Updated: May 30
Author: Zeynep Sude Akıllı
Date of Publication: 07/09/2022
In the last decade, Spain has been a reasonable place to own property for the citizens and even for the foreigners. For the citizens of Spain and the expats, the conditions of buying a house don’t have the same requirements. But it doesn’t mean that it’s impossibly hard to purchase a property as a foreigner. So, let’s discuss the conditions and the important points of buying a house in Spain.
What are the requirements of buying a house in Spain?
Everyone has a right to purchase a property in Spain but for the foreigners it is a little bit different. So, if you are not a citizen of Spain and you want to buy a house, you should have a “NIE” number. NIE number is taking place as an identification number for the foreigners. There are types of NIE numbers, and it is variable with your nation.
All about NIE numbers
We mentioned the variability of NIE numbers before and below here you can find the different types of NIE numbers.
Temporary NIE number
Resident NIE number
Non-resident NIE number
● A non-resident NIE number is for the people who will purchase the property but will not live in Spain. (non-EU citizens)
● A resident NIE number for the people who will stay in the country more than 183 days in a year and buy the property in that time interval. (EU and non-EU citizens)
● A temporary NIE number for the people who will be in Spain only during the time they purchase a house. (EU citizens)
Advantages of Buying a house in Spain
The Spanish government encourages people (especially foreign buyers) to buy property in Spain. To support this idea, there is a golden visa that you can take when you own a property in Spain. The golden visa allows foreigners to get a residency visa and stay permanently in Spain. If someone buys a property in Spain that costs more than 500.000 euros, they can get the golden visa.
You can make a profit by renting the house that you bought as an investment. Spain is one of the most beautiful vacation destinations for the summer. Keep in mind that, the rents of the houses during summer time are nearly the double price of normal times.
Recommendations for Expats
While you are doing your payment with a credit card, we have a suggestion for you. So, it is not necessary to have a Spanish bank account, but it can reduce the commissions and help you with all the documents.
Before buying a house, you should consider meeting with a lawyer about your investment. Even though you think you can do all the procedures by yourself you may always miss a point. A lawyer can help you about making sure that the contract is suitable for you. Moreover, they can lead you with the consideration of the Spanish property laws.
When you purchase a house in Spain you will need to pay some taxes. So, since you are investing in another country, having a tax representative will make your job easier. What’s more, a tax representative can represent you in your dealings with the Spanish tax authorities.
Grab your chance before you miss the boat! Housing will always be a safe investment especially in Spain.