Buying a property in Spain is a good investment. Yes, with a good bonus: you can get a residence permit in the country, if you buy elite residential property here.
We learn how to buy a property in Russian Spain.
Why do Russians choose Spain?
Of course, the proximity of the sea, a soft and wonderful climate plays an important role in the purchase of a Spanish property.
A high standard of living and a loyal attitude of the Spanish towards visitors is also important. As well as good conditions for business development.
Still, Russians are more attracted to housing prices in this sunny country. In the last year, they have decreased by an average of 4.6% and in 2019, no price increases are expected.
The cost of one square meter depends on the region and varies in the region of 2 thousand euros.
In Costa Brava, Costa Blanca, in Mallorca, for example, prices vary. By the way, these are the most popular areas among Russians.
And the cheapest regions, where the price per 1 m² does not exceed 1500 euros, are: Castilla y León, Aragón, Murcia, Tenerife.
Our compatriots prefer apartments in modern residential complexes with developed infrastructure.
Where to start
If there are several objects in mind, it is better to go to Spain and look at them. Even the high quality photos of apartments and houses on the Internet may differ from what it really is.
The construction defects, the bad infrastructure in the image sellers will not reflect.
They can also hide the actual distance to the sea, or not to mention that the residential complex is in an unfinished state.
To avoid facing such problems, you must meet with the sellers. Also, keep in mind that when buying, they verify the legal status of the home and, if the bills pending payment from the previous owners remain, you will have to pay.
Do not hesitate: the good options in the Spanish real estate market do not last long.
You can obtain a residence permit in Spain by buying a house worth more than 500 thousand euros. Otherwise, you will have to settle for a short stay in Spain while the Schengen is in operation.
If you do not need to obtain a residence permit, you must find a good real estate agent and a good translator.
After a suitable property has been found, you can sign a booking contract between the owner (or real estate agency) and the buyer and make a deposit.
Normally it does not exceed 3 thousand euros and is 1% of the value of the object. After that, the object is removed from the sale, but in case of termination of the contract, the deposit is not returned.
Then you must receive the identification number of a foreigner in Spain or the embassy in Russia and open an account in a Spanish bank. Not only will you have to pay the seller, but also pay taxes and payments for public services.
If you buy a house with the help of a mortgage, the account is opened in the same bank where the mortgage is issued. And you must be prepared for the need to provide a statement of results.
By the way, about a mortgage loan. Banks in Spain provide up to 60% of the cost of housing for a period of 10 to 30 years.
Rate – up to 4% per year. To obtain a mortgage, you must prepare a package of income documents, including tax returns and bank statements.
Your salary must be at least 3 times the monthly payment of the mortgage, otherwise you can not count on it.
Be prepared for additional charges. Therefore, when you buy a house, you must pay for the valuation of real estate (no more than 500 euros) and for housing insurance, so you will have to pay 200-300 euros per year.
How is the deal?
The documents are ready, the total amount of the home is transferred to the seller’s account, it remains to sign the sales contract. The purchase is made with the participation of the agent and the notary.
This can be entrusted to third parties, in particular, to the real estate agency, if you issue a notarial power of attorney.
After the transaction, you must pay VAT, registration costs and a small percentage of taxes.
The cost depends on whether the home was purchased in the primary or secondary markets. The original contract for the purchase of houses and documents on the payment of taxes is sent to the registry.
A few months later, the ownership documents arrive.
If you are not going to live in Spain and consider buying an apartment or a house as a source of income, you must register with the Ministry of Tourism. Each year, you will have to pay a tax of 24% of the rent, which the owner has the right to establish independently.