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Buying a Property Abroad

There are many costs involved in buying and maintaning a property abroad that you should take into account.

Fees and Taxes
There are in principal three fees and two taxes to pay when purchasing a property in the Canary Islands, as a general rule you should add approx 10- 12% to any property price you see.

Notary Fees
The Notary charges according to a fixed scale which is dependant upon the official value of the property

The Taxes
Purchase Tax
Plus Valia

Your estate agent should outline every single cost for you from day one so you have no hidden surprises.

Mortgages

Spanish banks are willing to grant mortgages to non resident purchasers of property in Spain. Your estate agent, through their specialist advisors, should be able to negotiate some excellent terms for you but shop around first!

Other things to bear in mind when owning a property
Community fees
Local Real Estate tax
Annual Income Tax
Property wealth tax
Utility services
Insurance
Fiscal representation

Although not exhaustive this list is designed to give you an idea of some of the annual costs that need to be taken into account.

Ensure your agent gives you an indication of the amounts that may be required before you commit to purchasing your property.

Costs of Selling a Property
Capital Gains - Capital gains tax is normally due on a sale of a property.
Tax Retention

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