Real estate on the coast of Spain: what documents must a foreigner have
Spain is a developed European country with high rates of economic growth and living standards. Warm climate, picturesque nature, and sea provide an almost year-round influx of tourists and make the state interesting for foreign investors. When deciding to buy real estate on the coast of Spain, you should familiarize yourself with the peculiarities of the transaction.
There are no restrictions for foreign citizens when buying a home in Spain. The state fully encourages investments into the economy and creates convenient conditions for purchasing objects. Regardless of whether a person has a Spanish passport or not, real estate is his private property.
Under local law, it is prohibited to provide information to other states about the existence of a person’s property. This is regarded as interference in the internal affairs of the country. Accordingly, confiscation of housing in favor of a third state is also impossible.
It is necessary to have the following documents for registration of the purchase of housing in Spain:
- foreign passport;
- valid visa;
- foreigner identification number or NIE.
You also need to open an account with a Spanish bank. This will require a foreign passport and a package of documents, which will be required by the financial institution. The standard list includes a salary certificate, a document from the tax office, which confirms the absence of unpaid bills.
If you do not have enough money to buy real estate in Spain, you can apply for a mortgage. In addition to the listed passports and certificates, you must provide a tax return, documents confirming the right to property, if you own other real estate, and bank statements of the country of which you are a citizen. This list may vary, depending on the rules of the financial institution. All documents are translated into Spanish and certified by a notary.
An important paper for foreigners is the NIE. Without it, you will not be able to buy real estate or arrange a mortgage. For registration of the identification number must be provided:
- foreign passport and visa. The document should contain a stamp about arrival in the country;
- 3×4 photos (2 pcs);
- a document certified by a notary, which confirms your intention to buy the property;
- handwritten application.
NIE registration takes from several days to 2 months. The manufacturing period is influenced by the city in which it is requested.
When executing a sale and purchase transaction, you should leave a deposit. To avoid misunderstandings, this is done by making a contract, which provides information about the object, its value, the amount of the deposit and payment periods. The document is signed by the realtor and the buyer.
As soon as the deal is made and the funds are transferred to the seller, the new owner takes over the ownership and can dispose of the property on the coast of Spain. The buyer is sent to the property registry of the state authorities, and a copy is given to the buyer.