Ultimate Guide to Buying Property in Spain As A Foreigner
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- เผยแพร่เมื่อ 30 พ.ค. 2024
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Hey Guys! Welcome, and in today’s video, we’ll discuss and share the Ultimate Guide to Buying Property in Spain as a Foreigner!
Spain is the most popular place for tourists in Europe. So, it's unsurprising that many people from other countries buy property there.
Foreigners from all over the world have dreams of buying a house in Spain. You can use it as your vacation home or permanently move to this friendly Mediterranean country. Alternatively, you can rent out your property to make money.
Foreigners might think buying a house in Spain is a long and complicated process, but it shouldn't be that way. Since this is a very important process, you'll need to know how to make a successful purchase.
Anyone from outside of Spain can buy a house there. Get your NIE number. This is the first thing you should do. It is the basic identification number that all foreigners must get when they enter the country.
When you decide to buy property in Spain, you should do so with your eyes open and after thoroughly analyzing the Spanish property market. If you know what to expect when buying a home in Spain, you can avoid some problems of moving your life overseas.
To help you, we have invited Marina Henestrosa from bureaucracy.es and Ortega Moreno. Ortega Moreno is a lawyer and a bar association member in Spain. He has 23 years of experience helping clients buy and sell properties in Spain.
Today, they will discuss everything you need to know about buying property in Spain. This includes Spanish property prices, legal steps, how to buy a property in Spain, and much more.
So, whether you're looking for an investment or holiday home or planning on relocating permanently, watch the full video to learn what steps must be taken when buying property in Spain.
▶️ Timestamp of today’s discussion:
00:00 How to buy property in Spain as a foreigner
01:02 Can anyone buy a property in Spain?
01:23 Can they buy a property without being in Spain with Power of Attorney
02:19 Can you buy it online or be here in person?
02:44 Do the foreigners need a tax number or identity number?
03:20 What else are the requirements to buy a property in Spain apart from the identity number?
04:29 The quick legal check of a property example
05:30 What happens if your client finds a property and its three floors?
08:38 Property tax in Spain
11:24 The golden Visa in Portugal is abolished, or they're raising it?
12:57 If anyone wants the Golden Visa, is it the right time to buy a property?
15:12 What are the mortgages or loans if a foreigner buys a property?
17:25 When anyone finds a property online, what are the steps to buy?
21:11 Timelines of actions to buying a property
22:02 The fees that a lawyer charges in Spain
▶️Things you need to buy a property in Spain:
• Get the NIE (Foreigner Identification Number)
• Private Contract
• Sign in front of the notary
▶️Bonus tip: Acquire a will before purchasing property in Spain.
▶️Remember: Lawyers are very expensive when we have problems on the table.
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FYI, related to "Golden Visas" for real estate, the EU is pushing members to get rid of it due to individuals from certain countries using this for money laundering. In 2-3 years, it will be unlikely the "Golden Visa" will be available anywhere in Europe. It will still be there for investments. Also note that Madrid, Valencia, and others are clamping down on short-term rentals like AirBnB. So, buying two $250k properties for the "Golden Visa" and renting them out will no longer be an option very soon.
It’ll take some time before it takes effect, and there’s still Golden Visa by investment into businesses and stocks, although the requirements are higher. Hopefully it will help slow down the rising costs of housing!
@@EverythingIsBoffo It should, but clamping down on short term rentals should do more. The Madrid mayor said that AirBnB will no longer be allowed there and violators can be charged up to €100k! 😮 In Malaga, meanwhile, STRs make up 40% of the city’s pisos! People there are protesting, too. I hope removing STRs (in cities) will help lower costs for locals, too.
We are renting in Valencia, but hope to buy in a year or two. This will be our primary residence, not a rental. We shall see… ¡Gracias!
@@stevecochrane9531 yes I think airbnb prices affect the rental market more than GV! Why rent longterm if they can make more doing airbnb at 3x the price? 😞
Just to offer people an alternative, you don't need to get a lawyer to buy property in Spain. These two big services that they offer (checking that the property doesn't have any mortgages, and making sure that the property in real life and the registry are updated) cost less than 10 euros. You can get a Nota Simple, which will give you all the information you need about the property if it has any loads (like a mortgage), and it costs 9 euros and a few cents. Then you can access the Catastro for free, and find all the information regarding the dimensions of the property and other details. If the lawyer is charging you a couple hundred euros then ok, if you want to save yourself a few minutes, or if you are not physically in Spain, it could be a good option. But you should know exactly the service you are paying for. I live in Spain, I own property, I have gone through this process more than once.
