With any purchase you will incur purchase costs detailed below:
Transfer Tax: Applicable to resale property
8%: €0 - €400.000
9%: €400.001 - €700.000
10%: €700.000 +
Stamp Duty: Applicable for new property
10% + 1.5% IVA
16% for resale plots
21% for new plots
Transfer Tax: 2% applicable for a 5 year ownership period.
After this period you will have to pay the remaining unpaid taxes. If you resell the property within the 5 year period of tax relief then no more taxes are paid.
1% fixed across the Costa Del Sol. Most law firms have a minimum fee of €1.500.
Land Registry & Notary: 1.5%
Utility Connection & Limited Power of Attorney: 0.5%
With a limited power of attorney, your lawyer can open and set up your Spanish bank account and NIE. They can sign the title deeds upon completion on your behalf which means that you do not have to be present. After completion, they can then set up and connect the utilities, water & electric.
Mortgage Set Up Fees: 2%