Marbella, Malaga -- (SBWIRE) -- 06/26/2017 -- When purchasing a property in Spain, in addition to the purchase price, the buyer must take into account the taxes and expenses that they will incur at the time of buying a property.

First, we must differentiate between a new property purchased for the first time (new building), and a property that has already been previously purchased by another buyer.

In this blog we will focus on the expenses and taxes on second transmission properties.

The purchaser of a property in Andalucía will incur the following expenses:

The main Spanish tax that the buyer will face is the Transfer Tax in Spain. In general, in the transfer of a property in Andalucía, the tax rate is calculated by applying to the taxable base the rate resulting from the following rate:

Value of asset Up to Euros Rate percentage
400.000,00 8%
700.000,00 9%
As from 700.000,00 10%

Notary fees in Spain. Spanish Notary's fees are based on the number of pages of the document, the parties appearing and the price of the property.

Registration fees for registering the property in the Land Registry. The local Spanish Land Registry fees are based on the scale of fees from the registrar.

Other secondary but not less important expenses that a nonresident buyer will incur at the time of buying a property are the following:

Obtaining foreigner's identity number or NIE number certificate.

Registration with the Tax authorities.

Obtaining digital signature.

Expenses for issuing banker's draft.

Translator fees.

Expenses for arranging contracts for connection of utility services and arranging payment by standing order.

Legal fees of your lawyer in Spain.

Do not hesitate to contact our law firm in Marbella. Welex, your conveyancing experts in Marbella, property lawyers in Spain. Contact the motivated and expert property lawyers and accountants of our firm to obtain a breakdown of Taxes and Disbursements at the time of the purchase of a property in Spain.

http://www.welex.es
info@welex.es
+34 952775521