How to buy property in Spain
Spain’s easily navigable property purchase process makes it a favourite with international buyers.
If you plan to spend less than 183 days per calendar year living in Spain, you won’t require a residency permit to buy property. Beyond this threshold, you’ll need to apply for fiscal residence in Spain. Non-EU citizens have to request a special residence visa from the Spanish Consulate in their home country before applying for residency.
Spain also offers a Golden Visa scheme, where a non-EU national who makes a significant investment in the country – including purchasing a property worth at least €500,000 – can secure a visa for their immediate family. The Golden Visa allows holders to renew their residency permits every two years, with citizenship possible after 10 years.
All non-EU buyers must apply for an NIE number from the local police.
Financing your property purchase in Spain
When looking to buy a property in Spain, it helps to have an Agreement in Principle – an agreement that sets out how much you are able to borrow from a lender. This can have a significant bearing on the acceptance of an offer and puts you in a strong position as a prospective buyer.
Some sellers won’t accept a mortgage clause within the purchase contract. In this scenario, speaking to a mortgage broker like Traverse International Finance, our chosen partner for mortgages in Spain, early on means they can include a mortgage clause within the Agreement in Principle.
In some instances, it may be possible to borrow up to 100% of the property purchase price using a combination of a mortgage and a Lombard loan. Get in touch with Traverse to discuss the financing options available to you.
Taxes and ownership
Buyers should expect to pay property purchase fees of between 7 – 10% of the purchase price – some fees and costs can vary slightly. Hiring a lawyer is required and the cost of translating documents from Spanish should also be considered.
For more information on buying property in Spain, contact us.