Does Spain allow foreigners to buy property?

Does Spain allow foreigners to buy property?

The many great reasons to consider acquiring property in Spain scarcely need to be mentioned, although we will cite some of them anyway; this southwestern European country has long been highly welcoming to outsiders, and offers the combination of sun, sea and sand that great numbers of us dream of being surrounded by.

When one adds to this the enviable sporting and leisure amenities of the highly exclusive Sotogrande development… well, it is hardly surprising that so many foreigners ask themselves whether they can, and should, enter the Spanish property market.

There are likely to be very few barriers to making your Sotogrande property dream real

The short answer to the question of whether Spain permits foreigners to purchase its property is: yes, it does.

In fact, there aren’t any eligibility restrictions when it comes to buying property in Spain. So, whether you are a resident or non-resident, you can browse online portals like Property Sotogrande in the knowledge that you are free to enter the market for any of the current homes, apartments and villas for sale in Sotogrande.

Spain further encourages foreign investors with its Golden Visa scheme, to which you will be entitled to apply if you purchase a home in the country that is worth more than €500,000.

But it would be wrong to suggest there are no bureaucratic hurdles

So, presuming you are reading this as someone who is not a citizen of Spain, what will you require in order to buy property here?

Legally speaking, you will simply require what is often referred to as an ‘NIE number’, standing for ‘Número de Identificación de Extranjero’ (Foreigner’s Identification Number). Every person who obtains an NIE has their own distinct number, and you will need one as a condition of carrying out any transaction in Spain, such as buying a home here.

It isn’t too tricky to get hold of an NIE number; if you are in Spain already, you can visit a police station with your passport, and if you are a European Union (EU) citizen, you can normally expect your request to be processed on the same day.

As for if you are presently outside of Spain, we would suggest that you seek help from your chosen real estate agent, or visit the nearest Spanish consulate in your current country to apply in person.

Are there other things that, in practice, you will need to do when purchasing from the broad range of homes, apartments and villas for sale in Sotogrande? Yes, there are. Not only will you need to search for the right property, supported by your own research into the market and careful consideration of your needs, but a lot of sensible tax and budget planning will also be essential.

In addition, it is advisable – although not mandatory – to open a Spanish bank account in readiness for your purchase of a property here.

Our portal is the ideal place to start your Spanish property search

It is extremely important to seek advice and guidance from reputable professionals on the many stages of the process of buying property in Spain as a foreigner. This will help ensure you are not caught out by any aspect of what should be a rewarding journey into this exciting property market.

However, when it comes to getting a sense of the many property purchase opportunities in this part of the world, Property Sotogrande is an excellent place to start. We bring together listings from multiple trusted and active estate agents serving the Sotogrande area online, to help make your initial exploration of the market so much simpler and easier. Good luck!