Mortgage. Financing
MUNFORT offers comprehensive assistance in the process of finding the best mortgage or financing option for the purchase of a home. With our experience and expertise, we will guide you through the different options available in the market, taking into account factors such as interest rates, terms and conditions. This help ensures that clients make informed decisions and obtain the most suitable financing for their individual needs and circumstances.
In 2024, in the Region of Murcia, the Transfer Tax (ITP) is set at 8%, applied to the sale or market value of the property, with the buyer being responsible for its payment. In addition to the general rate of 8%, there are reduced rates and exemptions, such as 3% for young people under 35 years of age who purchase their first habitual residence for a value not exceeding 150,000 euros.
Let us suppose that we want to acquire a property in the Region of Murcia for a value of 100,000 euros.
EXPENSES TO BE CONSIDERED in the REGION OF MURCIA:
- Transfer Tax (ITP): 8% of the value of the property.
- Notary and Registry fees: Estimated at 2% of the value of the property.
CALCULATION OF EXPENSES:
- PT: 8% of 100.000€ = 8.000€.
- Notary and Registry fees: Estimated at 2% of the value of the property.
TOTAL EXPENSES:
- ITP + Notary and Registry fees = 8.000€ + 2.000€ = 10.000€.
Then, in order to be able to acquire the property, we must have at least 10.000 euros saved to cover the associated expenses.
In the Valencian Community in 2024, the Transfer Tax (ITP) is set at 10%, calculated on the sale or market value of the property, being the responsibility of the buyer its payment. In addition to the general rate of 10%, there are reduced rates and exemptions, such as 6% for young people under 35 years of age who buy their first habitual residence for a value not exceeding 180,000 euros.
Now let us suppose that we want to purchase a home worth 100,000 euros in the Valencian Community.
EXPENSES TO BE CONSIDERED in the VALENCIAN COMMUNITY:
- Transfer Tax (ITP): 10% of the value of the property.
- Notary and Registry fees: Estimated at 2% of the value of the property.
CALCULATION OF THE EXPENSES:
- ITP: 10% of 100.000€ = 10.000€.
- Notary and Registry fees: 2% of 100.000€ = 2.000€.
TOTAL EXPENSES:
- ITP + Notary and Registry fees = 10.000€ + 2.000€ = 12.000€.
So, in order to be able to purchase the property, we must have at least 12,000 euros saved to cover the associated expenses, and it is advisable to have an additional amount as a reserve and to cover other possible unforeseen expenses related to the purchase of the property.
Currency exchange
- Pounds: 686.054 GBP
- Russian ruble: 686.054 RUB
- Swiss franc: 772.943 CHF
- Chinese yuan: 6.292.028 CNY
- Dollar: 868.973 USD
- Swedish krona: 9.572.475 SEK
- The Norwegian crown: 9.701.175 NOK
Tax Representation. Lawyer
If you are not resident in Spain, at the time of the notary deed you need to present a fiscal representative in Spain.
In this case we can recommend a prestigious law firm with extensive experience in the sector and who speaks your language to represent you and take care of all the documentation and preparation of the sale and purchase.
Legal representation:
In addition to tax matters, a fiscal representative can provide legal advice on aspects related to the home purchase, such as reviewing contracts, preparing legal documents, and representing the buyer in legal matters related to the transaction.
In summary, having a fiscal representative when buying a property in Spain as a foreigner can provide peace of mind by ensuring compliance with tax and legal obligations, as well as facilitating the purchase process by providing advice and representation on tax and legal matters.
NIE (Foreigner's Identity Number)
On the day of the signature before the notary the signatories need a Spanish NIE. You cannot complete the purchase-sale with your country's identification card or passport. How to obtain the NIE:
- At the Spanish consulate in your country of residence.
- Foreigners office in Spain: Hiring the services of a lawyer in Spain to carry out the necessary procedures and obtain it. In this case we can help by recommending a law firm that speaks your language.
Currency exchange. CRIPTOMONEDAS
Currency exchange companies in Spain, commonly known as casas de cambio or exchange bureaus, are mainly engaged in providing foreign currency exchange services to customers who need to exchange one currency for another. These companies facilitate the conversion from one currency to another, either in cash or through wire transfers, offering competitive exchange rates and transparent commissions.
