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Quick answers to common questions about Spanish property buying
Everything Nordic buyers need to know about purchasing property on the Costa del Sol.
🏠 Spanish Property Buying Process
Phase 1: Preparation (1-2 months)
- Get Spanish NIE number
- Open Spanish bank account
- Arrange financing pre-approval
- Set your property preferences
Phase 2: Property Search (2-4 weeks)
- Review matching properties
- Schedule viewing trip
- Property inspections
- Make offer
Phase 3: Legal Process (6-8 weeks)
- Sign reservation contract
- Pay reservation deposit (€6,000-10,000)
- Legal due diligence
- Arrange final financing
Phase 4: Completion (1-2 weeks)
- Final property inspection
- Sign purchase deed at notary
- Transfer funds and receive keys
- Register property ownership
💰 Complete Cost Breakdown
Government Taxes & Fees
- Transfer Tax (ITP): 8-10% of purchase price
- VAT (New Properties): 10% + 1.2% stamp duty
- Property Registration: €400-600
- Land Registry: 0.1-0.2% of value
Professional Fees
- Legal Fees: 1-1.5% + VAT
- Survey/Valuation: €300-500
- Bank Charges: 1-2% of mortgage
Example: €500,000 Property
- Purchase price: €500,000
- Transfer tax (8%): €40,000
- Legal fees: €7,500
- Other costs: €2,000
- Total: €549,500
Premium Intelligence subscribers get detailed cost breakdowns for every property before viewing.
🏦 Financing Options for Nordic Buyers
Spanish Bank Mortgages
- Up to 70% LTV for non-residents
- Interest rates: 3-5%
- Term: Up to 30 years
- Minimum income: €50,000
Nordic Bank Mortgages
- Some Nordic banks offer Spanish mortgages
- Better rates for existing customers
- Familiar application process
- Home currency lending options
Required Documentation
- 3 months bank statements
- Employment contract
- Tax returns (2 years)
- NIE number
📋 Legal Requirements & Documents
Essential Documents for Purchase
- NIE Number: Spanish tax identification
- Passport: Valid for 6+ months
- Bank Account: Spanish bank account
- Insurance: Home insurance policy
- Escritura: Property title deed
Legal Checks We Perform
- Property title verification
- Outstanding debts search
- Planning permission checks
- Community fees status
Tax Implications
- Annual Property Tax: 0.4-1.1% of cadastral value
- Rental Income Tax: 24% for non-residents
- Capital Gains Tax: 19-23% on sale
- Wealth Tax: Varies by region
Important: Tax advice should be sought from qualified professionals in both Spain and your home country.
❓ Frequently Asked Questions
Yes, Spanish banks offer mortgages to non-residents, typically up to 70% of the property value. You'll need proof of income, bank statements, and a Spanish NIE number.
From making an offer to completion typically takes 6-10 weeks. The preparation phase (NIE, bank account, financing) can take 1-2 months before you start searching.
Budget an additional 10-12% of the purchase price for taxes, legal fees, and other costs. This includes 8-10% transfer tax, 1-1.5% legal fees, plus registration and other minor costs.
Still Have Questions?
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