Your question: Can non EU citizen buy property in Spain?

Can I live in Spain if I buy a house?

If you buy property in Spain you can get a Spanish residency permit (this is the correct bureacratic terminology for Spain’s golden visa), which allows you to live in Europe. The only challenge is the paperwork, and you must invest at least 500,000€.

Do you have to be a citizen of Spain to buy a house?

Absolutely yes! There are no restrictions on any nationality from any country to purchase real estate in Spain. Residents and non-residents alike can purchase property in Spain: residential and commercial properties, or plots of land in Spain.

Do I need a Spanish bank account to buy a property in Spain?

If you are planning to buy a property in Spain, you will need a Spanish bank account to pay utilities, local taxes and mortgage payments. Mortgage Direct can open an account for you as part of the pre-approval process.

Is buying property in Spain a good idea?

According to recent research, Spain came out as second of 33 countries as best for first-time buyers. The reasons given were a combination of reasonable property prices combined with a favourable cost of living as well as good average salary growth levels – all good reasons for buying in Spain.

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What income do you need to live in Spain?

You can live comfortably in Spain for about $2,000-2,200 a month somewhere in a big city. If you live somewhere outside the big cities, you can retire on approximately $1,700-1,900 a month. So depending on your personal finance and income, you can select where you want to stay.

How much deposit do I need to buy a house in Spain?

Banks in Spain generally finance 80% of the value of the property you wish to purchase (if the property will be used as your main residence), meaning that you need to have 20% of the property value in order to pay a deposit.

How does buying a house in Spain work?

The process of buying a property in Spain usually runs as follows. First, the buyer makes an offer. If this is accepted, then the buyer and seller sign a preliminary contract (contrato privado de compravento) and the buyer pays a deposit, typically 10% of the purchase price.

How much do homes cost in Spain?

In July 2020, a new house in Spain would cost around 2.472 thousand euros per square meter built.

Characteristic Price in euros per square meter built
2017 2,156
2018 2,284
2019 2,400

What are the buying costs in Spain?

Buying costs in Spain are relatively high. Therefore, when you are calculating your budget allow at least 10% to cover the taxes and fees for which the buyer is responsible. These are: property transfer tax, legal fees, notary and registry fees. However, it’s best to think about 10% as the minimum.

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Does Spain allow dual citizenship?

Dual citizenship is permitted for all Spaniards by origin, as long as they declare their will to retain Spanish nationality within three years of the acquisition of another nationality.