Buying property overseas

You have found the property overseas you want to buy, now what?

buying-property-overseas

Buying property overseas - The challenge.

Buying property overseas in another country is a long term financial commitment and dealing with the mountain of red tape in a foreign language is no easy task. To ease the load and ensure buying property overseas is the exciting adventure it should be, get some legal and financial help on your side.

Spain is a highly bureaucratic country and Mallorca is no different there. The red tape required to do the simplest of tasks can be plainly infuriating, so the paper work involved in buying property overseas in Mallorca is undoubtedly going to be a mission.

Do you have a good real estate agent to help you buy your new property overseas?

When buying property overseas, the first point of call is a professional English speaking Real Estate Agent who knows the market, the area and the property buying process. Estate agencies tend to work locally and as such have a good understanding of the area and the housing market, they can help you find you a notary, property lawyer and architect should you wish to reform the house after buying it.

Your estate agency will coordinate the entire process of buying property overseas, from the first house viewings to handing over of the keys or your new home. You can rest assured that a good agency will have dealt with overseas property buyers in innumerable occasions and is well versed in the intricacies and complications of buying a second residence abroad. When buying property overseas opt for experience and professionalism and choose a good real estate agency.

Buying property overseas in Mallorca - Legal fees / notary fees/ property register fees/ agency fees.

In order to help you sift through the confusing piles of bureaucratic red tape involved with buying property overseas you will most certainly require a good Property lawyer, registered with the Colegio de Abogados, to help you with the purchase contract, payments and registration of the new property with the land registry.

Your real estate agent can put you in contact with a property lawyer and as long as your lawyer is fully registered there should be no problem with conflicts of interests. Even so, when buying property overseas do check legal fees beforehand.

To help you with the process of buying property overseas, you will need a solicitor, or property lawyer to assist you. Buying a villa or town house in Mallorca though not difficult is confusing and in order to make the buying experience as stress free as possible you will need as much professional help as possible.

The Notary will ensure the property purchase is legal and complies with government regulations, to witness and approve the escritura, the property deed of title which will then need to be registered. Buying property overseas it is easy to feel uncertain but if the notary approves it then it is all legal. Then make a will!

NIE number for property purchases - Buying property overseas.

Another vital piece of paperwork for buying property overseas in Mallorca is your NIE number. Your NIE number is your foreign identity number, required for Spanish property tax payments and identifying you as a foreign citizen in Spain.

Without a NIE you cannot do much, you cannot get a house utility bill and you certainly cannot buy that wonderful villa. It doesn’t take too long to get however, usually between 2 and 6 weeks and your property lawyer will be able to help you with the paper work.

Buying property overseas - Residency in Mallorca - How long can I stay?

After buying property overseas you now want to spend some time there. However, if you are planning on spending any more than 90 days a year in your villa or twon house on the island you will need to become a resident.

You already have your NIE number which you will need to become a resident. Your gestor will be able to do the rest. Alternatively you can do the paper work yourself but be warned it does involve several trips to Estranjeria in Palma, long queues and many hours back and forth.

If after buying property overseas you spend more than 183 days a year in Spain, not necessarily consecutive, then you are considered Spanish resident and liable for Spanish tax and will be required to submit a tax return in June. For income, wealth, national and international property and other smaller taxes you will need a tax advisor. 

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Buy a Property

We can provide assistance and recommend legal professionals who can advise you throughout the whole process of buying and selling a property.

Please take a look at our buyers guide to consult all the key steps of the process.

Sell a Property in Mallorca

If you want to sell your property, you are at the right place. At SolMallorca we have been working in real estate for 30 years and have gained vast experience and local know-how, establishing ourselves as one of the most important and best-known real estate agencies in the north of the island. 

 

 

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