Spanish Property Purchase Taxes & Disbursements
Whether you are buying a resale property or a new property on a development you will have to pay a 7% property purchase tax to the Spanish authorities. This is calculated on the sale price of the property. If you are buying a newly built property you will have to pay also a 1% stamp duty tax. Prior to completion you provide your Spanish lawyer with these funds and he or she will complete the necessary tax payment forms and pay this tax on your behalf.
In Spain the completion of any property purchase is carried out by a Spanish Notary at the Notary’s office. The Notary charges a fee for this service and this varies according to the value of the property in question.
After completion at the Notary office your Spanish lawyer registers you as the new owner of the property at the Spanish Land Registry. This government controlled registry will charge a fee for the registration and again this will vary according to the value of the property.
Prior to your purchase of a Spanish property you will need to apply for a NIE number which is a type of Spanish tax identification number like the English National Insurance number. You can apply for this in person at a Policia Nacional Police station or we can apply for it on your behalf for a fee of 300 Euros.
Once you have completed on your purchase of your new property we can visit the various utility companies electricity, water etc. and register you as the new owner for a small administration fee if you wish.
If you contact our firm’s English Solicitor Des Sparkes and give him the details of the type and value of Spanish property that you are buying or selling he can send you a specific estimate of the costs for your purchase. You can contact Des either by email: des@sparkeslawyers.com or by phone on 00 34 600 670 688.
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