The first step for foreigners wishing to buy property in Spain is obtaining an NIE (Número de Identificación de Extranjero), which is essential for all transactions in Spain.

You’ll also need a Spanish bank account to facilitate financial transactions. Our Real Estate lawyers can assist with both obtaining your NIE and setting up your bank account, streamlining these crucial steps.

Begin by selecting properties that match your criteria using trusted and reliable sources. Evaluate potential investments carefully to find the best fit for your lifestyle or investment goals.

Understanding the financial implications is key. Expect to cover various costs, including:

• Property transfer tax of 10% for existing properties, or a 10% VAT for new constructions.
• Notary costs, title deed tax, and land registration fees, which typically range from 1% to 2.5%.
• Legal fees are approximately 1% to 2,5% of the property price, inclusive of VAT.

Secure your property choice through a reservation agreement that outlines the terms of purchase and ensures the property is taken off the market as you finalize your plans.

Finalize your property purchase by signing the final deed with a notary, using your NIE for the transaction. Ensure all relevant taxes and fees are settled, and the property is registered in your name at the Land Registry.