General
How much is the the first consultancy? The first consultancy is always free.
It is our pleasure to give you an appointment at which we will study your case or your documents and then give you a detailed estimate of the fees and costs.
What do I have to do if I have more square metres in my land than those that appear in the deeds and in the land registry?
Before carrying out any type of transaction, you will always be given detailed information of the cost of our services and the other costs e.g. taxes, notary etc. and when the costs have to be paid by.
Before initiating any type of transaction will I be given a detailed estimate of the costs and how and when they must be paid?
In cases such as these it is necessary to carry out certain procedures, both in the Notary’s office and in the Land Registry to adapt the true measurements of the land to the Land Registry description. We take care of all of the paperwork that is required for the procedure.
Buying a property
Why is it necessary to have a lawyer to purchase a property?
It is necessary to have a lawyer because a lawyer will analyse all the legal documents of the property, this will give you the guarantee of knowing if the property has any problems and if it has, what the possibilities are of resolving them.
What are the approximate costs that I have to pay when buying a property in Spain?
To give you an approximate idea, the purchase costs are roughly 10% of the value of the property.
What costs and taxes do I have to pay when selling a property?
At AF CONSULTING we will calculate, as approximately as possible, the costs and taxes that a purchase will generate, this will allow you to calculate how much you can offer for the property and how much you will have to set aside to pay the taxes and costs.
Do I have to be present at the signing of my purchase?
No you don’t. We can arrange for you to sign a Power of Attorney wherever you are in the world. This allows your lawyer to sign on your behalf.
Do I need an N.I.E. (Foreign identity document) to purchase in Spain?
YES you do. In order to purchase a property in Spain it is a legal requirement to obtain a foreign identity number.
Do I have to open a Spanish bank account to purchase a property in Spain?
Yes. In order to comply with the rules and regulations against money laundering, the funds for your purchase have to be legally transferred to your Spanish bank account and the purchase cheque drawn from that account.
Selling a property
Why is it necessary to have a lawyer to sell a property?
It is necessary to have a lawyer to sell your property so that when the buyer’s lawyer submits his/her list of questions and queries your lawyer will answer them and resolve any problems that may arise. Your lawyer sees the sale through to the signing at the Notary’s office and then liquidates the non-resident taxes or capital gains taxes and the local Town Hall taxes.
Do I have to check that the description of my property in the deeds to make sure it corresponds to the description in reality
It is recommended that a lawyer checks the deeds to make sure that they correspond with the true description of the property. This is vital so that you will be able to sell the property without any problems. All future buyers will insist on the paperwork being in order.
What costs and taxes do I have to pay when selling a property?
At AF CONSULTING we will calculate, as approximately as possible, the costs and taxes that a sale will generate, this will allow you to calculate how much you can accept for your property and how much you will have left after paying all the taxes and costs.
Do I have to be present at the signing of the sale of my property?
No you don’t. We can arrange for you to sign a Power of Attorney wherever you are in the world. This allows your lawyer to sign on your behalf.
Taxes
If I buy a property as a non resident, do I have to do a fiscal declaration every year?
As a non-resident, for the simple fact of owning a property in Spain, for the time that you own that property, you have to file a non fiscal resident’s declaration every year.
As a property owner am I obliged to file a 720 tax form?
No, you are not. The 720 Tax form is only filed by Fiscal Residents who have assets outside of Spain of over 50,000 euros.
As a fiscal resident when am I obliged to file a 720 tax from?
As a fiscal resident you are the equivalent to any Spaniard and are obliged to declare any assets of over 50,000 euros that you have outside Spain.
Rentals
If I want to rent out my property, what do I have to do to comply with the law?
You have to obtain a registration number in the corresponding Registry of Tourism.
Do I have to pay tax on the rent I receive in Spain?
Yes you do. Since January 2018 the most popular Web Pages such as Airbnb, Trip Advisor, Booking.com etc. are sending details of your Spanish rental revenue to the Spanish tax office. You must do a declaration every three months. We can organise this for you and advise you of the deductibles that are allowed.
Inheritance
Is it recommended to do a Spanish will for assets in Spain?
It is essential to do a Spanish that is adapted to European regulations for your assets in Spain. This greatly facilitates all the necessary steps that have to be taken to change the ownership of those assets into the names of the inheritors.
How soon after a death must the inheritance paperwork be done?
The legal time limit is 6 months from the date of passing away. This limit can be extended for a further 6 months if exceptional circumstance can be proven.