After living in Spain for five years, you will be eligible to apply for permanent residency. This card will allow you to live in the country indefinitely and can be renewed every five years.
There are two types of permanent residency cards available: one for EU citizens and one for general applicants. The process of applying for each is similar, but there are some slight differences between the two.
If you are interested in obtaining a permanent residency card, make sure to research the requirements and gather all the necessary documentation before beginning your application.
How long can I stay in Spain if I own a property?
The Spanish territory includes the mainland and the Balearic and Canary Islands.
Non-EU citizens who purchase a property in Spain can get a 2-year residence permit (that can be renewed).
The minimum amount for the property investment is € 500,000.
After getting the residence permit, non-EU citizens can travel freely throughout Europe’s Schengen Area.
They will also have access to free healthcare and education in Spain
Will house prices drop in 2022 Spain?
Despite predictions of a small decrease in prices, the average cost of a square meter of space is expected to remain high in 202
In 2022, the average price per square meter is predicted to be €706/sqm – a slight increase from the previous year.
However, this figure is expected to drop slightly in 2023, falling to an average of €1,691 per square meter.
This would represent a reduction of almost 1 percent from the previous year’s figure.
What are the pitfalls of buying property in Spain?
Not Allowing Enough Time: One of the biggest mistakes you can make when buying a house in Spain is not allowing enough time for the process. It can often take longer than expected to find the right property, obtain financing, and complete the paperwork.
Not Doing Enough Property Research: Another common mistake is not doing enough research on the property itself. Before making an offer, be sure to have a qualified inspector check out the condition of the home and authenticate any documents.
Not Being Financially Prepared: It’s also important to be financially prepared before buying a house in Spain. In addition to your down payment, you’ll need to budget for things like closing costs, stamp duty, and furniture.
Not Having The Legal Registrations You Need: If you’re not a Spanish citizen, there are certain legal registrations you’ll need in order to purchase property in Spain. These include getting an NIE number and applying for a residence permit.
Not Reading The Contract: Once you’ve found the perfect property and are ready to sign on the dotted line, be sure to read over the contract carefully before signing anything. This will help avoid any unpleasant surprises down the road.
Not Researching Property Locations: When buying a house in Spain, it’s important to do your homework on different locations before settling on one particular area. Consider factors like proximity to amenities, public transportation, and safety before making your final decision.
7 Budgeting For Future Fees: Last but not least, don’t forget to budget for future fees associated with owning a home in Spain such as annual property taxes and homeowners insurance
Do you pay tax on Spanish property?
You are responsible for paying two taxes when you buy a new-build property in Spain: the value-added tax (IVA) and the stamp duty tax.
The IVA is levied at 10 percent of the purchase price. For example, if you’re buying a new-build villa in Marbella that costs €950,000, you are liable for the payment of €95,000 for IVA.
The stamp duty tax is charged on all real estate transactions in Spain and is currently set at 5 percent of the sale price. Therefore, on a €950,000 property purchase, you would be required to pay €14,250 in stamp duty.
I’m Brendan Rivers, and I love all things real estate. I live in sunny Los Angeles and work as a real estate expert. I enjoy helping people find their dream home, and I love everything about the process of buying and selling property.
I’m originally from Boston, and I love spending time with my family and friends there. When I’m not working or hanging out with loved ones, you can usually find me at the beach or exploring new parts of LA.