Spain has always been an attractive tourist destination for foreign citizens, so it is not surprising that many of them want to make real estate investments in our country, either for personal enjoyment, starting a business in spain or setting up a company.
Main requirements for foreign investor in Spain
There are several requirements that foreign citizens need to meet to invest in real estate in Spanish territory and it’s highly recommended contacting with spanish professionals, like a lawyer in Marbella.
The primary and indispensable requirement is to have the NIE, a document that assigns an unique foreigner identification number.
If you do not have it, it is very easy to apply for it in Spain. You just need to go to a police station and there, by signing a contract providing your passport and your national identity document, make the request.
Another very important requirement is to be able to demonstrate the origin of the money to be invested in the purchase in order to avoid possible money-laundering problems. In these cases, the most advisable thing is to open an account in a Spanish bank that I have branches in the country of origin of the buyer. In this way, at the time of purchase, you can write a bank check without worrying about currency.
Contact us to buy a property in Spain
Obviously you also have to take into account the expenses generated by the purchase such as taxes, notary, registration and agency.
It is very common in Spain, prior to the purchase of the home or property, the signing of an ARRAS contract, through which an amount of money is delivered on account to the seller as a reservation right.
They must also, after purchasing the property to enjoy or opening a business in spain, change the ownership of the water and electricity supplies to their name.
As added information it is important to make clear that the acquisition of a real estate property in Spain by a foreigner does not grant Spanish nationality.
Finally, and as a recommendation, it would be interesting for the buyer to visit the property beforehand, to be informed in the register of the situation of the property and to leave all the management in the hands of Spanish experts in the real estate sector.