7 steps to become owner of property in Spain guide, Spanish moving home advice, Iberia house relocation
7 steps to become an owner of a property in Spain advice
11 November 2022
Generously giving the sun, full of celebrations and fun; rich in wine and fruit; diverse in climate, nature and traditions, and beneficial in terms of investment, Spain welcomes foreigners from all the world. If you want to buy real estate in Spain and fully use it, there are two options of how to do it. You can buy property in Spain in 2022 without obtaining a residence permit or getting it. What kind of property do you need to buy and what is the procedure for buying it? In this article we will discuss both ways of investing in property in Spain and describe the detailed procedure of becoming an owner of a real estate in several steps.
7 steps to becoming an owner of a property in Spain – Guide
Investing in real estate in Spain without a residence permit
Europe attracts thousands of foreign businessmen as an opportunity for beneficial investment. Still, some of them are not interested in getting a residence permit in the country where the residential facility (or facilities) is located. For the purchase it is best to contact a local real estate agency. It is desirable to choose a reputable company that ranks first in the specialized ratings.
Keep in mind that if you obtain a house without a residence permit, you are allowed to live there as long as your Shengen visa is valid. It means that you cannot manage the housing option in your own right.
Investing in real estate in Spain with a residence permit
To get a residence permit you have to buy a housing option for more than 500 thousand euro. Besides, you can include your beloved and dependent children under the age of 26 in the application. At the moment, this is one of the best types of investments. The Golden Residence Permit program offers the following benefits:
- You can come to Spain at any time for as long as you want (or not at all).
- You no longer need a Schengen visa – a residence permit in Spain gives you the right to move around the Schengen without a visa.
- If you want you can become a resident of Spain – for this you will need to spend in the country more than 183 days a year.
- If you want to move to Spain with the whole family, you will already have a safe “emergency airfield” ready.
- After 5 years you get the right to sell the property acquired under the program, return the investment and keep the residence permit.
- After 10 years you can apply for citizenship for the whole family in Spain, provided that you have lived in the country for at least 183 days per year and have not left it for more than 6 months.
7 steps of buying property in Spain
Step 1. Choosing a property
The procedure of choosing a home for purchase is better to begin with a remote study of options. Spain offers a comprehensive list of properties that are developed to provide excellent experience and good return. The choice of properties is very wide giving the chance to select location, type of a house, footage, surrounding area, and others.
Step 2. Opening a bank account
Open an account in a Spanish bank. It is from it the seller will be transferred funds in the process of buying. Then you can use the account to transfer money to the program “golden” residence permit, utility bills, household purchases, registration of insurance, and paying for services.
Step 3. Obtaining an identification number
Número de Identificación de Extranjero (NIE) is necessary for transactions of purchase/sale, because the procedure imposes certain tax obligations. You can get a NIE at the Spanish embassy or consulate. You will need an application in Spanish, your passport and a copy of it. It usually takes 14-30 days to issue.
Step 4. Check the legal purity of the object
Lawyer, accompanying the transaction, must make sure that the housing is not in the pledge, it does not apply restrictions. You also need to find out if the seller has any utility debts. Check the necessary documents and consult specialists.
Stage 5. Conclusion of the preliminary contract
You must sign a preliminary agreement with the seller (Contrato privado de compraventa) and pay a deposit of 10% of the value of the object. The contract specifies the conditions for payment of the remaining amount and specifies the technical parameters of the object. The contract guarantees obligations for both sides.
Stage 6. Signing the final contract
This procedure takes place in front of a Notary. You confirm that you have paid for your purchase in full. The buyer and seller get the certified copies of title deeds. The original contract of sale (Escritura publica) will be issued to the parties in 2-3 days. After signing the contract of sale, the seller in the presence of a notary public gives you the keys. And the notary must report the transaction to the Property Registry (Registro de la propiedad).
Stage 7. Address the Registry of Property to get an official paper
Addressing to Registry of Property usually takes no more than 3 months. After claiming you as an official owner of a housing option, you get a document of title – an extract from the registry of Nota Simple Informativa.
Professional help for selecting real estate in Spain
To get a qualified help in the selection of real estate, visit the official website. Spain-Real.Estate provides a considerable list of beneficial housing options. The experts say that the share of foreign buyers in the Spanish housing market has become the highest in the history of observation. In the second quarter of 2022, the percentage of transactions involving foreign buyers rose to 14.7%, the highest level ever.
This is evidenced by the latest data from the Association of Spanish Land Registrars. The numbers are still growing. It requires making advantageous decisions right now. Do not hesitate to become a successful investor and a happy owner of a stylish housing option in sunny Spain.
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