Basic Facts - Buying Process - Costs
Visa / Residency - Health

Basic Facts

Population: 44 million
Capital: Madrid
Native Language: Spanish (Castilia) Catalan, Basque, Galician
Currency: euro (EUR)
Dialling Code: +34
Emergency Services: 112
Embassy: www.mae.es/Embajadas/Londres/en/Home

Buying Process

• Anyone wishing to buy or sell a property in Spain must first obtain from the state a fiscal number for foreigners (NIE).
• Once the purchaser has the NIE number an offer can be made. When a price has been agreed it is recommended that both parties sign a preliminary agreement which outlines details such as the completion date.
• A deposit of 10% is placed to secure the deal. If a purchaser then does not go ahead with the purchase he loses the full deposit. If the Vendor pulls out he must return double the amount of the deposit to the buyer.
• If a property is purchased off-plan it is usual for there to be stage payments, the final balance being paid when construction is finished.
• On completion, when all necessary checks are completed, both vendor and purchaser sign the Escritura (title deeds) in the presence of the Notary. The purchaser then pays the balance, plus all other fees and taxes. Copies of the Escritura are then sent to the Land Registry and the tax office.

Cost

• Transfer tax for resale property: 7%
• New build property: VAT (IVA) of 7% and 1% stamp duty.
• In the case of a land or commerical property purchase VAT is 16% instead of 7%.
• Lawyers fees : 1% plus VAT
• Notary fees: 0.5%
• Estate agency commission: 2% to 15%.

Visa / Residency

Spain is a full member of the EU.

Health

The Spanish healthcare system is generally extremely good. If you decide to go privately it costs very little compared to the UK.

 

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