How to Buy a Property in Spain: How to Work Out ALL the Taxes, Fees and Costs!

[@latorregolf]

Great info. One question, is it possible to get a Spanish mortgage using BTC as collateral?

[@Spainunfiltered]

Thanks Dan! I assume that by collateral you are referring to the deposit/down-payment as the property itself would become the collateral for the loan. In very brief terms (as this is not something I have ever dealt with before). If you are non resident you would be able to get a mortgage of Max 70% of the property sale price (or valuation, whichever is lower). The rest of the funds, ie, the 30% of the property value, the costs I discuss in this video and the mortgage set up costs would have to be funded by you. Of course you would have to prove to the bank that you had the necessary income to cover the repayments. It may be possible to pay some of those costs using BTC so long as the other party is in agreement, and the notary recognises the transaction, however the taxes, notary/registry etc would need to be paid in Euros and the money for the mortgage set up would have to be deposited in an account with the bank providing the mortgage. You may also be subject to money laundering checks. I'm not entirely sure how that would work with BTC. Given the volatility of BTC and the length of time between paying a reservation deposit, arranging the mortgage and completion, I would say that it would be a risky approach to take. Perhaps it's a subject for a future video....

[@samurai-capybara]

Which payments (to the seller, taxes, etc.) can be made in crypto?

[@Spainunfiltered]

Theoretically, So long as the notary can see that a transaction has taken place and put evidence of it in the deed then it doesn’t matter what currency is used only that the transaction is converted to a euro value. The seller would have to be in agreement. There are some agencies advertising that they facilitate sales in crypto but I don’t know exactly how they do this. Given that there is normally a period of several weeks between reservation and completion volatility would be an issue if using anything other than stable. You might find a lawyer who accepts crypto but all the notary and registry fees, and taxes will (to my knowledge) need to be paid in euros.