bUYING PROPERTY IN SPAIN
Although property, particularly rural
houses in Spain, are generally cheaper than in the UK
the cost of buying is higher.
The main reason for this is the purchase
tax of 7% on all property sales, this is known as IVA
and is the Spanish equivalent of VAT. You will also
have charges for land registry fees, legal costs and
notary charges. These will take the buying costs up
to a around 10% of the purchase price.
Once purchased the annual taxes on a
Spanish property obviously vary with the property in
question. In general they are not too penal, a typical
two-bedroomed apartment will usually have total annual
costs of between £1,000 and £1,500.
This includes charges for water, electricity,
waste disposal, community charges, insurance and annual
property tax. It also includes a payment to a Spanish
representative to account for these payments (a Spanish
Accountant).
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