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Buying a property in another state offers numerous chances, from generating rental income to becoming a resident or even a citizen.
With a diverse range of places to choose from, finding the ideal house in Spain is within reach. While the acquiring procedure may appear daunting at first, this guide provides a clear and concise gradual roadmap for non-citizens.
There are enticing prospects for both investors and those seeking a new home. However, it’s crucial to remember that Spain’s real estate landscape is diverse, with each region possessing unique characteristics and chances.
For savvy buyers, understanding these regional nuances is key to finding the best deals. Whether you’re searching for an apartment or another type of housing, strategic research will be your greatest asset.
Absolutely! Buying property in Spain is feasible for non-citizens. The key necessity is a NIE, which acts as your unique number. Summon in mind that there are various kinds of NIEs based on your individual circumstances and nationality.
For EU Inhabitants:
* Temporary NIE: Ideal for short-term stays, especially if you’re going to a state solely to acquire housing and don’t intend to live there permanently.
* Resident NIE: This constant number is vital for those planning to live in a state long-term.
For Non-EU Inhabitants:
* Resident NIE: Similar to the EU citizen version, suitable for those who live in a state for a majority of the year.
* Non-Resident NIE: Even if you don’t plan to reside in Spain, you’ll need this type of NIE to acquire housing.
You can find more detailed information in the article “NIE NUMBER in Spain: Definition, Types, Procedure and Papers”
The steps you should adhere to:
Finding your dream house can take 3-12 months, based on your criteria. Once you’ve found it, expect another 2-3 months for the purchase process, potentially longer if you need a homeowner’s loan.
Important Note: While the deposit agreement outlines crucial details, only the public deed is valid for official registration.
Reduced rate of 5% for buyers under 32 purchasing their primary residence.
Selling:
Key Point: Income generated from renting out your housing is considered taxable and will be subject to CGT.
Deductible Expenses:
* Non-Residents: Limited to agency fees, lawyer fees, and notary fees.
* Residents: Have a wider range of deductible expenses.
Planning Tip: Carefully track all income and expenses related to your rental property to ensure accurate tax reporting and maximize potential deductions.
Restrictions: Country’s law (Law 7/2012) sets limits on cash payments.
International Bank Transfers: For larger amounts, international bank transfers are necessary. Be aware of potential high commission fees for convertibility.
Consult with your financial institution to understand the fees associated with international transfers and explore ways to minimize costs.
Good News: Non-citizens generally have access to similar mortgage requirements as those who live in a country.
Here, the typical cost is €1886 per m2.
Barcelona, Malaga, Bilbao, Madrid, and Valencia – the best places for housing investments due to job opportunities, tourism, and high demand for housing.
Cheaper homes can be found in inland areas.
Golden Visa program, launched in 2013, offers a fast-track residency option for non-citizen investors, especially those interested in real estate.
Spain’s Golden Visa program, launched in 2013, offers a fast-track residency option for non-citizens, especially those interested in real estate.
Investing €500000 or more in a country’s property can give you a residency visa, paving the way for potential citizenship after 10 years
Requirements:
Benefits:
Two Paths to Property:
However, at a cabinet meeting on 9 April 2024, Spain’s Council of Ministers agreed to eliminate this privilege. They believe this will help ease housing shortages and make homes affordable again for local residents, and it follows on from last year’s decision to impose rental caps in some areas.
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