CHARGES TAXES & EXPENSES FOR PROPERTY

Insurance

You should contract an insurance policy to protect your assets in Spain. If your property is mortgaged the bank will require you to do so. A standard insurance policy for an apartment worth about €300,000 with contents valued at €48,000 costs in the region of €300 a year. In an apartment block or housing complex the residents’ association (Comunidad de Propietarios) is required to insure the whole property for the cost of rebuilding. However, it is always advisable to also take out your own buildings insurance in case the Comunidad de Propietarios’ insurance is not comprehensive. For a villa with a rebuild value of approximately €500,000 and contents worth €180,000, the insurance premium would be about €1,600. 

PREV.     NEXT

1. Finding a Property.
2. Real Estate Agents.
3. Choosing a Lawyer.
4. Negotiating the purchase.
5. The Reservation Contract and Deposit.
6. Exchange of Private Purchase Contracts.
7. Completion.
8. Registry.
9. Special Considerations when buying Off-Plan.
10. Fees when buying.
11. Taxes when buying.
12. Other Expenses.
13. Differences between the contract price & the amount actually paid.

Selling

1. Real Estate Agent & Lawyer.
2. Fees when selling.
3. Taxes when selling.

Charges Taxes & Expenses for Property

1. Service Charges in Communities.
2. Annual Real Estate Tax. ( IBI )
3. Rubbish Collection Tax.
4. Capital Assets Tax.
5. Property Owners’ Imputed Income Tax.
6. The Tax Returns.
7. Insurance.
8. Mortgages.

Other Legal Matters

1. NIE – Identification number.
2. Open Spanish Bank Account.
3. Making a will in Spain.
4. Inheritance Tax.
5. Investment Opportunities on Spain.

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