All the COSTS of Buying a Property in Spain

[@pairedsoles2822]

Buying a property in spain plus15%-20% of purchase price is crazy.

[@anai1895]

Hello. When buying an obra nueva I understand I pay VAT and AJD which is a percentage depending on the community I choose. to live in. When closing the transaction with the notary do I have to pay again 10% for the escrituras. Someone told me that. I have no clue. I will appreciate your answer. Thank you so much!!!!

[@anthonydidamaso]

Hey! great video mate, I have a question, I live in Barcelona and I have a NIE for more than 2 years now, Let's suppose I have 60k in a bank account in USA, and I want to buy an apartment in Spain through a bank (so I get a credit) I have to pay VAT & Property transfer tax. Do I also have to pay tax when I send this money from usa bank to Spain like income tax? If yes, from those 60k can you let me know what percentage of tax I would have to pay? (approx) thanks!

[@AliHaider-mg9ei]

I live in USA. Let's suppose I have 400k to buy a villa in Spain. I have to pay VAT & Property transfer tax. Do I also have to pay tax when I send this money from usa bank to Spain ? If yes, then how much ???

[@emergentinvestors]

Ali, you only have to pay one, either VAT or transfer tax (ITP). If the property is first-hand and you buy it from the developer, you will pay VAT (not transfer tax). If the property is second-hand, you will pay the transfer tax (ITP). You don't have to pay taxes for money transfers to Spain, but you might pay some commissions. The money transfer costs will depend on 2 factors: 1. International transfer costs from your bank in the US to your bank account in Spain (we always recommend to use Wise or other payment processors to reduce commissions). 2. The OMF transfer or bank check commission from your bank account in Spain (around 0.4-0.5%). However, there are some banking strategies that allow you to pay 0%. We use to do it for our clients. Regards, Oscar Turégano

[@emergentinvestors]

I forgot to mention that OMF transfers or bank checks are the 2 most common way in Spain to pay for a property in the notary. You cannot send ordinary transfers.

[@AliHaider-mg9ei]

@@emergentinvestors thank You Much ❤️

[@deebee3424]

If you are buying cash can you avoid any fees or costs?

[@emergentinvestors]

Taxes are fees are the same regardless of the method of payment. What I can tell you is that in the current real estate market cycle (high interest rates and difficulty in finding good mortgages) we get better deals with buyers who pay full cash, so you can expect a discount for that.

[@deebee3424]

@@emergentinvestors great.. I'm an EU citizen looking to buy an apartment in Valencia to rent out and eventually live in. Hoping to buy in the summer

[@emergentinvestors]

@@deebee3424 Sounds great! We are based in Valencia. Feel free to reach out to us if you need any help. We can find out excepcional off-market properties in Valencia. emergentinvestors.com/contact/

[@adriansmith1410]

There only one reason to buy in spain and that is sun 😂other than that you will get fleeced even if there's no plue value when you sell you will pay beleave me scammers always have been and always will be nobody tell the truth😅