Guide for Foreign Buyers
Your path to a dream property starts here
Marbella is a coveted destination for real estate buyers from around the world. At Engel & Völkers Marbella, we specialise in facilitating our clients’ experience in purchasing luxury properties in this exclusive region. This guide is your perfect ally to navigate the exciting journey of acquiring your dream residence in Marbella.
Buying a Property in Marbella
Marbella offers an unparalleled lifestyle with its perfect climate, exquisite beaches, and a vibrant cultural scene. When searching for properties here, consider location, style, and amenities. From seafront villas to modern apartments in the urban area, Marbella caters to all tastes. At E&V, we provide expert advice to find the property that best suits your desires and needs.
Property Purchase Process in Spain
Buying a property in Spain is a clear and well-regulated process. It begins with the selection of the property, followed by legal verification and the signing of a deposit contract. Subsequently, the deposit payment is made, leading to the signing of the public deed before a notary. Having legal and financial advice during this process is essential, and at E&V, we ensure that all steps are carried out smoothly.
Spain is a highly attractive destination for foreign real estate investors. Spanish laws support foreign investment, offering, for example, the “Golden Visa” to those who invest a significant amount in real estate. This program provides the opportunity to obtain residency in Spain, which is a considerable incentive for many investors.
The “Golden Visa” is a residency program that several countries, including Spain, offer to non-European investors. Specifically, in Spain, the Golden Visa allows foreign investors to obtain legal residency rights in Spain under certain investment conditions. This program is particularly attractive to those wishing to invest in the Spanish real estate market.
Golden Visa Requirements:
- Residence permit through the acquisition of 2 million euros of public debt.
- Residence permit through the acquisition of 1 million euros in shares or stocks, or bank deposits in financial institutions.
- Residence permit through the purchase of real estate worth 500,000 euros free of all encumbrances (one or several properties).
- Residence permit through a business project.
Financing and Fiscal Aspects
Understanding the financial and fiscal aspects of buying a property in Spain is crucial for a smart and profitable investment. This includes taxes such as ITP (Impuesto de Transmisiones Patrimoniales), VAT and other expenses related to the transaction. The ITP varies between 6% and 10% depending on the autonomous community, while the VAT applicable to new properties is 10%. In addition, other expenses must be considered, such as Stamp Duty (Impuesto de Actos Jurídicos Documentados), which is usually approximately 1.5%.
At E&V, we offer guidance on the best financing options and tax advice. For example, on the purchase of a €1,500,000 property in Andalucía, the ITP would be 8%, which is equivalent to €120,000. If it is a new property, VAT would apply at 10%, adding up to €150,000. To this would be added other minor expenses, such as stamp duty and notary and registry fees, bringing the total cost of the transaction up to €270,000.
Our expert team is here to ensure that every aspect of your investment is handled with the utmost efficiency and knowledge, guaranteeing a satisfactory and beneficial buying experience.
Living in Marbella: Lifestyle and Amenities
Marbella is not just a place to invest, but also a place to live and enjoy. With its ideal climate, diverse culinary offerings, world-renowned golf courses, and an enriching cultural scene, living here is a unique experience. We explore the various areas of Marbella, each with its unique charm, to help you find your ideal spot in this paradise.
The Future of the Real Estate Market in Marbella
Finally, it is vital to understand where the real estate market in Marbella is heading. We analyse trends, market projections, and provide expert advice to ensure that your investment is safe and profitable in the long term. With constant demand and sustained growth, Marbella continues to be a wise choice for international buyers and investors.
At Engel & Völkers Marbella, we pride ourselves on offering exceptional service to our clients. This guide is just the beginning of your journey in the Marbella real estate market. Contact us for a personalised and professional experience in finding your ideal property.
Carlos Manso | 23/Jan/2024