When you buy a resale property, you have to pay an ITP tax to the Spanish government, and it is used on a sliding scale which will depend on the purchase price.
If you are looking to buy a house in Spain, here are a few ways you might want to try this. As a foreigner, you might have to sort out certain things related to bureaucracy before you can buy a house.
There are many different things in the Spanish property market, and you might have to do a lot of research before you finally commit and get a house in Spain. In that way, you can avoid all the other pitfalls when you set up your life overseas.
However, not all the steps in buying a house are as clear cut as they may seem. Moreover, it is necessary to have a clear knowledge of the expenses and additional taxes that you might need to incur before you buy a house in Spain.
What Exactly Do You Require When You Buy a Property in Spain?
The thing that you require is called the NIE. This number is special to every applicant, and it is needed to carry out any transaction if you reside in Spain. As these things have to appear on all the official papers that you sign or issue in Spain, you must have these documents ready before you sign the papers. The NIE is not difficult to get, but it takes some time to get your real estate agent to simplify things for you to speed up the entire process.
It is not compulsory to get a bank account in Spain and make things simpler, as the payments will be faster and save you money.
Finally, you have to know that you are now the owner of the Spanish property, so you have to get a legal tax expert if you are not a legal resident of Spain.
Taxes to Get a House in Spain
When you get property in Spain, you will have to pay extra taxes; property taxes will also vary whether you get a new house or another property resale.
Taxes When Buying Houses in Spain
When you buy a new house that has never been sold before, you have to get a 10% VAT on the property value and pay an extra 1.5% tax as well as legal fees.
Taxes When You Purchase a Pre-Owned House
When you buy a resale property, you have to pay an ITP tax to the Spanish government, and it is used on a sliding scale which will depend on the purchase price.
Before you can buy a house in Spain, you have to get a Golden Visa. So, what are the requirements to get a golden Visa Spain?
To be qualified for a Spanish Golden Visa, you might want to invest in different things:
- Buy a house in Spain that is at least 500K pounds. Getting a house might either be one unit or a few units, with a net worth of at least 500K pounds.
- Invest in a Spanish public debt of 2M pounds.
- Get shares in a business or put a deposit of at least 1M pounds in the financial institution.
- Put some investments in a new business that will give you better job opportunities and contribute to some technological innovations or other types of socio-economic factors in different areas where people can undertake different types of businesses.
However, that is not all. You still need the following requirements:
- It would help if you reached the legal age of 18 years old.
- No history of any criminal activity.
- You have not been denied a Spanish Visa in the past.
- You have bought a health insurance plan in Spain.
As the whole investment is rather substantial and risky, many other applicants receive consultations in the immigration investment to see if they are eligible or not. The whole range of experts will also guide you through all the different options and help you apply for a new Gold Visa.
How Do You Apply and Get a Spanish Gold Visa?
If you have met all these requirements listed above, you can proceed and send in your visa application to the latest Spanish government. You must commit to an investment when you apply, but it does not have to be finalized. These are the terms that you have to meet.
The takeaway, getting a house in Spain is not that simple, but if you can get your Gold Visa, things should be fine.
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