Many travelers eventually decide to become expats and move to a country where they have fond memories, where they can further their travel adventures, and explore new cities and cultures. Spain is one of the most popular destinations for travelers thus, a surprising amount of expats look to buy a house in Spain and settle in.
But how does one buy a house in Spain when they live abroad? Read on for tips on the home buying process for non-citizens.
How to Buy a House in Spain
Let’s start with the reasons…
In recent years, the economy of certain countries has changed significantly as a result of new legislation, such as Brexit in the United Kingdom.
More and more British and other foreigners from outside and inside the EU are opting to move and buy a house in Spain in 2022; a country that attracts not only tourists but also many people who see the country as a good place to live and start a new life in a Mediterranean landscape, be it on the coast or in the mountains.
Another good reason to buy a house in Spain at the moment is that the market is booming and this attracts foreign investors who benefit from the current state of the Spanish property market.
How can you begin the process of buying a home in a foreign country?
To begin the process of buying a property in a foreign country it is advisable to receive prior advice, since without it the whole bureaucratic process, payment of fees, taxes, etc. can be complicated, especially if you do not master the language of the country of destination, nor its laws, etc.
First, it would be very positive to get to know the territory, its cities, and towns and where you would prefer to live.
Cities such as Barcelona, Madrid, or Valencia are the main options for those who prefer a metropolitan environment with many options to choose from in entertainment, gastronomy, culture, education, etc.
However, this does not mean that there are not also options for those who prefer a life away from the hustle and bustle of the city and choose to live in smaller towns and cities; a good example of this is Andalusia.
What are the requirements for buying a home in Spain?
The main requirements to take into account when buying a home in Spain are, among others, having the NIE, an identification number for former foreigners that allows you to carry out any type of transaction and procedure in Spain legally and securely.
It is not a complicated document to obtain, but it does take some time, so it is best to get information beforehand to follow all the steps correctly. In addition, another requirement would be to have a bank account in Spain, as this facilitates the payment of fees, taxes, etc., and avoids the payment of certain commissions.
What is the minimum income for a home in Spain?
Following this last point, it is equally necessary and important to have a minimum income for Spanish residency 2022, because even if you don’t have a job in Spain but you want to live there, you must be able to prove that you and your family can support yourself and your family if they are going to live with you in the country.
What Visa do you need?
If you want to buy a house in Spain you might want to opt to obtain the Non-lucrative Visa; a residence permit that allows you to live in Spain without working or investing in the country. It lasts for one year and the main requirement is to be able to prove that you have a minimum pension to live well in the country.
In addition, you must also be able to prove that you do not have a criminal record, that you do not have access to Schengen territory, that you have a regular situation in Spanish territory, and that you also have private health insurance.
Otherwise, the process of obtaining this document usually takes a month, so if you want to make sure you are applying for it correctly, do not hesitate to contact My Spanish Residency.
On the other hand, but no less important, if you want to buy a house in Spain, it is essential to have a visa that verifies your situation in the new country. This is known as the Spain Golden Visa, a residence visa for non-EU citizens who want to start a new life in Spain and invest in this country.
This permit is valid for two years. If you only want to reside in the country for less than 6 months, you only have to pay certain fees.
If you want to obtain the Golden Visa, you will need to be of legal age, come from a country that is not part of the European Union, prove that you have sufficient financial means to live in Spain, present a clean criminal record and, in addition, have private medical insurance.
If you want to buy a house in Spain, or if you just need more information on moving there, do not hesitate to visit My Spanish Residency, a web portal run by a team of lawyers who are experts in this type of process, among others related to immigration, who will not hesitate to advise you and resolve any doubts or questions you may have.
With more than 10 years of experience in obtaining visas, advice on buying a new property, etc. My Spanish Residency already has a large number of clients who talk about their experiences and who can also help future users who also wish to take the step and who need advice and professional help when planning to buy a house in Spain.