Address
Address
Avda. Ricardo Soriano
Málaga, 29601
Marbella, Spain
Any Questions?
Frequent Asked Questions
1- What is the NIE number?
The NIE (Número de Identificación de Extranjero) is a unique identification number for foreigners. It is required for purchasing property, opening a bank account, and handling official procedures in Spain.
2- How much is the property transfer tax in Spain?
The property transfer tax (ITP) varies by region and property value, typically ranging from 6% to 10% for resale properties. For new properties, buyers must pay 10% VAT (IVA) and 1.5% stamp duty (AJD).
3- What additional costs should I expect?
Besides the transfer tax, property purchases include additional costs:
• Notary fees: approximately 0.5%
• Land registry fees: 0.2-0.5%
• Legal fees: usually around 1%
The total additional costs are around 1.5% of the purchase price.
4- Do I need a Spanish bank account?
Yes, a Spanish bank account is required for property transactions and is necessary for automatic utility bill payments (water, electricity, gas).
5- What is a bank check for property payment?
A bank check (cheque bancario) is a secured payment instrument issued by a Spanish bank. It is the safest way to transfer the purchase price and is handed over to the seller at the notary appointment.
6- Do I need to be in Spain during the process?
Not necessarily. Our office can handle all aspects of the transaction through a power of attorney. However, we recommend personal presence for signing at the notary and property handover to ensure a smooth and secure process.