I'm an American looking to move my life to Spain... if I bought property but only have a passport, could I reside in Spain and work legally
@@killac39 I'm not really familiar with that process, because my situation was a bit different. That being said, I think you have a few options. If you can work remotely, you can opt-in for a Digital Nomad visa. Otherwise, you can get a work permit and work for a company in Spain. If you are retired, then you can get a non-lucrative visa, which allows you to live in Spain assuming you meet certain criteria, which shouldn't be hard if you get a steady retirement. In any case, it should be easy.
Thanks for your video. But I would like to know more about how foreigners can apply for a mortgage loan. For example, can foreigners apply for bank loans? If so, what percentage do we apply for? How long is the loan term? And so on. Thank you!
At the beginning of this interview the lawyer is describing the title search, a required process conducted by title companies in the US and Canada. This is absolutely necessary in order to ensure the authenticity of all claims, from ownership to permits to compliance with all laws. I don’t know the term for this process or requirement, but it would be helpful to know.
Thanks a lot for all this info.
Thanks for watching! ☺️
Very informative. Thank you.
Thanks for watching! ☺️
I have been watching your videos. Thank you for sharing!
Thank you for watching!
Thank you! ❤
You're welcome!
Thanks so much for such great advice
You’re welcome ☺️
Great video again guys, useful information. Thank you very much.
Thanks for watching! 🤗
Hello! Great video.
Thank you!
I am thinking of moving to Spain next year and found this information very helpful, thank you very much 👍
You’re welcome! If you’re looking into the Golden Visa, that program may end soon.
This is so helpful. The questions are simple and direct. It also sounds so reliable because of the simplicity. Yes, the guests are soft selling, but if they're the reliable solution why not?
Thank you! ☺️
These are incredible resources, thank you for sharing them. I don't know how I would have managed my property purchase without an attorney. I even had a little uncommon hiuccip which was resolved thanks to my attorney. Overall, a great experience.
Thank you for watching! Yes, I think purchasing a house in Spain can be tricky!
Hola. Thank you for an excellent video. We are retired educators planning on visiting southern Spain in the fall to look for our next home. We love a walkable and accessible city. Healthcare, transportation, safety, and reliability are our concerns. The idea of POA is very interesting, given our situation as Americans who can only stay for 90 days without a special visa. Gracias! Dean & Cindy
Thank you for watching!
Excellent job wish you do the same about managing the taxes between the U S and Spain thank you good people for an outstanding job hello from Florida
Thank you for watching! Taxes is a tough topic to cover, we recommend talking to a tax professional for that. ☺️
@@EverythingIsBoffo thanks anyway
Thank you for this video, I think a 1.5% fee would be very reasonable. Was there any talk off camera for property purchasing for those on the NLV vice the golden visa? I've heard you are expected to put down 50% on a home loan if you're a foreigner.
Thanks for watching! We didn’t discuss that, but feel free to reach out to Fran when you’re ready to purchase. ☺️
Great video. Very well explained and easy to understand all the necessary steps. Congratulations. My wife and I are on the path to buying a property in the Valencia region and we have a question. In 2020 we requested our NIEs from the Spanish consulate in Ireland and received the numbers by email. As we have never used them, we don't know if they are still valid or if we will have to do it again before buying our property. Would anyone know how to check if these numbers are valid?
Your NIE is for life, so it should still be valid. Best of luck! If you need a lawyer please contact Fran! Bureaucracy.es/everythingisboffo
Thanks. It's good to know that.@@EverythingIsBoffo
How does the process/timeline change if a mortgage is needed? Thanks!
