More and more people are looking to purchase real estate abroad. When you look at the ridiculous prices of property in the United Kingdom, for example, it is easy to understand why. Spain is one of the most popular destinations for Brits who are looking to buy real estate abroad. You’ll be happy to learn that there are no restrictions on foreigners buying property in Spain.
Spain Welcomes Foreign Investors
Like most countries, the Spanish government is keen to attractive foreign investment into their country and they have done what they can to make the purchase of property as smooth as possible. One thing you will require is an NIE (Numero de Indentificacione de Extranjero), which is a foreigner’s identification number and when buying apartments, the real estate agent handles the acquisition of the NIE.
Taxation
Property tax for existing properties is between 6 and 10%; for new properties, it is 10%, plus there are other costs including title deed tax, notary costs, and land registration fee of 1-2.5%. There are also legal fees of 1-2%, which include VAT.
Beachfront Properties
If you are going to relocate to sunny Spain, why not live right on the beach? The Royal Palms One Eden apartments in Mijas is among the sought after properties; the new luxury development offers a 5-star lifestyle. Living on the beach has many benefits. There is a constant breeze and if your apartment is on the upper floors, you have great air circulation. Beachfront property prices rise higher than in other locations and this is one of the many reasons why such properties are so popular.
Reservation Agreement
When a foreigner makes an offer to purchase a property in Spain, the buyer needs to obtain a reservation agreement, which gives them a set period of time to complete the transaction, which is known as the reservation time. The seller agrees not to sell the property to anyone else while the reserve agreement is in place. A letter of intent might be issued by the buyer, although this is not always the case.
English-Speaking Legal Experts
Of course, Spain is not an English-speaking country, so you need to find a real estate agent that works with UK citizens who are looking to buy property in Spain. Lucky for you, there are reputable real estate agents who can help you find luxury golf apartments for sale in La Cala de Mijas. The entire process is quite complex and without a real estate agent and a local lawyer, it would be next to impossible to get everything done. Mijas is one popular location where British people like to reside, where there are stunning new beachfront developments.
Post Brexit
You can still buy a property in Spain now that the UK is no longer part of the European Union, although there is a bit more red tape, it is still possible. If you approach the right real estate agent, they can guide you through the entire process, while keeping you informed at all times.
Spain is a very popular destination for UK citizens when it comes to real estate purchase. The key to a smooth acquisition is to find a leading English-speaking real estate agent, who can help you to buy the home of your dreams.
