Antonio Flores’ Blog

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.

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.

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