Frequently Asked Questions

Yes, foreigners can buy property in Spain. There are no restrictions on foreign ownership of real estate in Spain. However, non-residents will need to obtain an NIE (Número de Identificación de Extranjero) number, which is a tax identification number for foreigners.

The buying process is straightforward, but it's recommended to work with a bilingual lawyer who specializes in property transactions to ensure all legal requirements are met.

In addition to the property price, you should budget for approximately 10-15% of the purchase price for additional costs. These include:

• VAT (IVA) at 10% for new properties
• Transfer tax (ITP) at 6-10% for resale properties
• Notary fees typically 0.1-0.5% of property value
• Land registry fees around 0.1-0.2%
• Legal fees usually 1-2% of property value
• Mortgage arrangement fees if applicable

While it's not strictly required to have a Spanish bank account to buy property, it's highly recommended. Having a Spanish bank account will make it easier to:

• Pay for utilities, taxes, and other ongoing expenses
• Receive rental income if you decide to rent out your property
• Make mortgage payments if you have a Spanish mortgage
• Avoid unfavorable exchange rates and international transfer fees

Most Spanish banks offer non-resident accounts specifically designed for foreign property owners.

The Spanish Collection provides comprehensive assistance throughout the buying process. Our services include:

• Property search and selection based on your criteria
• Arranging and accompanying viewings
• Negotiating the best price on your behalf
• Recommending trusted legal professionals
• Assisting with paperwork and documentation
• Providing guidance on all aspects of buying property in Spain
• Helping with property management after purchase

Our multilingual team is here to make your property buying experience as smooth as possible.

An NIE (Número de Identificación de Extranjero) is a tax identification number required for foreigners buying property in Spain. You'll need it for:

• Property purchase transactions
• Opening a Spanish bank account
• Paying taxes in Spain
• Connecting utilities

To obtain an NIE, you'll need to apply in person at a Spanish police station (Comisaría) or Spanish consulate in your home country. The process typically takes 1-3 weeks.

Yes, many Spanish banks offer mortgages to foreign buyers, though the terms may differ from those in your home country. Generally:

• You can borrow up to 70% of the property value
• Loan terms typically range from 5-30 years
• You'll need to prove income and show a good credit history
• Non-resident mortgages may have higher interest rates

It's worth comparing offers from multiple Spanish banks and considering international mortgage options as well.

As a property owner in Spain, you'll need to budget for ongoing costs including:

• Property tax (IBI) - Annual tax based on property value
• Community fees - For apartment complexes or urbanizations
• Utilities - Electricity, water, gas, internet
• Insurance - Building and contents insurance
• Maintenance - General upkeep and repairs
• Income tax - If you rent out the property

These typically total 1-2% of the property value annually, but can vary based on property type and location.

Yes, The Spanish Collection offers comprehensive property management services for owners who want to rent out their properties. Our services include:

• Finding and screening tenants
• Collecting rent and handling payments
• Coordinating maintenance and repairs
• Managing utility payments
• Providing regular property reports
• Handling check-in and check-out processes

Our property management team ensures your investment is well-maintained and generates optimal returns.

Rental yields vary by location and property type, but here are typical annual gross yields:

• Marbella and Golden Mile: 3-5%
• Benalmádena and Fuengirola: 4-6%
• Mijas Costa: 3.5-5.5%
• Estepona: 4-7%
• City centers (Málaga, Marbella): 5-8%

Properties near amenities, beaches, and golf courses typically command higher rents and better occupancy rates.