When you buy a resale property, you have to pay an ITP tax to the Spanish government, and it is used on a sliding scale which will depend on the purchase price.

If you are looking to buy a house in spain, here are a few ways to try that. As a foreigner, you may need to sort out some bureaucratic issues before you can buy a home.

There are a lot of different things in the Spanish property market, and you may need to do a lot of research before committing to and getting a home in Spain. This way, you can avoid all the other pitfalls when you move abroad.

However, not all of the steps in buying a home are as straightforward as they seem. In addition, it is necessary to have a good knowledge of the expenses and additional taxes that you might have to incur before buying a house in Spain.

What exactly do you need when buying property in Spain?

The thing you need is called the NIE. This number is special for each applicant, and it is necessary to carry out any transaction if you reside in Spain. As these things must appear on all official papers that you sign or issue in Spain, you must have these documents ready before signing the papers. The NIE isn’t hard to come by, but it does take some time for your real estate agent to simplify things so you can speed up the whole process.

It is not mandatory to have a bank account in Spain and keep things simple, as payments will be faster and save you money.

Finally, you should know that you are now the owner of the Spanish real estate, so you should bring in a legal tax expert if you are not a legal resident of Spain.

Taxes to obtain a house in Spain

When you get a property in Spain, you will have to pay additional taxes; property taxes will also vary depending on whether you are buying a new home or reselling another property.

Taxes when buying houses in Spain

When you buy a new home that has never been sold before, you need to get 10% VAT on the property’s value and pay an additional 1.5% tax as well as legal fees.

Taxes When You Buy a Used Home

When you buy a resale property, you have to pay an ITP tax to the Spanish government, and it is used on a sliding scale which will depend on the purchase price.

Before you can buy a house in Spain, you must obtain a Golden Visa. So what are the requirements to get a Spain Golden Visa?

To qualify for a Spanish Golden Visa, you may want to invest in different things:

• Buy a house in Spain of at least 500,000 pounds. Getting a house can be either one unit or a few units, with a net worth of at least 500,000 pounds.
• Invest in a Spanish public debt of 2M pounds.
• Get shares in a company or make a deposit of at least £ 1million in the financial institution.
• Invest in a new business that will give you better employment opportunities and contribute some technological innovations or other kinds of socio-economic factors in different areas where people can undertake different kinds of businesses.

However, this is not all. You still need the following requirements:

• It would help if you hit the legal age of 18.
• No history of criminal activity.
• You have not been refused a Spanish visa in the past.
• You have taken out health insurance in Spain.

As the investment as a whole is rather substantial and risky, many other applicants receive immigration investment consultations to see if they are eligible or not. The whole range of experts will also walk you through all the different options and help you apply for a new Visa Gold.

How to apply and get a Spanish Golden Visa?

If you have fulfilled all the conditions listed above, you can go ahead and send your visa application to the last Spanish government. You must commit to an investment when you apply, but it doesn’t have to be finalized. These are the conditions that you must meet.

The takeaway, getting a home in Spain isn’t that easy, but if you can get your Gold Visa you should be fine.