There are no limits for non-citizens to buy property in Spain. You just need to have all the documents translated to provide to Notary, Land Registry and bank. Additionally you need to get a NIE (personal identification number) to close the deals.
Yes, you can get residency in Spain after buying a house, and that is thanks to the golden visa scheme.
Yes, it is totally possible to buy a home in Spain even if you are not a resident. As we have already mentioned, the foreign non-resident buyer will be required to obtain the NIE in advance, which must be requested at the General Immigration Office.
How Long Can I Stay in Spain if I Own a Property? Even if you own a property in Spain, you're still entitled to stay for only 90 days in a 180-day period without applying for a residence permit or a visa. You can still buy or rent your property as you wish, but you must be careful not to overstay the 90/180-day rule.
In short, yes! The Spanish government welcomes and even encourages foreign buyers in general. Though if you are specifically looking to buy a holiday let, you might need some legal help with the bureaucratic part of it. The buying process for property in Spain for foreigners is relatively simple.
Purchasing a property in Spain involves the payment of different taxes, ranging between 8% and 11.5%, whether the property is newly built, generally sold by banks or construction companies, or the property has already been owned by another person, a resale.
You can acquire permanent residency in Spain in two ways: EU long-term residence permit. Spanish citizenship.
If you are a national of a country with ties to Spain or can demonstrate your ancestors had a historical link with the country you may be eligible for dual Spanish citizenship.
The choice on whether to Buy or Rent a Property in Spain ultimately depends on how long you plan to stay in Spain and your budget. If you are planning to live in Spain long term, or even visit on a regular basis, then it makes sense to buy a property, assuming you can afford to.
The average house price of a home in Spain is $400,000, or $200 per square foot. Real estate prices in Spain in 2023 are steadily appreciating, having increased by 7.3% compared to one year prior.
Deposit. For a Spanish mortgage, you will generally need a minimum deposit of 30% of the property's purchase price, with borrowing rates currently starting around 2% (lower for premium clients). “The maximum mortgage for non-residents is 70% of the purchase price or valuation, usually depending on which is lower.
The Golden Visa, also known as the investor visa Spain, is an authorisation granted by the Spanish government to non-EU citizens who wish to stay in Spain for an extended period. This type of visa allows applicants to live, work and study in Spain, and it offers a pathway to citizenship.
Completion of the purchase is usually from one to two months from the date of signing the agreement and paying the deposit.
Australians can become permanent residents of Spain through the Golden Visa Program. Investment in several fields and real estate is available. The programme is open to non-EU citizens, such as Australians.
You can retire comfortably on about $2,000-2,200 a month, about $25,000-27,000 a year. If you choose to live a bit further away from the big cities, you can retire at approximately $1,700-1,900 a month, which is about $20,000-22,000 annually.
The most popular visas for retirement in Spain are the Golden Visa and the Non-Lucrative Visa. You will need to apply for one of the two if you wish to live in Spain as a retiree.
Valencia, Spain remains the healthiest city for 2022
Life expectancy is high at 83.5, giving residents a long life to enjoy all the offerings Valencia holds.
Where do most expats live in Spain? Madrid and Barcelona are the cities most loved by expats in Spain. Thousands of expats and digital nomads find their home here every year. There are plenty of work opportunities in Madrid and Barcelona for those looking to relocate to Spain.
Taxes on buying a Spanish property
This includes new properties that were bought by banks or taken on by them in case of default on mortgage payments, for example. Expect to pay between 8% and 11.5% in taxes on a property purchase in Spain.
Contact the Spanish administration to get your tax identification number. You don't need a bank account to buy a house, but we advise you to get one before buying the house. Here you can check out the best bank accounts in Spain.
The Spanish Government operates 4 Free Zones: i) Ceuta and Melilla free zones ii) Cadiz Free Zone iii) Vigo Free Zone and iv) Canary Islands Free Zone. These zones offer multiple benefits including i) reduced corporate tax rate of 4% ii) reduced VAT rate of 7% iii) transfer tax exemption and iv) stamp duty exemption.