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Home > Property > 7 Things You Should Know When Buying Property in Spain

7 Things You Should Know When Buying Property in Spain

September 20th, 2013
Great day yesterday in the office with James Scurrah, from Marbella Property Co, and Luis Ruiz, from TrecMedia. The purpose of the get together was to film 15 or so videoblogs in respect to matters pertaining to investing in Spain, property costs etc.
As a classic opener, we came up with 7 things that one should know about buying property in Spain. Surely, one can think of least another 25 but for now, we thought of keeping it short and simple. These are the 7:
  1. Anyone in the world can freely buy a property in Spain; there are no restrictions to any nationality nor a special permit is required. All you need is a valid passport, money and an NIE number.
  2. Get a lawyer to represent you as not only does his/her expertise be very useful to ensure a safe outcome but also, they have mandatory professional indemnity insurance in case something does not go plan.
  3. If you take out a Spanish mortgage, keep in mind that if you default, you will not be discharged from the loan by just “handing the keys back”. In fact, the bank can chase you in your own country.
  4. If you are buying a finca, villa or any other form of detached property, a survey can be very useful to know where the boundaries lie and whether extensions built on the property require registration, in addition to what a survey normally does for you. In Spain, valuations for bank purposes are good enough because they include a survey. However, if you want something more specific and in English, you can hire a UK-registered surveyor, for instance, SurveySpain.
  5. Ask about potential inheritance taxes (IHT) before buying as these are very different from the UK but also, each region within Spain has its own specific regulations. Splitting ownership with your inheritors will significantly reduce your exposure.
  6. Draw up a will once you have completed on your property. This will avoid having to go down the grant probate route as inheriting will be a relatively straightforward matter.
  7. Open a bank account to arrange a standing order payment for your utilities.

About Antonio Flores

Antonio Flores is the head lawyer at Lawbird, a Spanish law firm specialised in property and litigation. More on .

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  1. Linda
    November 6th, 2013 at 10:11 | #1

    Hi Antonio,
    After 6 yeas investment residency visa and investment residency permit, what are the requirements in order to renew permanent residence permit, which wll last for five years? One the 11th year if I want to renew my residence permit for another five years again, what are the requirements aslo?

    Is there any law in place to allow this continuation for permanent residence permit ?

    Thanks,
    Linda