Property In Spain

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Get Your NIE Number before you Buy Property in Spain

Buying property in Spain, be it as an investment, second home or to settle down in permanent retirement is a rewarding experience if you are equipped with the know–how to get about.

First and foremost, before purchasing property in Spain you will need a NIE number. A NIE number (Foreign Identification Number/ numero de identificacion de extranjero ) is a necessity in all fiscal or legal matters in Spain. These identification numbers are used to track foreign individuals’ financial and official activities in Spain. The NIE always starts with "X" and is followed by seven numbers and a letter. Your number is personal to you: It is not transferable and neither does it expire.

Most property agents will advise you about this before you start searching. The best way is to contact a Solicitor to take care of this on your behalf while you can start the property hunting process. It is recommended that you choose an independent Solicitor who has no relationship with the agent. Once you have found a property in Spain a deposit will be required. You will be asked for an initial deposit between 5% and 15%. The property buying process in Spain requires that the buyer also pays the Notary’s fees and the property sales taxes, so please check your figures before committing!

When you are thinking of relocating it is also necessary for you to look at the cost of living. Spain is known for having its low cost of living in comparison to other European countries; the UK, France, Germany, Greece, Italy and Portugal. However you have to also take into account that if you are looking to take work in Spain then the wage levels are also lower than in the UK. It is always good to be knowledgeable on the subject before buying property in Spain.