Lawyers Con’t
FORMALITIES
POWER OF ATTORNEY -
They can draft such a document for your signature in the presence of a Notary in Spain.
If more convenient, the document can be signed in the presence of a UK solicitor and the Lawyer can send a template for the document to be processed in the UK.
N.I.E. (Numero de Identificacion de Extranjeros) - an N.I.E. is an identification number for use by foreigners in Spain and is issued by the Police Authorities, without which you cannot buy a property in Spain or contract any of the utility supplies.
They can draft such a document for your signature in the presence of a Notary in Spain.
If more convenient, the document can be signed in the presence of a UK solicitor and the Lawyer can send a template for the document to be processed in the UK.
N.I.E. (Numero de Identificacion de Extranjeros) -
SPANISH BANK ACCOUNT -
The Lawyers can usually arrange to open your Spanish bank account.
The Lawyers can usually arrange to open your Spanish bank account.
COSTS AND PAYMENT PLAN - apart from the purchase price of the property, there are legal costs which are obligatory when purchasing a property in Spain (i.e. Notary costs, Transfer Tax or VAT and Stamp Duty, registration, legal fees, etc).
The usual estimate of costs is around 10% of the purchase price.
A detailed breakdown of costs and payment plan based on the price of the property will be provided.
A detailed breakdown of costs and payment plan based on the price of the property will be provided.
SPANISH WILL - you should be aware about the Spanish Inheritance Rules, the tax payable on the transfer of the property on death and how to mitigate them.
It is not compulsory to make a Spanish Will, however it is strongly recommended.
The Spanish Will usually makes it much quicker and easier to deal with your affairs in Spain.
If you rely on your English Will no action can be taken until the Probate of your English estate has been dealt with which can take some time, particularly if your English Will or affairs are complicated.
Without a Spanish Will, the inheritance process can take a long time to sort out.
The Spanish authorities impose tax penalties if matters are not dealt with quickly.
TAXES
PROPERTY TRANSFER TAX (ITP) OR VAT - IVA or VAT is levied on purchases of newly constructed property and land immediately available for construction.
It is usually charged at 7% of the purchase price and levied on every stage payment.
Stamp Duty at 1% will also be payable on completion.
The Spanish Will usually makes it much quicker and easier to deal with your affairs in Spain.
If you rely on your English Will no action can be taken until the Probate of your English estate has been dealt with which can take some time, particularly if your English Will or affairs are complicated.
Without a Spanish Will, the inheritance process can take a long time to sort out.
The Spanish authorities impose tax penalties if matters are not dealt with quickly.
TAXES
PROPERTY TRANSFER TAX (ITP) OR VAT -
Stamp Duty at 1% will also be payable on completion.
Please remember that you will have to pay for your new home in Spain in euros
We are able to help you make this simple transaction by recommending that you use Global Currency Exchange for the very best exchange rates.
Click for more information & registration
www.gcen.co.uk
+34 671339492
We are able to help you make this simple transaction by recommending that you use Global Currency Exchange for the very best exchange rates.
Click for more information & registration
www.gcen.co.uk
+34 671339492
