Applying for the previous verification of non existence of debts with the Town Hall, with a Certificate of Non- debtor (Certificado de no deudor).
- If the property is situated in a community of owners, you have to get a Certificate of the Non-existence of Previous debts from the Community (Certificado de la Comunidad).
- The expenses of the Ad Valorem(Plus Valía o Impuesto de Valor de los Terrenos de Naturaleza Urbana), according to the law, are covered by the seller , although , in some cases and under the agreement, this tax will be covered by the buyer.
- When we are buying plots, it is necessary to verify the construction capacity, according to the planning ordinances of the various Town Halls.
- For booking or buying a property (Reserva u Opción de Compra), it is necessary to outlay an amount that ranges from 5% to 10% of the transaction value.
- If the seller is not a resident of Spain, 3% of the declared value must be withheld , with the purpose of satisfying income tax for physical persons, according to the article 18 of RD 326/99 in 26.2.
- According to fiscal law in Spain, it is necessary that a non-resident person has a legal representative (Representante
Legal (art. 46.1)) . He/she can be any resident person, a lawyer, a tax advisor, etc.
- Non-residents of Spain require an identification number for tax purposes ( NIE or NIF). This document can be requested in the National Police Station of Maspalomas, on the general road from Las Palmas to Mogán.
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