If the house is a resale property, the buyer must pay a transfer tax of 8% to 10% of the purchase price specified in the deed. To calculate the base amount of this tax, you take the purchase price and determine the portion that relates to the share each person is purchasing. The first 400.000 euros of each purchaser´s base is taxed at 8%, the portion between 400.000 to 700.000 euros is taxed at 9% and the portion above 700.000 euros is taxed at 10%.
For example, if 2 people purchase 50% each of a property that costs 800.000 euros, the total transfer tax would be 64.000 euros (8% of 800.000 euros). However, if only 1 person purchases this property, the transfer tax would be 69.000 euros, which is calculated as 400.000 € x 8% + 300.000 € x 9% + 100.000 € x 10%.
If the seller is a real estate developer and the property represents a first-time transfer, then in lieu of the transfer tax, the buyer must pay VAT of 10% of the price specified in the deed. The VAT is paid directly to the vendor and a stamp duty of 1.5% must be paid by the buyer to the provincial tax authorities within 30 days of the purchase.
In addition to the taxes, there are the following fees:
If you get a Spanish mortgage, then there are the following fees:
We can provide you with a simulation of the exact costs depending on the price of the property you are interested in and the amount of money you plan on borrowing.