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
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.