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Useful Guide to Buying a Property in Spain
If Spain is your perfect destination the following information will act as a useful guide to help you purchase your dream home without falling foul and avoid the pitfalls many have fallen into in the past.
Spanish Estate Agents.
The first thing to remember is that Spain is a very large country and is split up into many different regions and areas. Property prices vary from one area to the next much like the UK. It is advisable to use a Spanish estate agent rather than buying privately, espeicially if you haven't bought in Spain before; Estate Agents know the local area and have a much better feel of the current property market on the ground.
It is always advisable to use an English speaking lawyer and one that has been recommended if possible. A good lawyer is worth their weight in gold especially one that has had experience in dealing with foreign property buyers like yourself.
The first thing you need to be eligible to purchase a property in Spain is a NIE number (Numero deI identificacion de Extranjero ). This identification number is used to track your financial and official activities in Spain. The NIE always starts with “X” and is followed by seven numbers and a letter.
In Spain you need a NIE number for the following:
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Apply for a business permit
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Apply for a driving license in Spain or for an international license
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Apply for a mortgage or other type of loan
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Buy or sell property
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Buy a vehicle
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Employment
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Insure a Property
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Open a bank account
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Pay your taxes
The initial application is pretty painless and only takes about 4-6 weeks to process. You can either apply yourself or let your lawyer do it for giving them your power of attorney if you are not actually present.
How to apply for your NIE
You apply for your NIE at your local National Police Station in the Departmento de Extranjeros (Foreigners Department). Ask for an NIE application form. The following documents must be submitted to the police station to obtain a NIE number:
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Completed and signed original NIE application form and a photocopy copy.
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Passport and photocopy
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Address in Spain (If you have one)
You NIE certificate is sent out to you officially stamped, A4 sized paper bearing your name, date of birth and your NIE number. Keep it in a safe place as different bureaucratic processes require the original document.
Make sure your finances are in order
Stating the obvious somewhat here. Always ensure that your funds are ready to go. It is always a good idea to have a clear credit card to use for a deposit on a property if you need to move quickly on a property.
Open a Spanish bank account to facilitate payment of fees for the property.
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