The main activities of these companies include:
| 01. Foreign Exchange
They allow customers to exchange one currency for another, whether for international travel, international business, investment in foreign markets, among other purposes. |
02. Buying and selling foreign currency
Buy and sell foreign currency in cash or through bank transfers, providing access to a wide range of currencies. |
| 03. International money transfers
Facilitate international money transfers, allowing customers to send money to other countries in the desired currency. |
04. Financial advice
Some foreign exchange companies also offer financial advisory services related to the foreign exchange market and currency risk management for corporate clients. |
Paying for homes with cryptocurrencies involves using decentralized digital currencies, such as Bitcoin or Ethereum, to conduct real estate transactions. This process generally involves the seller and buyer agreeing to use cryptocurrencies as a form of payment. To carry out the transaction, an equivalent value in cryptocurrencies for the property must be established, considering price fluctuations. It is important to have specialized legal and financial advice to ensure a secure and legally valid transaction.
GOLDEN VISA
Law 14/2013, of September 27, on support for entrepreneurs and their internationalization, introduces in Spain a new type of visa and residence permit for investors known as Golden Visa.
The essential purpose of this measure is to facilitate foreign investments in Spain made by persons who are not citizens of the European Union, through an agile and flexible method focused on those who have the consideration of investors in their legal concept, entrepreneurs, highly qualified professionals or workers who carry out transactions within the same company.
Advantages of the Golden Visa
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Types of Golden Visa
The different types of investments included in the law as a way to obtain the stay and residence visa form a group around the concept of significant investment, considering as significant those that meet any of the following assumptions.
- An investment equal to or greater than 2 million euros in Spanish public debt securities.
- With the purpose of acquiring shares of Spanish companies, or bank deposits in Spanish financial entities, for an amount equal to or greater than one million euros.
- Consisting of the acquisition of real estate assets valued at 500,000 euros or more.
- For the purpose of developing a business project in Spain considered and confirmed as being of general interest due to meeting one of the following requirements: job creation; making an investment with a relevant socioeconomic impact; relevant contribution to scientific and/or technological innovation. In case of being carried out by a legal entity, it cannot have its registered address in a tax haven and the applicant must have the majority of the votes.
This last assumption is considered by law as a different type of significant investment due to its amount, since the obtaining of the visa is determined by reasons of social importance or other economic benefits not financially valued in money or capital. Also included within this range are highly qualified professionals and those who carry out transactions within the same company.
It is a new type of residence visa, established by Law 14/2013, of September 27, aimed at those non-resident foreigners who wish to enter Spanish territory to make a significant capital investment.
The law distinguishes two big groups. The capital investments (in public debt, social shares of Spanish companies, bank deposits in Spanish financial entities and through the acquisition of real estate assets) and other kind of investments (creation of a company of general interest, high qualified professionals and transactions within the same company).
Yes. The investor’s visa allows to circulate freely within the “Schengen” area (Spain, France, Germany, Austria, Belgium, Denmark, Estonia, Finland, Greece, Hungary, Iceland, Italy, Latvia, Lithuania, Czech Republic, Liechtenstein, Luxemburg, Malta, Netherlands, Norway, Poland, Portugal, Slovenia, Slovakia, Sweden and Switzerland)
Yes. The holder of the permit can keep his tax residence outside Spain, as long as he stays in our country for a period less than 183 days per year. Also, the residence permit can be renewed even with absences longer than six months per year.
The residence visa for investors authorizes to stay in Spain during one year. Once expired this period, it can be requested a residence authorization for a period of two years, renewable for two years more if you prove the maintenance of the investment.
Yes. The Golden Visa authorizes to live and work in Spain. This results from the Fourth Additional Provision of the Law, which states a single proceeding to request a permit authorizing to live and work.
Yes. The visa applications will be solved and notified in a period of ten working days, while the maximum period to solve the residence authorizations are 20 days since the submission of the application, with a positive administrative silence.
Yes. The time lived in Spain legally will count to request the long-term residency and also the nationality.
Yes, however with certain clarifications. The residence authorization for investors must have an initial duration of two years, after which the permit can be renovated every two years indefinitely in the case that the investment and the rest of requirements are complied
No, it is necessary to have the investors authorization which is valid for one year. During this year, the residence authorization can be requested at any moment without having to wait to complete the year.
No. The Law is only applicable to the investments carried out from the 29th September 2013 onwards, date when the law entered into force, as it is states in the thirteenth final disposition of the same.
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