Once you have become owner of your Spanish property, you will have to carry out the following formalities, in order to have your property registered in your name at the Land Registry in Spain. Please note that this is not an automatic procedure after the signing of your public Spanish purchase deed in Marbella. The steps are to be taken by the new owner, in order to proceed and finalise the registration at the Registry as soon as possible.
1.- Payment of taxes in Marbella, Spain.
Once you have acquired your Spanish property, you will have to proceed with the payment of the taxes arising in the purchase.
We must distinguish if you purchased your home from a developer and is therefore a first sale, or alternatively, you acquired it from an individual, in the case of a second or subsequent transmission.
In the case of a first sale, you will have to pay 10% V.A.T. (in Spanish Impuesto sobre el Valor añadido) to the vendor, and when the property is located at Andalucia, el 1.5% Stamp Duty Tax.
In the event of a second or subsequent transfer, you will have to settle Spanish Transfer Tax, in the period of thirty working days counting from the day of signing the deed of sale, with the following applicable rates:
Purchase price Rate
Up to 400.0000 € 8%
From 400.000,01- 700.000 € 9%
From 700.000,01 € and ongoing 10%
Documentation required for the payment of the tax:
- First Original copy and photocopy of the Purchase Sale Title Deed.
- NIE of the seller and the buyer., This is the Spanish fiscal identification number for non Spanish nationals the so called “Número de Identificación Fiscal”.
- Copy of the last IBI receipt paid.
2.- Registration of the property at the corresponding Land Registry in Spain
The First Original Copy of the deed will be presented to the Registry for registration. Once reviewed and approved by the Registrar, the property will be registered in your name and the original deed will be returned, together with a certificate issued by the Registrar, stating the name of the new owner duly registered.
If you wish that we deal with the aforementioned formalities on your behalf, please do not hesitate to contact one of the multilingual Spanish lawyers of our law firm in Spain. We will assist you in the process of purchasing your home, study of documentation related to the property, preparation of Public Purchase Sale Title Deed, and registration of the property in your name.
Do you have any legal or tax inquiry? Does your company need an efficient English Speaking accountant? Contact our firm now!.
María Teresa Arcos, lawyer in Marbella
Wim Lamers, economist in Marbella
- Lawyers Costa del Sol, Lawyers in Marbella, Legal Advice Costa del Sol, Property Lawyer in Marbella,