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Buying a Property in Alicante – Expenses

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Posted and filed under Property in Spain.

Many people are interested in buying a property in  Alicante, Spain but are unsure about what they are letting themselves in for afterwards regarding ongoing expenses.

Buying the Actual Property in Alicante

You will have to pay for the following:-

Purchase

NIE number if you don’t have one already. The price varies but expect around 130€.  A  NIE number is an identification number for foreigners. You will need it to buy a property, car, setting up a bank account, get a new mobile phone etc.

– Purchase Tax – In the Valencia region 10% of the value of the house as stated on the title deeds. It is 10% IVA on new builds and an extra tax of 1.5% for new builds.

– Land Registry costs – they charge for the registration of the change of ownership. It varies according to the cost of the property.

 

Once a property is purchased

 

– If becoming Resident you will need a Spanish Residencia, which again costs around 130€ for EU Residents. However if you are not working in Spain, nor in receipt of an old age pension, then you will need to purchase private medical insurance to obtain the Residencia, of which the cost will vary and you should obtain a quote for your circumstances . You should apply for a Residencia if you are planning to live in Spain.

– If your car has a foreign registration plate and it will be here in Spain full-time, sell it, or change the registration to Spanish plates. This cost varies considerably depending on the make, model, age of car, but we can provide a quote.

We charge 363€ & the Traffic Department fee and taxes which we need the V5 for the Traffic Department to confirm.

– If you are becoming Resident you need to change your driving licence to a Spanish one. We charge 193.60€ including IVA for a change to a Spanish licence and you may have to pay a little extra if you need a small medical report.

You will also have the following usual annual expenses:-

1) Suma (Local rates), Non Resident Taxes if non-resident and Resident Income Taxes if Resident and also Community fees.

– Town Hall taxes (IBI/Suma, which is like local rates, and varies depending on the size of the house, but generally a few hundred euros per annum average in this area. This is paid in September each year.

Also car road tax is paid to the town hall and varies from 50€ per year to around 170€.

– Pay annually either the income tax declaration, or if only in Spain less then 183 days per year, the non-resident tax declaration. Please contact us for a quote for fees.

– Local urbanisation community fees, if there are any. These vary from nothing to maybe a couple of 1,000€ per year for a luxury community.

 

One-off and specialist Expenses

 

– Those who have assets in Spain, especially property, should write a Spanish Will to avoid delays and complications when they die. Our charge is 181.50€ per Will including IVA and Notary costs.

– If you are considering improvements to your house, either small or large works, inside or outside, you must apply for a building licence from the local  town hall. Please contact Ana for a quote depending on the type of work being done. She can also give you a quote for a tourist licence to let out your property.

– If you are planning to work on a self-employed basis you need to talk to an adviser about how to do this legally, and if you have premises about the correct licences. Also regarding taxes and VAT returns.

We can help you with all of the above and any queries you may have.

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