Spain welcomes foreign property buyers with open arms — there are no restrictions on non-residents purchasing real estate. However, the process involves several steps that can feel unfamiliar if you're buying from abroad. This guide walks you through everything, step by step.
Step 1: Obtain Your NIE
The NIE (Numero de Identificacion de Extranjero) is your foreign identification number, and it is required for any financial transaction in Spain — including buying property. You can apply at a Spanish consulate in your home country or at a local police station once in Spain. Processing typically takes one to three weeks.
Step 2: Open a Spanish Bank Account
You'll need a Spanish bank account to handle the purchase transaction, pay ongoing bills (utilities, community fees), and set up direct debits. Most major Spanish banks have English-speaking staff at their Costa del Sol branches. Bring your passport, NIE, and proof of income or employment.
Step 3: Engage a Lawyer
An independent lawyer (abogado) is essential. They will conduct due diligence on the property, verify the title deed (escritura), check for debts or encumbrances, and ensure all planning permissions are in order. Budget approximately 1-1.5% of the purchase price for legal fees.
Step 4: Understand the Costs
Beyond the property price, expect the following additional costs:
- Transfer Tax (ITP): 7% for resale properties in Andalusia
- VAT (IVA): 10% for new-build properties, plus 1.2% stamp duty (AJD)
- Notary fees: about 600-1,200 euros
- Land Registry: about 400-800 euros
- Legal fees: 1-1.5%
In total, budget about 9-11% on top of the price for a resale home, and 12-14% for a new build (the same figures as our buyer's guide).
Step 5: The Reservation and Private Contract
Once you find the right property, a reservation deposit (typically 6,000-10,000 euros) takes it off the market. This is followed by a private purchase contract (contrato de arras) with a 10% deposit. If the buyer withdraws, the deposit is forfeited; if the seller withdraws, they must return double the deposit.
Step 6: Completion at the Notary
The final step is signing the public deed (escritura publica) before a notary, at which point the balance is paid and the keys are handed over. Your lawyer will ensure all documents and payments are in order. The property is then registered in your name at the Land Registry.
Why Work With Triple L Estates
We handle this process every week. Our team coordinates with trusted lawyers, banks, and notaries to make the experience seamless — whether you are buying from London, Stockholm, Dubai, or Toronto.
