Algorfa Property for Sale
What do I need to buy a home in Spain if I am a foreigner?
With the recent economic recovery, investors from other countries such as the United Kingdom, Belgium, Holland or Norway have set their eyes on the real estate market in Spain, especially in the Costa Blanca.
Buying a home in Spain as a foreigner has its peculiarities, since although in almost all countries the procedures are usually the same, the exact protocols and documentation change from place to place. In this post we summarize what you should keep in mind.
Processing of the NIE.
The NIE is the so-called foreign identity number, a code that facilitates the identification of non-nationals in Spain. It is an essential requirement to carry out any economic transaction. You must request it in the General Directorate of the Police, it is also possible to carry out this bureaucratic process outside Spain through the Consulate.
Open a bank account in Spain.
Although it is not legally obligatory, it is advisable to have a bank account in Spain. The main reason is that a Spanish bank account greatly facilitates the payment of taxes and payments associated with the acquisition of housing: VAT in new homes or ITP in second hand homes, notary fees, registration fees etc.
Knowledge of the process of buying, selling and financing.
Probably the most difficult thing for a foreigner who wants to buy a home in Spain is to know precisely all the procedures associated with the purchase and sale: the legal framework, rights and duties as owner, real estate appraisal, financing requirements, mortgages etc. .
If we add to the language barrier, any simple procedure can become long, tedious and difficult.
Therefore it is advisable to use professional experts in the sale of housing for foreigners, capable of carrying out all the procedures required by this process, including in their efforts, translation service in the required language. Thus, the customer can be free from all types of management, enjoying a transparent, easy and convenient purchase process.
