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Real estate purchase expenses in Spain

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New-built real estate

Secondary real estate

IVA 10%

ITP 6-10%

IAJD 0,1% - 2%

Expenses for a sale and purchase deal 0,6-1%

 

IVA – Value added tax. Has to be paid by the buyer in case of purchasing a new real estate item. The tax rate for purchasing a new property amounts to 10%. It is paid during the signing of the agreement of sale and purchase.

IAJD – Stamp tax or tax for documentary legal arrangements. Has to be paid in case of buying new real estate items. Amounts to 0,1%-2% of the price of a property depending on the autonomous province where it is situated.

ITP – Transfer tax. Has to be paid by the buyer in case of purchasing a real estate item in the secondary housing market. Amounts to 6%-10% depending on the autonomous province where it is situated. Has to be paid within a month since the signing of the agreement of sale and purchase.

Expenses for executing the act of sale and purchase: notarial services, expenses for revising the state of a real estate item in the Register of Immovable Property, registration of the agreement of sale and purchase, paperwork management services – have to be paid by the buyer. The amount of expenses depends on the price of the item and officially established tariffs.

The total amount of taxes and expenses to be paid by the buyer of property in Spain amounts to approximately 10-12% of the price of the item.

 

Real estate maintenance expenses in Spain

 

Real estate owners in Spain pay the following taxes and expenses:

  • A prepaid bill for annual property tax (IBI – Impuesto sobre Bienes Inmuebles). Due to be paid by a person or an entity, residents and non-residents of Spain. Has to be paid on the 1st of January. The tax amount is about 0,4%-1% of the cadastral value of a real estate item. In any case, it cannot exceed 1,17% of the value for properties within the city and 1,11% for items situated in rural localities.

  • Income tax for Non-residents (IRNR – Impuesto sobre la Renta de No Residentes). Foreign non-resident citizens of Spain have to pay this tax even if they do not rent their real property out and do not get any real income from having it.

IRNR if a real estate item is rented out

IRNR if a real estate item is not rented out

The tax amount is calculated considering the total amount of income without any expenses. The total tax amount is calculated at the tax rate of 24%.

The tax is paid anually.

The tax amount is calculated by adding income  equal to 2% of the not updated cadastral value or 1,1% of the updated cadastral value of an item to the owner. The total tax amount is calculated at the tax rate of 24%. 

The tax is paid anually.

  • Expenses for residential complex services where a property is located (territory maintenance, consierge, etc.) - from 75 euros per month, property insurance (voluntary or obligatory) – from 160 euros per month; current utility payments (water, electricity, gas, etc.). 

In general, it is safe to say that Spain has relatively low tax prices in comparison with other EU countries.