Spain has many things that make it special. One of the best are the different coasts where one can relax during the summer. Who has not dreamed of having a house on the beachfront on the Costa Blanca? If you are looking for a vacation home or want to move to a town with a quieter pace of life and a better climate, it is possible to buy a house on the beach without spending too much. On Listings Gallery you will find connections to the best professional help to find the home of your dreams in the beautiful Costa Blanca.
Costa Blanca Villas
One of the main attractions to buy a villa on the Costa Blanca is its fabulous proximity to the Mediterranean Sea, and most of these homes have a truly captivating design as well. It is worth mentioning that some of them have a private pool, lush gardens or installation of air conditioning among other things that make a Costa Blanca home more enjoyable.
Living on the Costa Blanca can be very quiet, but it also has a wide range of modern facilities, ensuring that you have an idyllic atmosphere and all the amenities you need. Another significant attribute is the outstanding nature of La Marina’s beaches, which are adored by thousands of Europeans who come each summer to enjoy the white sands and crystal clear waters.
Villas For Sale On The Costa Blanca
If you want to be able to enjoy the Spanish sun at any time of year, we suggest purchasing a villa for sale on the Costa Blanca. The sun shines more than 300 days a year on the Costa Blanca. Furthermore, the brilliance of its blue skies is unrivaled anywhere on the planet. Since the rains are few and far between, it is still a good time to stroll along the beach or hike through the pine-covered mountains. If you are unfamiliar with the Costa Blanca, you will be fascinated by its beaches and stunning Mediterranean landscapes.
If you want to get away from it all, buying a villa for sale in Costa Blanca is the best choice. Many Costa Blanca villas have a private plot with a swimming pool, solarium, lovely garden area, and outdoor barbecue where you can enjoy the year-round Mediterranean sun.
What You Need To Know When Buying A Property In Spain
Property Taxes, ITP, VAT, Notary, Property Register
Spain is a member of the European Union and has a secure legal system for Real Estate Law and the Land Registry. With the help of qualified advisors, the purchase of real estate is legally secure and absolutely risk-free. Citizens of European Union Member States are not subject to any limitations regarding the purchase of real estate in Spain. In the case of third country nationals, some particularities must be taken into account; however, in principle, the acquisition of real estate does not pose any problems.
Tax Identification Number (NIF)
(Or, in its place, Foreigners’ Identification Number, NIE).
Any person carrying out capital movements in Spain needs to have a NIF, or a NIE in the case of a foreigner. For the acquisition of real estate it is first necessary to apply for the NIE at the Spanish Police and then register it at the Tax Office. We will be happy to carry out these formalities on your behalf.
Naturally, the preparation of the deed of change of ownership, the accompaniment to the notary appointment and the translation of the official documents are part of the service that our qualified staff provides to our clients. After the appointment with the notary, for the purposes of the change of ownership of the property, the property will be registered in the Land Registry in the name of the new owner, so that you enjoy full protection of the real estate property in accordance with European law. We will be pleased to advise you personally about the tax advantages of acquiring land through a Spanish Sociedad Limitada (S. L.). The creation of this type of company does not present any difficulties.
The Home Purchase Process In Spain
In Spain there are no mandatory formal requirements for the acquisition of real estate: even verbal purchase contracts may be permitted and are legally valid. However, it is advisable and customary to draw up a private contract and subsequently submit it for notarization. This contract will set out all essential agreements, such as the sale price, the inventory, the method of payment, the maximum time limit for the appointment with the notary, etc.
The Deposit:
Usually, when formalizing a private purchase contract, it is agreed to pay a deposit of 10% of the total price, which will be deducted later when the payment of the remaining amount is made ahead of the notary. The rights to the property will not be transferred to the buyer until the issuance of the public deed of sale by the notary. This document is a prerequisite for registration in the Land Registry.
The appointment with the notary and the registration in the Land Registry:
Before drawing up the public deed of sale, the notary’s office will request from the Land Registry office an extract from the register of the property for sale. When this document is sent, the property will be blocked for five days. If other notary’s offices request the same document, the request will be rejected, stating the reason.
At the appointment with the notary, both the seller and the buyer must identify themselves by means of an identity document and may only be represented by other persons if their representatives have a power of attorney. The notary will read the purchase contract prepared with all verified data, such as the cadastral number and the registration number in the Land Registry, the payment of local real estate taxes and the form of payment. Usually, the agreed sum (minus the previously paid deposit) is then paid, usually by delivery of a certified check. In the case of bank financing, the check will be delivered by a representative of the bank. After the signature of the contracting parties and the notary, the right to the property is transferred to the buyer. On the same day, the notary’s office will communicate the transaction to the Land Registry office.
Acquisition Costs And Related Costs
The basic rule is that the buyer pays everything, including notary and land registry fees. He has to reckon with costs for these items of between 10 and 12% of the purchase price. The capital gains tax is not subject to this rule: in this respect, the Spanish Law establishes that the buyer and the seller must agree on this point. This tax is usually paid by the seller. Each municipality calculates separately the amount due for this tax. The calculation is based on the number of years and the value and refers exclusively to the land. The amount ranges between 16% and 20% of the land value increase. Only the increase in value of the land is taxed, regardless of its value and the buildings it contains.
Tax Rates applicable in Spain for Real Estate purchases
Individuals pay a 10% transfer tax (ITP) on the purchase of a second-hand object.
In the case of the purchase of a new object, the Value Added Tax (VAT) equivalent to 10 %, plus 1.5 % of Stamp Duty (AJD) must be paid.
Income Tax Return
In principle, in Spain the personal income tax (IRPF), within the framework of the Income Tax Return, must be paid only by residents, that is to say, those who have a fixed residence in Spain. If there is no such residence and no residence permit is held, a person who has resided in Spain for more than 183 days during a year will be considered a resident from the point of view of tax law and will be obliged to declare his worldwide income in Spain for taxation purposes.
Real Estate Tax (IBI)
0.4 % to 0.7 % of the cadastral value, depending on the municipality. The figure depends on local regulations.
On Listings Gallery you will find connections to the best professional help to find the home of your dreams in the beautiful Costa Blanca.
