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Taxes and fees
Transactional costs tend to be rather expensive compared to those
in the UK, largely because of the high level of purchase tax levied
by the Spanish Government.
Following is a table showing the typical expenses involved:
| New Build |
Resale |
Building Land |
| Land value16% VAT
|
None |
Land Value7% |
| Declared property
value7% VAT |
Declared value7%
Transfer tax |
None |
Notary fees &
Land
Register fees1% (Approx) |
Notary fees &
Land
Register fees 1% (Approx) |
Notary fees &
Land
Register fees1% (Approx) |
Title deed tax
0.5% (Declared Value) |
Title deed tax
0.5% (Declared Value) |
Title deed tax
0.5% (Declared Value) |
Capital Gains Tax
Payable by the seller.(Variable sum if applicable) |
Capital Gains Tax
Payable by the seller. (Variable sum if applicable) |
Capital Gains Tax
Payable by the seller.(Variable sum if applicable) |
Other Documentation
When you buy a property in Spain you will require a Fiscal number.
This number will be needed to open bank accounts and on many other occasions.
If you are planning to live permanently in Spain then you will need
to obtain a residence Permit. You will also need a Spanish
Driving licence.
If you have a boat or plan to buy a car then there are other
papers to be issued. In fact there is so much red tape that
it requires a special Professional person to organise and
obtain the many different papers needed. This person is known
as a Gestoria, and it will be necessary for you to seek out
the services of Gestoria at a very early stage of your Spanish
dealings.
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Col No 11708