Portugal is an excellent choice if you’re looking for a European country with great weather. With an average of 2500-3200 hours of bright sunshine per year, you’ll be able to enjoy the sunny climate without having to worry about being too close to the action.
Spain is a great option if you’re looking for a country with rapid changes in seasons. You’ll be able to experience all four seasons in one year, which is perfect if you’re someone who enjoys variety.
Do you pay tax on Spanish property?
When you buy a new build property in Spain, you are liable for two taxes: Value Added Tax (VAT) and Stamp Duty.
VAT is levied at 10% of the purchase price and is paid by the buyer. For example, if you’re buying a new-build villa in Marbella that costs €950,000, you would be liable for the payment of €95,000 for VAT to the Spanish Tax Agency.
Stamp Duty is also payable on properties bought in Spain and is calculated as a percentage of the cadastral value of the property (the value set by the local Spanish town hall). The current rate of Stamp Duty in Spain is 5%. So on a €950,000 property purchase in Marbella, you would need to pay €14,250 in Stamp Duty. This tax is also paid to the Spanish Tax Agency.
How much tax do you pay when buying property in Spain?
When buying a property in Spain, you will be required to pay taxes that can range from 8% to 15%.
The amount of tax you pay will depend on whether the property is newly built or a resale.
If the property is newly built, it will be subject to a VAT (Value Added Tax) of 10%.
However, if the property is a resale, you will be required to pay Transfer Tax, which is calculated based on the value of the property.
Transfer Tax rates vary depending on the autonomous region where the property is located, but they are generally between 8% and 15%.
In addition to these taxes, you may also have to pay Stamp Duty and/or registration fees when buying a property in Spain.
Do I need a Spanish bank account to buy a property in Spain?
non-residents can buy property in Spain
the best way to proceed is to have the funds come from a Spanish bank account
what is important is that the source of the funds is clear and that the payment of the funds from buyer to seller is apparent
documentation provided should show where the funds came from
Can I move to Spain without a job?
Moving to Spain without a job can be complicated, especially if you want to work in the country. In order to obtain a work permit (which requires a job offer), you may need to get residency in the country.
If you don’t have a job lined up before moving to Spain, it can make finding work much more difficult. We recommend getting a work permit before making the move, as it will make the process much simpler.
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.