Suggestion: Watch the 5 minutes video tutorial before reading this article
Spain is one of the hot spots for European travelers, retirees and overseas property investors. You’ll also find plenty of Americans and Asians who are keen buying property here.
Buying property is fairly easy in Spain and, in fact, foreigners are welcomed with open arms as the government tries to attract more investors.
As you might remember, Spain struggled much during the economic crisis that evolved in 2008.
A great benefit of buying real estate in Spain is that you have no issues to own the land which your house is built on. This is not the case in Asian countries like Thailand, Vietnam, and Indonesia.
Yet, before you buy property in Spain as a foreigner, it’s important that you learn about the buying process, property taxes, if you can a Spanish bank account, and more.
Topics covered in this article:
- Can foreigners buy property in Spain?
- Can foreigners buy land in Spain?
- Process when buying property in Spain
- How to get a Foreigner’s Identity Number (NIE)
- Property taxes in Spain
- Can I get a residence permit if I buy property in Spain?
- Best places to buy property in Spain
- Can I rent out my property as a non-resident foreigner?
Can foreigners buy property in Spain?
Foreigners have no particular restrictions to buy property in Spain. As mentioned, the Spanish government even encourages foreign investors to buy local property.
This is a completely different story to places like Singapore and Hong Kong, where the governments have introduced hefty buyer’s stamp duties towards foreigners, to cool down the markets.