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Spain
Purchasing Information
As the unparalleled favourite for Brits buying abroad, Spain receives more than 50 million foreigner visitors a year, yet with a low national population and a landscape that is virtually wild and untouched, it is possible to travel for days and hear nothing but Spanish.
The main draw for investors buying abroad is the Costa’s with their endless golden beaches and warm seas, salt marshes and rocky cliffs. In the cities, narrow twisting old streets open out to pretty plazas where cafes and bars serving excellent regional tapas stay open until the early hours, and local fiestas parade through towns and villages, playing traditional folk music. |
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General Information
| Currency |
Euro |
| Current exchange rate (as of 5-Apr-07) |
£1.00 = €1.48 |
| Country Dialling Code |
+34 |
| Spanish London Embassy |
39 Chesham Place
London
SW1X 8SB
Website - www.maec.es/embajadas/Londres/en/Home
Tel: 020 7235 5555
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| Good Spanish Travel Website |
www.spain.info |
| Languages Spoke |
Castilian Spanish, Catalan, Galician and Basque |
| Population |
40,397,842 (2006)
(Estimate which excludes over 3,000,000 ex pats) |
| Area |
504,782 km2 |
| Emergency Services |
Dial 112 |
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Visa / Residency
Spain is part of the European Union and UK citizens are free to move around the European Union without hindrance.
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Health Cover
Since Spain joined the EU in 1986, the Spanish healthcare system has been transformed into one of the best available in Europe. Even as a UK citizen, you can turn up to your local hospital without an appointment and be seen for no charge (although you will be charged for medicines and drugs by the pharmacy)
Should you wish to go private for anything, it will cost you considerably less than the UK. Remember to get your European Health Insurance Card (or EHIC) – the replacement for the E111. It is available free on line at www.ehic.org.uk. |
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Fees & Taxes
VAT (IVA in Spain) of 7% is payable. You will also have to pay 1% stamp duty.
Transfer tax of about 7% is payable on re-sales, and this includes the stamp duty.
Additionally, there is also a capital gains tax charge (‘plusvalia’ in Spain) which is determined by the Local Authority and depends on the capital gain, or profit being made on the sale, and is paid by the seller (normally)
Spanish Lawyers will charge around 1% of the purchase price.
Expect a 0.5% charge for notary fees.
Agents can also sometimes charge when you are purchasing from them – so best to buy from Barton Wyatt as we will charge you nothing!
Note that if you are buying commercial property or land, the VAT or IVA increases to 16%.
Overall budget for about 10-12% of the purchase price for all the above. |
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The Buying Process
Firstly, you will need to get a fiscal number for foreigners (‘numero de identificacion de extranjeros’) this is known as NIE and you have to obtain it yourself.
In the case of a purchase, you will be asked to sign a reservation contract as well as paying the reservation fee usually between €2,000 - €10,000 which will take the property off the market for about 30 days.
The contract of sale (‘escrituta de conpraventa’) is issued once legal checks have been made and you usually pay your first stage payment of 10% at this time. This money is non refundable.
On completion, once final checks have been made, the buyer and seller sign the Title Deeds (‘escritura’) and this is witnessed by a notary.
The balance of monies due is paid, along with all the other fees and taxes and a copy of the deeds is then sent to the Spanish Land Registry and tax office. |
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