Receive expert assistance for investing in property in SPAIN through the guidance of our skilled lawyers.
When considering investment in Spain, having a bank account is a prerequisite.
When individuals are considering investing in Spain, it becomes essential for them to have a bank account in the country.
Specializing in providing comprehensive financial advisory services for various banking operations, our team assists with account opening. Whether individuals are exploring opportunities for foreign investment in Spain or planning to move their residency to the country, necessitating an account for household financial needs, we offer assistance.
Our team takes charge of the account-opening process, meticulously preparing and presenting all the required documentation to the bank to establish the origin of funds. We explore the array of options within the Spanish financial system, aiming to find the most suitable choice for the individuals.
Banks may request specific documentation to validate the source of funds. Our financial specialists and legal experts possess in-depth knowledge of the required paperwork, guiding individuals through the process to ensure they can provide the necessary proof for the legal origin of funds and facilitate their subsequent transfer to the account in Spain.
Numerous factors come into play when contemplating the purchase of a property in Spain.
What preliminary steps should be taken before finalizing a property purchase?
There are no restrictions on the acquisition of residential or commercial property in Spain.
In fact, Spain actively encourages international investment in both residential and non-residential real estate. As an example, investors can apply for a Golden Visa by investing €500,000 or more in any real estate.
What Taxes Are Associated with Real Estate Ownership?
All property owners in Spain are required to pay three different taxes annually.
For residents, these include Income Tax, Real Estate Tax (IBI), and Capital Gains Tax.
Non-residents are liable for Income Tax, Real Estate Tax (IBI), Capital Gains Tax, and a Non-resident Property Tax.
Can Property Purchase Lead to Citizenship?
Yes, it can. By investing €500,000 or more in Spanish real estate, you become eligible to apply for residency through a Golden Visa. Our legal experts can provide guidance on this residency type, and you can find more detailed information here.
What Taxes Apply When Buying a New Property?
For all new home purchases, a 10% Value Added Tax (VAT) is levied on the property's value, in addition to a 1.5% Legal Documentation Tax.
When purchasing an existing property, a Transfer Tax (ITP) is applicable. The rate varies on a sliding scale based on the property's purchase price.