There are many different taxes as well as costs linked with buying a property or home in Spain that will add near an additional 10% over the purchase price.
The different costs that you should consider are: buy a property in Spain
The House Transfer tax
The property transfer tax, known as “Impuesto de Transmisiones Patrimoniales” in Spanish, is accessed at 7% on the purchase price. For acquisitions of over 400, 1000 Euros the transfer duty is 8%.
The Sobreprecio Tax The additional taxes to be paid on the exact property purchase is the “arbitrio sobre el acrecentamiento del valor de mis terrenos”, This is a municipal tax that is charged on the increase of the property value of the land from its previous sale, considering the official value of the land as being the taxable base which is usually often less than the market value. The land is legally revalued routinely for this reason. This kind of tax can be covered by either the seller and also the consumer, as contracted involving the get-togethers. A word of extreme caution to the purchasers By January 1, 1999, the “plusvalia” tax may be charged directly against the property itself, and so if the seller is dependable, and “forgets” to cover it, then responsibility with regards to arrangement will move to the new purchaser.
The Notary Fees The actual notary fees are set by the state scale and the cost changes based on the size of the land, the size of the property as well as its value.
Land Registry Fees This kind of will likely be a comparable figure to the notary fees and pertains to the entry of the property in the “Registro de la Propiedad” or perhaps the land registry.
This kind of article on costs of buying Spanish Property was brought to you by Raquel Perez, Managing Overseer of Perez Legal Group whose network of companions include Conveyance Lawyers in Marbella, Accountants, Insurance Agents.
Perez Legal Group also give a complete inheritance planning service in Spain