{"id":4569,"date":"2015-08-21T08:00:08","date_gmt":"2015-08-21T08:00:08","guid":{"rendered":"http:\/\/www.asociacion-eurojuris.es\/en\/?p=4569"},"modified":"2020-04-11T07:16:21","modified_gmt":"2020-04-11T07:16:21","slug":"the-acquisition-of-property-in-spain-by-non-resident-foreigners","status":"publish","type":"post","link":"https:\/\/www.asociacion-eurojuris.es\/en\/the-acquisition-of-property-in-spain-by-non-resident-foreigners\/","title":{"rendered":"The acquisition of property in Spain by non-resident foreigners"},"content":{"rendered":"

The price of housing in Spain has fallen 31,3% since the beginning of the crisis and, although the current Spanish economy begins to grow, housing prices continue to decline. This encourages investment in the country and an increasing number of foreign citizens opting to acquire property in Spain<\/a>. The acquisition of property in Spain by a non-resident foreigner is a simple procedure that can be summarized in seven easy steps. In any case, it is advisable that a foreign investor have access to a lawyer specializing in this matter.<\/p>\n

Obtaining a Foregin identification number (NIE)<\/strong><\/span><\/h2>\n

A foreign investor must have a NIE (foreign identification number), essential for any type of transaction in Spain.<\/p>\n

Barring exceptional circumstances, the procedure for obtaining a NIE begins at the Consulate of Spain in the country of origin, certifying the reason for the request. The NIE can be obtained within one week from the initial request, although the time depends on the type of permit requested. Once obtained, the non-resident foreigner can start acquiring property. To expedite the processing of the NIE, your lawyer can draw up a deposit contract.<\/p>\n

Opening a bank account<\/strong><\/span><\/h2>\n

A bank account is necessary to prove the means of payment for a property by the purchaser and for the payment of expenses and taxes inherent in the acquisition. Although this requirement is not mandatory, it is advisable to have a bank account in Spain as all taxes and expenses associated with buying a home must be paid in Spain, and having a bank account simplifies the process. Your attorney can take care of this process.<\/p>\n

Signing the deposit contract<\/strong><\/span><\/h2>\n

A deposit contract is a legal agreement that reserves the right to housing by delivering an amount of money as a deposit. Deposit contracts are the most common and are concluded under Art. 1454 of the Spanish Civil Code.<\/p>\n

Execution of the public deed of sale<\/strong><\/span><\/h2>\n

A buyer and seller must agree on a date to appear before a notary who will attest to the transfer and acquisition of the property by granting a public deed. The buyer need not be present since a lawyer can represent the buyer after such powers are conferred to the lawyer.<\/p>\n

Payment of taxes and expenses<\/strong><\/span><\/h2>\n