Planning to buy property in Benidorm

7 Replies
AriesLC

1393600314

Message

Hola, My Partner and I are thinking to buy a property in Benidorm. We are US citizens by naturalization and want to retired outside US eventualy. Where can I get information about the current laws of become a Spain resident. Would buying a property in Benidorm expedite the process to residency? Are there agencies I can contact to start the process? What is the best are in Benidorn to buy property? As you can see, I have lots of questions, so any information would be greatly appreciate it. Regards,

Replies

mishmash-925015 1393839177

Hello,


I am not American so cannot advise you on your specific requirements.   However, from what you say I gather that you are not living in Spain yet.   If that is the case I would give you this advice, which I am sure anyone who has bought in Spain would say - TRY BEFORE YOU BUY.   


Living in Spain can be a great experience but can also be full of pitfalls.   Before you commit to buying a property I would recommend renting for at least a year, primarily to make sure you like the area (living somewhere is very different to holidaying there).   Secondly, beaurocracy in Spain can be very confusing and complicated  even for people who are living here, and if you can possibly learn to speak some Spanish it will make a great difference (rather than relying on or having to pay others).   Once here, you can make friends, talk to people and get 'on the ground' advice relevant to your particular area.  If you buy you will be told to find a good lawyer - this is not that easy, you need to make sure he specialises in your particular needs (e.g. if you want to buy a finca you need once who specialises in rural properties, etc.) - again recommendations are invaluable.


Speak to the local ex-pats in your chosen area - they all have a story to tell.   I am not trying to put you off coming to Spain,  there are thousands of retired ex-pats here who have a wonderful life, I am just recommending you take things slowly.   Once you have lived in Spain for a while you will be in a much better position to make the best choices.


Good luck.

AriesLC 1393985301

Thank you for the good advice mishmash . As you can see I am just starting the research and planning. 

MichelleR1 1394014789

Have a read through our Information Pages here http://costablanca.angloinfo.com/information and you should find the answeres to many questions you'll think off for moving to and living in Spain.

AriesLC 1394033583

Thanks MichelleR1

miles-951723 1395396489

Hi AriesLC,


If you are referring to the new ´Golden Visa' rules that Spain implemented last year then I can tell you that you would have to buy a property or properties worth a total of €500,000 (with all financing originating from outside Spain i.e. no Spanish mortgage finance) or more to be able to qualify to gain residency in this way. 


The visa would be renewable for the first 5 years after which you could apply for permanent residency. The visa will also be granted to immediate family members.


There is also no minimum stay requirement although you will have to prove that you visited Spain at least once in the first 2 years and at least once more in the next 3 years if you want to apply for permanent residency.


There are various other requirements but it operates on positive acceptance which means that unless you have a criminal record then there is a good chance the visa will be granted.


This is the quickest way (application takes a maximum of 20 days) for a non-EU resident to gain residency but of course, it is also expensive.


There are agencies and law firms that deal with this process and it will cost around €1,500 with 21% VAT.


Miles


 

AriesLC 1395410573

Miles, 


thanks so much for the detailed information provided. That  is exactly the kind of information I was looking for. I had read  the law, but I  needed confirmation that it was 500k  euros. Thanks again. I really appreciate it.

miles-951723 1395654475

No problem at all, I'm glad you found the information useful!


I'm currently working at a Costa Blanca law firm so if you have any other questions about law / taxation then let me know.


Miles

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