Foreign property buyers are confident again and start house buying processes in sites like Nerja, Torrox, Torre del Mar, Axarquia and Malaga
Message from your lawyers office in Marbella, Torre del Mar and Torrox-Costa. Interesting prices for any type of investor in Spanish real estate varying from a simple village house to a luxury retreat or a mansion along the coast as well as safeguards in the Spanish judicial system make Spain an ideal place for foreigners to acquire a second residence. Spain´s general image has been improving since lawyers, notaries and mercantile or asset registrars all offer guarantees that did not exist in the past. Wherever you start your house buying process in Spain, our lawyers office in Torre del Mar and Torrox will help you how to buy a house in Nerja, Torre del Mar, Torrox, Axarquia or in any place in the province of Malaga or even in the whole of Spain.
Now that prices are low, it is an excellent time to make a real estate investment
However, non-Spanish buyers still have to fulfill a number of requirements.
1. You need a Spanish tax number for foreigners
This tax number is also known as the ¨NIE¨. You need this tax number in order to pay taxes and to get the property registered on your name. The laywers of our offices in Torre del Mar or Torrox-Costa will be more than happy to help you with your NIE-application.
2. A percentage to be deposited in the Spanish Public Treasury
The buyer is obliged to retain 3 percent of the property price if the seller is a non-Spanish and not fiscally resident in Spain. This amount can be claimed back by the vendor in a later stage. Please do not worry, we will sort this out for you.
3. Tax on capital transfers
The buyer has to pay Spanish tax on capital transfers. At the moment of writing this article this is 8 per cent of the purchase price. However, since in Spain the taxable basis and acquisition values rarely match, the buyer has the option to pay taxes either on the fiscal or acquisition value. The Treasury Department will produce an additional assessment,which can be challenged in order to avoid overpayment of taxes on a higher current market value.
If a property is acquired directly from a developer, the buyer only pays for document and registration fees at 1.5 percent of the total purchase, since the 10 percent IVA (VAT) would have been paid by the property developer.
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Article co-sponsored by Malaga Estates.
Do you want to start your home buying process in Spain?
Let CS Abogados help you. With international experience since 2002 we are able to guarantee that your house buying process in Spain is going to be a pleasure as it should be. Maybe you are wondering how to buy a house in Nerja, how to buy a house in Torre del Mar, Torrox, Axarquia or anywhere in Malaga. Can you simply believe what the vendor or the estate agent tells you? Do not run any risk! No risk during the home buying process in Spain and – even much more important – no risk AFTER your house buying process in Spain! Our lawyers will help you from their office in Torre del Mar or Torrox-Costa.