2. BASIC NECESSARY FORMALITIES IN SPAIN.
There are various basic formalities you must take into account when completing your property buying process in Spain:
2.1. POWER OF ATTORNEY
To be your legal representative in Spain it is essential that you sign a Power of Attorney on our behalf. With this Power, we are able to sign contracts, Deeds and all documentation related to your purchase process. We will draft the Power of Attorney to be signed, at your convenience, either in Spain or through our London or Dublin offices. If you live in the U.K. or Ireland, we will be able to make the necessary arrangements for you to obtain the Power at the closest Notary to your home. We will also arrange for the Power to be stamped with the Apostille of The Hague making the Power is valid in Spain.
2.2. N.I.E. (Spanish ID Number for Foreigners).
The N.I.E. is the ID number that foreigners use in Spain, and is issued by police authorities. Without this ID number it is impossible to buy properties in Spain or obtain service contracts for utilities.
Applications to obtain a N.I.E. number tend to take about 2 months to process, so it is very important to present your application for a number at the beginning of the buying process.
2.3. SPANISH BANK ACCOUNT
It is essential to have an account in a Spanish bank in order to contract utility services and to pay them by direct debit. We are able to open a bank account in Spain on your behalf.
2.4. SPANISH WILL
It is important to take into account the Spanish Inheritance Tax, which is the tax to be paid in ‘mortis causa’ property ownership transfers, and to be aware of how to reduce its effects.
Although it is not obligatory to have a Will in Spain, we strongly urge you to have one. A Spanish Will usually makes procedures easier and quicker in Spain. If you use your British Will, you will not be able to take any action until your British Will has been validated. This may take some time, especially if your British will or your estate presents any kind of complications.
Without a Spanish Will, finalising an inheritance procedure can take up to one and a half or two years. Spanish authorities apply tax penalisations if these matters are not dealt with promptly.
According to Spanish law, when a property is jointly owned by two people and one of them dies, their part is not automatically transferred to the other title holder. It will be transferred in accordance with the Will of the deceased, or, if there is no will, in accordance with laws on intestate succession.
 THE PROCESS OF BUYING PROPERTIES IN SPAIN |
 BASIC NECESSARY FORMALITIES IN SPAIN |
 TAXES IN SPAIN |
 MORTGAGES IN SPAIN |
 MORTGAGES CALCULATOR |
 CURRENCY AT MONEYCORP.COM |
