Q. Why does it cost so much to buy a property in Spain?
A. The simple answer is TAX. As is common in other mainland European countries there is far more tax payable when purchasing than you would pay in the UK. As a guide: in Alicante the transfer tax is now 8%, in Murcia it is 7%, then you pay stamp duty of 1%, your Notary and Land Regisrty fees will be another 1000 euros and expect your solicito...r's costs to be 2000-2500 euros. It is NOT a straight 10% as the media have often stated. On new properties there is no transfer tax but you pay IVA (Spanish VAT) at 10%. The payments are callculated on the property value which is not always the same as the actual amount paid for the property.
Call or email for more details info@spanishdreamproperty.com +44 1603 415296.
A. The simple answer is TAX. As is common in other mainland European countries there is far more tax payable when purchasing than you would pay in the UK. As a guide: in Alicante the transfer tax is now 8%, in Murcia it is 7%, then you pay stamp duty of 1%, your Notary and Land Regisrty fees will be another 1000 euros and expect your solicito...r's costs to be 2000-2500 euros. It is NOT a straight 10% as the media have often stated. On new properties there is no transfer tax but you pay IVA (Spanish VAT) at 10%. The payments are callculated on the property value which is not always the same as the actual amount paid for the property.
Call or email for more details info@spanishdreamproperty.com +44 1603 415296.
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