Spain is a lovely country for many reasons. If you have been there so far, then you know that beautiful buildings, amazing climate, and outstanding beaches are something you can find there. For those that want to enjoy their holiday to the fullest, there are also a big number of clubs and restaurants where they can enjoy music. However, there are also some quiet and peaceful places where you and your family can recharge your batteries and get ready for new duties.
But, who says that you can only rent an apartment or house for a week or two? Have you ever wanted to purchase a property in Spain and visit this beautiful country whenever you want?
Many foreigners do not even know whether something like that is possible. If you are one of them, then we have some great news for you. Buying a property in Spain is an available option and a good idea at the same time.
So, Why Buying a Property Is a Good Idea?
As mentioned, the biggest benefit of all is having property in a country like Spain. You can come alone, with your partner, or kids whenever you want to enjoy nice weather and meet many warm and friendly people. However, there are also some other benefits you can get.
First of all, the price of properties in Spain is slowly growing. You will manage to buy the house and sell it for a better price later. On the other hand, if you are emotionally connected to a house you bought, then you do not have to sell it – you can rent it. Keep in mind that millions of tourists visit Spain every single year. Because of that, you can expect (especially during the summer months) many people trying to book your apartment or house. Doesn’t this seem like a profitable passive income and a good investment?
How to Buy a Property in Spain?
Well, the entire procedure may seem a bit difficult. Because of that, we will try to simplify every step of the entire procedure. However, before you even start the process, it is essential to know exactly what you are looking for and how much money you are willing to spend. There are many websites such as javea.properties where you can see different types of properties across Spain and their price. After you find what you looking for, then you can start with the first step.
Your First Task Is to Get an NIE
NIE stands for the Foreigner’s Identity Number. If you live in the USA, then you compare with the ITIN. It is some sort of tax number that you can use for different purposes. If you do not get one, you will not get the approval to make transactions across Spain. In other words, you will not have the right to pay all the taxes associated with the property you plan to purchase.
Anyway, there are two ways to apply for NIE. One option is to go to the Spanish embassy and try to get it while you are still at home. Most people decide on this move because they want to ensure themselves even before they reach the territory of Spain. Another thing you can do is to apply for it when you arrive in Spain. However, there has to be someone who will guide you there, so this may be a bit more complicated option.
In both cases, you will need to provide the same type of documents. After you fill-up the application, you need to provide a copy of your passport as well as one photo. This will cost you around 12 Euros, so don’t forget to bring money. Also, you need to add a document that will explain the reasons why exactly you need an NIE. With that document, you need to visit the notary to verify it.
Unfortunately, there is one thing you need to know. Filling the application needs to be in Spanish. Because of that, you will have to hire a translator or simply allow the notary to complete the job instead of you.
Get the Non-Resistance Certificate
When you apply for the NIE, it is in your best interest to apply for the non-resistance certificate. The procedure is almost identical to the previous case. You will need to fill the application, give a copy of your passport, and pay a certain fee for the service. It is up to you whether you will do it at the embassy or on arrival, but we recommend the first option.
Now Open a Spanish Bank Account
One of the reasons why you are getting a non-resistance certificate is opening an account in some of the Spanish banks. As previously mentioned, you will need to pay different taxes, and doing that without a Spanish bank account is going to be impossible. There are many options you choose from, such as Banco Santander, Caixabank, Bank of Bilbao and Biscay, and others. Whichever bank seems the most reliable to you, we recommend you consult with the agent when doing this. The process is probably not identical to the one you experienced in your country.
Despite passport, NIE number, and non-residence certificate, you will also need to bring a document that will prove your residential address. You can, for instance, get the bills to do this. Another thing you need to do is to provide a bank statement that confirms where exactly your outcome comes from. The Spanish authorities want to ensure this way you are not involved in the money-laundering processes.
Before you apply, it would be good to contact the bank and check out if there are any additional requirements. As you know, they are not always the same, but we are sure they are not too different.
After you go through the steps we have talked about, the only thing left is to get the insurance for the property you plan to purchase. You can hire a solicitor that will lead you through the entire process as well as a real estate agent. Before you purchase the property, you will have to sign a preliminary contract and pay the necessary deposit. This is only a formality that protects the seller. If everything goes well, the process of signing the final contract will come soon and you will finally manage to enjoy your property in Spain to the fullest. As you see, it is not that difficult!