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BASIC GUIDE FOR
FOREIGN INVESTORS.
For practical purposes, all Spanish real estate
acquisition must be formalised through a Civil Law Notary and filed with
the Real Estate Registry.
That acquisition will be considered as a foreign
investment in Spain whether its total acquisition value exceeds 500,000,000
pesetas (3,005 Euro); or regardless of its value, being purchased by tax
paradise nationals or residents. Should any of these requirements be applicable,
the foreign investment must be reported to the Spanish Exchange Control
Authorities.
Requested documents:
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Informative note issued by the Real Estate Property.
This document provides basic data on the real estate, such as the actual
owner of the property, mortgages, liens and encumbrances, etc. The "certificate"
states such information and is recommended.
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Purchaser's power of attorney granted by the purchaser
according his own legislation, granting enough faculties enough to buy,
mortgage, etc. This power must be duly legalised ( “apostille” regulated
in The Hague Convention of October 5th, 1961, applicable in Spain). There
are some practical problems with countries (like The Netherlands) that
do no request public deed to issue a power of attorney. This document may
be drafted into Spanish by the foreign notary or translated into Spanish
by a Spanish sworn translator.
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Being made the payment with a cheque, a bank statement
(which may be included at the back of the cheque) must be provided, attesting
that the funds come from an account open abroad or from a Spanish
non-resident bank account.
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Original acquisition deeds must be provided by the
seller.
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Certificate issued by the Condominium (in the event
of houses, dwellings, etc.), stating that all quotas are paid. Otherwise,
the outstanding payments should be paid by the purchaser.
Cadastral information for tax purposes. This
appears in the Local Property Tax receipts.
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