Purchasing a property in Spain as a foreigner is a big step that can often be overwhelming if you’re not familiar with all thepaperwork and procedures you need to complete before and after getting your dream home. Don’t worry! At Arquifach architecture studio, we’ve created this comprehensive guide to help you navigate this process as easily as possible.
1. You must obtain a Foreigner Identification Number (NIE)
When purchasing a property in Spain, you must obtain a tax identification number (or NIE). This number is required for any financial transaction in Spain, and purchasing property is no exception. To apply for one, simply go to the Immigration Office or the police station closest to your place of residence.
2. Open a Bank Account in Spain
Although this step is not strictly necessary. At the Arquifach architecture studio, we believe it’s highly recommended to open a bank account in Spain. This will make the payment and financial management process related to the property purchase much easier.
3. Research the Real Estate Market
Before making a purchase, it’s always advisable to research the real estate market in the area where you want to acquire the property. As Arquifach is an architectural studio with a long history of working on the Alicante coast, we have extensive experience forecasting and analyzing the economic potential of the Costa Blanca, so we will be happy to provide you with personalized advice. However, as a general rule, we encourage you to consider factors such as location, prices, market trends, and potential appreciation. If you need more information, you can find more details here.
4. Hire Legal Advice
At our architectural studio, we believe it is essential to have the advice of a lawyer specializing in real estate law. This way, we can be sure that all legal aspects of the purchase are in order and that your interests as a foreign buyer, who is often unaware of Spanish real estate laws, are protected.
5. Make a Purchase Offer
Once you find the property that best suits your needs, whether it’s a plot of land, a house to renovate, or a new construction project, it’s time to make a purchase offer to the seller. If your offer is accepted, you will proceed to sign a deposit or reservation contract, which will establish the terms of the purchase. Before formalizing the purchase, it is important to conduct a legal and technical investigation of the property to verify its ownership, legal status, associated debts, and any potential structural or infrastructure issues. Arquifach’s extensive experience as an architectural firm in Calpe allows us to conduct these studies and assess any necessary renovations in the most effective way possible.
6. Signing of the Purchase Agreement before a Notary Public
Once the investigation is complete and all doubts are resolved, if both parties are satisfied with the results, the purchase agreement will be signed before a notary public. This is the moment when the agreed payment will be made and the property will be transferred to your name.
7. Payment of Taxes and Purchase Expenses
As everyone knows, the acquisition of a new property entails a series of legal obligations, and Spain is no different. Therefore, you will have to pay a series of taxes and associated expenses, such as the Property Transfer Tax (ITP) or the Value Added Tax (VAT). The amount will depend on the type of property and its location. 8. Registration in the Property Registry: Once the purchase is formalized, it is necessary to register the property in the Property Registry to ensure legal security and confirm your status as the legal owner. 9. Enjoy Your New Property in Spain: Once all the necessary procedures are completed, all that’s left to do is enjoy your new property in Spain and everything this wonderful country has to offer.
Remember that this guide provides an overview of the procedures required to purchase a property in Spain as a foreigner, but each situation is unique. That’s why, at the Arquifach architectural studio, we are happy to put our years of experience in the Costa Blanca real estate market at your disposal to find the solutions that best suit your individual situation. Don’t hesitate! Your dream home awaits you on the Costa Blanca.
