Guide to Buying and Managing Property in Spain
Spain, as the country with the largest recreational infrastructure in Europe, is among the countries very welcoming to foreign investors. Czech citizens can purchase property here under the same conditions as local residents.
The entire property purchase process takes place over the course of several weeks, and during this time the buyer usually needs to visit Spain twice. First, it is necessary to obtain a foreigner identification number – the so-called N.I.E. (Número de Identificación de Extranjero). This can be done in two ways: either in your home country by visiting the Embassy of the Kingdom of Spain, or in Spain at the foreign police office. After that, it is necessary to open a bank account with one of the Spanish banks.
#1
Offer
The buyer submits an offer to the seller. If the offer is accepted, a reservation agreement is signed.
#2
Reservation Agreement
The reservation agreement is not a mandatory step, but upon payment of a reservation deposit of €6,000 for approximately 7–10 days, the property is withdrawn from the public market and reserved in your name.
#3
Czech-speaking assistance
VAT applies primarily to new-build properties purchased from a developer. The standard VAT rate in Spain is 10% of the purchase price (for residential properties).
#4
Purchase Agreement
Based on your selection, we will prepare a schedule of viewings for the selected properties.
During the purchase process, both parties usually have their own legal representatives.
Their role, or the role of the so-called Gestoría, is crucial throughout the entire process. They obtain all necessary information about the property, verify the documentation, and prepare the purchase agreement, which is then submitted and signed before a notary.
Property Acquisition Costs
#1
Total Costs
The total costs associated with purchasing a property usually range between 10–13% of the purchase price.
#2
Property Transfer Tax
The property transfer tax (ITP) in the Andalusia region has been set at 7% of the purchase price since July 2021. This tax applies only to resale properties.
#3
Land Registry
The fee for registering ownership in the Land Registry does not have a fixed rate and usually ranges between €800 and €1,000.
#4
Notary Fees
The amount of these fees depends on the value of the property and the scope of the documentation, and typically ranges between €1,000 and €1,500.
#5 Legal services
Legal services are typically charged at 1% of the purchase price + VAT.
#6 VAT (IVA)
VAT applies primarily to new-build properties purchased from a developer. The standard VAT rate in Spain is 10% of the purchase price (for residential properties).
Do you need help with property financing?
We will include your property in our Czech portfolio and take care of its effective sale.
At the same time, we will also help you finance your new purchase – whether through a mortgage in the Czech Republic or abroad, depending on what makes the most sense for you.
Properties on the Costa del Sol for Czech clients
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