Things usually will take a bit longer. You gotta deal with stuff like getting the mortgage approved, property valuation, and extra paperwork. So, expect it to take a few weeks to several months longer than if you were paying in cash. It all depends on the bank’s rules, how fast they move, and sorting out all the paperwork jazz. Hope this helps 🙏🏼
FYI: Marina charges like $1300.00 to help obtain a DIGITAL NOMAD VISA btw! Very reasonable - and I have seen 1-3 PODCAST where satisfied clients got their visas on the FIRST TRY!
And she’s very knowledgeable about it!
Does the lawyer have a business website where we can connect if we decide to buy a property in Spain. Watching from San Francisco, Calif.
Just click on our link www.bureaucracy.es/everythingisboffo and it will take you to the website then scroll all the way down to “Buy a property in Spain” so you can book a free 30 minute consultation with Fran 😊
@@EverythingIsBoffo great thanks
Hi where can we get a contact for this lawyer?
www.bureaucracy.es/everythingisboffo scroll down to the Buying a property in Spain icon
What are the property tax chanrges
Depends on the city you’re purchasing in
Marina is so beautiful 😍
Yes! We agree! ☺️
Which site shall we starch the houses
Idealista, fotocasa, milanuncios are the websites for houses for sale.
Buying a property for €300,000 does not qualify me for the Golden Visa, what will be my restrictions in spain for someone who resides in the US? Thanks
Without a visa you will be subject to the 90/180 rule, will be considered a tourist and can’t work in Spain.
@@EverythingIsBoffo salamat. so ...kailangan increase yung budget.
@@jonardlopez5019 instead of buying a property, maybe showing the 300,000€ in savings for the Non-Lucrative visa? It will allow you to live in Spain for more than 90 days, but you cannot work.
Can foreign EU registered company buy real estate in Spain without having a Spanish subsidiary company?
Depends which country u from
Muchas gracias ha sido de mucha utilidad. Espero que un futuro cercano podamos trabajar juntos.
Un placer! ☺️
The problem with buying a property in Spain is the scoundrels, or as the Spaniards called them Los “Ocupas.” These people when they see that a property is vacant and they have no place to go, they brake in and occupy the place. The property owner has no say and they have to take them through the court system which usually takes up to two years before they can removed. In the meantime the property owners have to pay for all legal fees and if these people tear down the place, it is up to the property owners to pay for all of the expenses to fix up the place. While these illegals or intruders walk Scott free without having to pay for anything since the laws in Spain protects them. So, it’s not worth buying any property in any part of Spain, until they change the laws that favor the property owners and they prosecute the intruders, or holds them accountable for any of the damages, etc. I wouldn’t invest in a nation that does not protect a person that is investing in it. Thank you but no thanks. You are better off renting on a seasonable bases or just move into a motel, hotel, etc.
In the USA they would just throw in jail the first day, how weird they don't do this in Spain 😮
I agree. This is the only reason I don’t want to buy real estate in Sain.
This lawyer charges a FORTUNE! Because he "TRAVELS TO" wherever in Spain!!!!!!! He charges something like $5,850.00 closing on a property worth approximately $390,000.00 - your effing kidding me!
Get/find a local attorney in the area where you looking to purchase unless, your looking to purchase in some corrupt little seaside town or WAY out in the countryside where things get hairy - then maybe use this guy: I like him too and he seems to be on top of things legally - BUT WTF!! $5,850.00 bucks!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Your cost to hire a LOCAL lawyer for a closing in Spain, should be about/approximately $1,000.00!!!!!!! Yes! $1,000.00!!!!!!!!!!!!! THAT'S IT!!!!!!
Why use this VERY EXPENSIVE LAWYER to interview when he charges 4 to 5 times what a regular lawyer does.
I am not watching your channel anymore.
You’re direct responsible for the raise of prices for the nationals. Don’t expect any welcome to our country, but buckets of hostility
With all due respect, that is not our intention. Foreigners have been able to buy property in Spain long before this video was created, and they will continue to do so, whether we made this video or not. All we are doing is providing some information from an expert to help those that already have the intention of buying. And our experience with the Spanish have been nothing but accommodating, encouraging, and warm.
Half of you are increasing prices in London pot calling kettle balck
Be pro business and less reliant on benefits
Be careful with okupas they can’t enter into your home living there and you can’t do anything
Yes, definitely need to be vigilant.