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Type: Any Type Apartment Bungalow Commercial Country House Duplex Maisonette Penthouse Plot Studio Townhouse Villa

Region: Any Region Almeria Costa Azahar Costa Blanca North Costa Blanca South Costa Calida Costa Tropical

Bedrooms: Any Number 1 + 2 + 3 + 4 + 5 + 6 +

Price (€uro): Any Price up to 100,000 100,000 - 150,000 150,000 - 200,000 200,000 - 250,000 250,000 - 300,000 300,000 - 350,000 350,000 - 400,000 450,000 - 500,000 500,000 - 600,000 600,000 - 700,000 700,000 - 800,000 800,000 - 900,000 900,000 - 1,000,000 over 1,000,000

New/Resale: Either New Resale

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Cost of Ownership

As with any property purchase there are buying costs.

When purchasing a Spanish property a tax  of  7% is incurred. This is known as IVA and is the Spanish equivalent of our VAT. Added to this you have charges for land registry fees, legal fees, notary costs and connection charges to electricity water and drainage etc. This brings the cost up to  approximately 10% of the purchase price.

Rule of thumb  -  cost of ownership equals the buying price plus 10% costs

Annual Costs

Once you own your Spanish property there will be charges for water, electricity, ,waste disposal, community charges, insurance and annual property tax . These charges will obviously vary dependent on the type of property and use. We can tell you that they  are considerably lower than in the UK.

Example  - Typical 2 bedroom apartment  would have total annual costs of between £1,000 and £1,400.

It is usual for owners to appoint a fiscal representative, that is a Spanish accountant, to make these payments on your behalf when required. Unlike the UK these services are inexpensive and have been included in the above example  

Other Money Matters

Capital gains tax -  if you sell your property

The current rate is 35%. Spanish residents who sell one property and buy another of the same value or more within 3 years are exempt. If you own your property for over 10 years and sell there’s no capital gains tax, if you are over 65 years old and sell there’s no capital gains tax. There are other ways of reducing this liability by effecting certain allowances. As you can see  this tax can be complicated, we suggest you seek your solicitors advice regarding this matter when required.

Taking Money out of Spain

There are no restrictions on taking money out of Spain provided all the relevant taxes have been paid in full.

Spanish Will

If you own property in Spain you must have a Spanish will.  Your solicitor will draft this with you. Its then  signed before a Public Notary. This is not expensive and can easily be arranged. See after sales.

Visiting Spain