Purchase & Anual Costs

The purchase costs in Spain are up to 10% of the purchase price:

Solicitor’s fees – normally a fixed fee. The fee can vary due to the amount of work required to be done by the solicitor and is normally between  € 1000 and € 3000 euros.

Notary's fees and land registry fees – Depends on the complexity of the deed. Normally between €1000 and €2000 euros.

Transfer Tax - The buyer is required to pay 8% of the purchase price in property transfer tax. When buying new build houses the buyer pays 8% VAT instead of the 8% transfer tax. When buying a building plot from a developer the VAT will be 18%

Stamp Duty – 1.2% This only applies to new build properties, not to re-sales

Local Taxes – IBI - Payable annually. Calculated on the rateable value (catastral) of the land assigned by the Spanish Tax Office. It is advisable to ascertain annual local rates for a property before purchase as this differs from town hall to town hall.

Non resident income tax (IRNR) The tax base for IRNR is 2% of the cadastral value of the property, or 1.1% if the cadastral value has been revised since 1st January 1994. Tax rate: 24% (25% for 2006 and before). Tax payable annually. The cadastral value of the property is much lower than the actual value. This tax normally equates to approximately 0.2% of the property value.

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