What you need to know
Useful tips on Spanish law and taxation
Buying
Before purchasing a property in Spain you should get the assistance of a local and independent lawyer to ensure that your money and your rights are fully protected. He/she will verify the legal capacity of the sellers, developers and other intermediaries, write or check each and every document, ensure that all legal requirements are met and make sure that the property is free of any debts, liens or encumbrances.
Selling
Our experience tells us that, before accepting a purchase offer, it is crucial for sellers to be properly informed about what their net profit will be once they have deducted taxes and expenses, and what those will be exactly, to avoid any disappointment later. At Vicente & Otaolaurruchi we can prepare those calculations in a matter of hours.
Taxes
Are you fully aware of the annual taxes that Spanish property owners have to face? Vicente & Otaolaurruchi Abogados has a tax advice department specialising in non-resident taxation, with many years of experience behind us. Any client who wishes to do so can use our global service of tax calculation, settlement and payment, as well as tax representation in Spain.
Other expenses
As owner of a property in Spain, besides tax payment, you must be prepared to deal with other maintenance costs such as the maintenance fees paid to the Community of owners or the utility invoices such as electricity, water, gas, telephone, Internet connection, home insurance, etc.. Do you want to know about these expenses a little better?
Wills
Inheritance law is well known for its complexity. It is in fact one of the most problematic areas of international civil law. The succession to the estate of a deceased person is a situation that the diverse national legal systems treat in very different ways. This can result in serious conflicts among successors if the deceased owns assets and rights in various countries and has not clearly expressed his/her last will by means of a testament.
Inheritance
At Vicente & Otaolaurruchi Abogados we specialise in inheritance law. We can perform an in-depth analysis of your estate and your personal situation that will help you anticipate what will happen when you pass away and avoid or limit any possible issues. And if you are a beneficiary to hereditary assets and rights, we will gladly help you throughout the whole process of settling the estate and paying the appropriate taxes.
Mortgages
If you want to purchase a property in Spain but you do not have sufficient funds or you prefer not to use up your savings, the solution may be to get financing from a credit institution. Before choosing which type of mortgage you need and at which financial institution you wish to apply, it is advisable that you are fully aware of the documents that you would need to present to the bank with the application as well as the expenses that would arise to set up such mortgage.
Letting
If you have one or several properties in Spain that you do not use on a regular basis, letting them may be an interesting option. However, letting a property may turn into an ordeal if you do not take the necessary precautions, so it is therefore vitally important for the owner’s interests that the tenancy agreement be drawn up by a lawyer.
Public health
If you are a citizen of an EU member state and a resident in Spain, you are entitled to healthcare through the Spanish national healthcare system. In order to access the service, you must first apply for an individual healthcare card before the competent public agency in the Spanish autonomous region where you have your residence. This card is personal and non-transferable. But what happens if you are not permanently resident?