Property Search



New Developments


Puerto Andratx



Cala Vinyes



Nova Santa Ponsa



Camp De Mar



Nova Santa Ponsa



The process of purchasing a property in Spain is straightforward and governed by Spanish Law which is fair and clear. Once purchased the property is owned freehold, not leasehold and it is advisable to draw up a Spanish will, which concerns only the assets in Spain and will not affect arrangements in your country of permanent residence.

 

 

In order to purchase a property in Spain a N.I.E. number is required. This is roughly the equivalent of a National Insurance Number and will stay with you for life. It is needed whenever dealing with the Administration, whatever department. The N.I.E. number can be acquired in a few days,

Most people buy their properties as individuals, in the case of couples in joint names, therefore requiring both parties to sell the property. Marital status does not affect the rights of ownership. In the case of divorce both parties would continue to hold their share of the property, unless of course it was part of the settlement.

Debts and encumbrances are transferable in Spain, so it is essential to ensure there are no mortgages, debts, embargos etc and that local taxes and community fees are paid up to date, as well as utility bills etc.

In some circumstances it may make sense to consider purchasing a property in an S.L.(Ltd) Spanish company name, for example a construction project. Purchases in a foreign company name are subject to punitive taxes. Most lawyers would advise against purchasing the company that owns the property as the new owners will be held responsible for that company since its inception once they acquire the shares. A Pandoras box indeed.

Once the property is purchased a local Bank account will be needed to set up standing orders for utilities etc. Bear in mind there will be around 11% costs of purchase in addition to the agreed sale price, which includes “Stamp Duty”, “Land Registry Fee”, Notary Fee etc.

Here at Coastal Properties Mallorca we have over 30 years experience on the island and work together with the top professionals and are able to guide you professionally and thoroughly through the process. Please do not hesitate to contact us if you have any question

Featured Properties

Illetas
Price : €2.480.000
Price : €3.200.000
Cala D’or
Price : €3.300.000

Central Office
Avda. De la Playa #5
Local 1 Palma Nova,
Calvia, Baleares 07181
Tel: 971 68 19 30
Email: info@coastalpropertiesmallorca.com

Facebook Twitter RSS Facebook Twitter RSS