Q: Can I afford a property in Spain? With UK property prices increasing, many people are using equity from their current home to fund a foreign purchase.
Q: Would I need a Spanish mortgage? Spanish mortgages are available usually to a maximum of 70% of the value of the property and as in the UK are subject to status
Q: What’s the market like in Spain? The Spanish property market is very robust, with expected price increases ranging from 10%-25% depending on area.
Q: Is the health care good? Spanish healthcare is very good and is available to all EU citizens. You will require an E1-11 form, which can be obtained and stamped at your local UK post office.
Q: Are English speaking property lawyers easy to locate? You will need to use a Spanish property lawyer for your purchase. Although there is no need for concern as all communications will be in English.
Q: How do I get there? Gatehouse International can arrange inspection visits on your behalf. Details available on request.
Q: Do we need a deposit? Once you have found a property you will be expected to lodge a holding deposit of €3005 with the developer or agent whilst a private contract is prepared. Gazumping in Spain is illegal.
Q: What costs are involved in the purchase? In addition to the purchase price of your property it is advisable to allow an extra10-11%. This will cover IVA (VAT), Legal & Notary fees, Currency exchange and Land Registry.
Q: How do I set up a bank account? Opening a bank account in Spain is very simple and can even be opened over the internet, therefore removing any language barrier.
Q: Do I need Spanish residency to live or own a property in Spain? Anyone living in Spain for more than 183 days must officially have residency. In order to set the wheels in motion you will need to visit your local police station to register and be issued with a NIE number (you will require a NIE number to purchase a property in Spain).
Q: When I am not using my property can I rent it out? Of course. Gatehouse International would be more than happy to supply details of reputable rental agencies and maintenance companies.
Q: What do I get for my money? The Spanish property market is more varied than that in the UK. Gatehouse International is confident that we will have something to offer most budgets, depending on area.
Q: If I live in Spain would I still be taxed in the UK? The UK and Spain have a tax dual tax treaty. This means that you will not be taxed twice.
Q: Where can I exchange my (£) Sterling for (€) Euros? Due to fluctuating exchange rates it is advisable that you do not leave the matter of currency exchange to the last minute. Whilst the obvious choice might well be your high street bank they are likely not to be the cheapest or the most experienced. Gatehouse International can supply details of currency brokers on request.
Q: Is Spain a good place to invest? Demand for all types of property including rentals, are very high in Spain. Many investors are seizing the opportunity of purchasing property “Off Plan” prior to the first brick being laid.
Q: What help can I expect when I am looking for a property? Gatehouse International, can if necessary arrange your entire trip from start to finish. From booking flights & hotels rooms to personalised inspections.
Q: What about inheritance tax? Inheritance Tax or Impuesto sobre Sucesiones y Donaciones. ranges from 7.65% right up to the top-rate of 34%. In addition, surcharges may be levied depending on (a) the relationship between the deceased and the heirs, and (b) pre-existing wealth of the heirs.
Q: Can I work in Spain? Anyone from the UK who becomes a resident in Spain and has obtained a NIE number has the right to work in Spain without a permit, providing they have a valid passport.
Q: Can you arrange accompanied tours or collection? Gatehouse International is more than happy to take care of any or all of your travel and collection needs.
