Buying as a Foreigner

Uncover our detailed guide to buying property in Barcelona as a foreigner plus a realistic simulation of all associated costs.

Step 1

Obtaining The NIE

The NIE serves as your foreigner identification number in Spain. Whilst it represents your presence in the government’s eyes, it doesn’t grant residency like as a Visa would.

How It Can Be Done

Application Submission

Locally, schedule an appointment at a police station, and internationally, at a consulate.

Appointment Preparation

Ensure you have the complete EX-15 form, proof of funds, and your eligibility documents—all translated into Spanish.

Processing Time

After submission, be prepared for delays, as the system is frequently overloaded and processing your application may take several months

Recommendation

Obtain support from a specialized immigration lawyer. They can expedite the process by securing pre-booked slots and ensuring there are no errors in your application

Step 2

Opening a Local Bank Account for Property Transactions

Opening a local bank account is essential for managing crucial financial transactions related to purchasing property in Spain.

Recommendation

We collaborate with a network of vetted financial consultants and bank representatives who specialise in assisting international clients.

How It Can Be Done

Proof of Address

Ensure you have valid proof of your current address. For non-residents, this document must be apostilled.

Non-Resident Certificate

To open a non-resident account, you must obtain a non-resident certificate, available locally at police stations or abroad at Spanish consulates.

Final Screening

In case of screening from the banks, prepare proof of funds, apostilled and translated into Spanish by an authorized translator.

Step 3

Planning Your Property Search

To enter the search with a clear and effective strategy, you must be certain of what you are looking for, thoroughly prepared, and familiar with the tools at your disposal.

How It Can Be Done

Explore the Platforms

Familiarize yourself with trusted platforms such as Idealista, Fotocasa, and Habitaclia. Mastering their features enhances your efficiency in the competitive market.

Clarify Priorities

Reflect and determine which features are most important to you and your goals, and decide which ones you are willing to compromise on.

Market Alignment

Research the market and its prices to develop search criteria (i.e., location, size, features) that best balance your needs with the reality of the market.

Recommendation

In the first phases of our client experience, we conduct a needs assessment meeting and then craft a tailored plan of action and search strategy that guarantees optimal results.

Step 4

Organizing a Visit

Before arranging property viewings, verifying the credibility of the listing agency is essential, as agencies occasionally exploit a foreigner’s lack of local knowledge.

Recommendation

Always remain informed about customary practices in future interactions, even with seemingly credible agencies, to safeguard your interests.

How It Can Be Done

Inspect Listing Photo

Ensure that listing photos are genuine—not renderings, copied, or heavily edited images.

Research the Agency

Check the agency’s reviews on platforms like Google; sparse or negative feedback may indicate issues.

Confirm Agency Credentials

Verify agency membership in recognized real estate associations such as API or AICAT, ensuring professional standards.

Step 5

Submitting an Offer

If you find a suitable property and are ready to proceed, it’s vital to understand and prepare for the offer submission process clearly.

How It Can Be Done

Market Comparison

Calculate the price per square meter of nearby apartments to ensure the property’s competitive pricing.

Offer Submission

Typically, you’ll pay 1% of the property’s value as a deposit to formally submit your offer.

Negotiation Process

If the offer is countered, negotiations will commence. Should an agreement not be reached, your deposit will be refunded.

Offer Acceptance

Upon acceptance, the deposit is applied towards the final purchase price.

Recommendation

We suggest consulting with market experts who have access to live, off-market data and exclusive pocket listings. Their market insights will guide you toward optimal property choices.

Step 6

Conducting Due Diligence

After reaching an agreement, thorough due diligence is essential to prevent future issues related to the property.

Recommendation

Engage with specialized legal professionals—such as those we collaborate with. They can uncover hidden issues and prevent future complications and disputes.

How It Can Be Done

Legal Verification

Ensure the seller legally owns the property and verify the title is free of disputes or outstanding mortgages.

Financial Checks

Confirm that property-related payments like community fees and property taxes (IBI) are fully up to date.

Structural Assessment

Ensure mandatory building inspections are passed and identify any possible zoning restrictions.

Step 7

The Arras Contract (Pre-Deed)

The Arras Contract is a binding preliminary agreement formalizing your intent to purchase and defining all conditions of the sale.

How It Can Be Done

Deposit Payment

Entering the Arras Contract requires a deposit equal to 10% of the property’s price, including the initial 1% reservation deposit.

Financial Obligation

If you back out after signing without valid reason, your deposit is forfeited. If the seller withdraws, they must pay you double your deposit.

Clause Review

Carefully review all financial terms, contingencies, and dispute resolution clauses within the contract.

Recommendation

In our experience, most post-purchase legal issues stem from the Arras contract. Legal specialists should review and clarify the contract, ensuring all terms protect your interests.

Step 8

The Escritura (Property Deed)

The Escritura marks the final stage of your purchase, legally finalizing property ownership transfer at the notary’s office.

Recommendation

Obtain legal support to ensure a smooth transfer of ownership and to have the complex post purchase formalities effectively managed on your behalf

How It Can Be Done

Review and Signature

The notary will read the deed aloud in front of you and the seller to ensure both parties have a clear understanding of the all clauses before signing.

Complete Payment

At this time, you must pay the remaining 90% of the purchase price via bank-certified checks or bank transfers pre approved by the bank of Spain.

Finalize Formalities

After signing, it is time to proceed with paying all the associated taxes and registering your new ownership with the local property registry.

Cost Simulation for Buying Property

Uncover what are all the additional costs associated with buying property in Barcelona and visualize them with a cost simulation.

Additional Costs

Cost Simulation (€500,000 property)

Property Transfer Tax (ITP)

10% of the property price (second-hand properties only)

€50,000

Notary Fees

~0.3% of the property price

€1,500

Land Registry Fees

~0.15% of the property price

€750

Gestor Fees

around €500

€500

Bank Transfer Fees

~0.5% of the property price

€2,500

Legal Fees

~1% of the property price

€5,000

Total Extra Costs

€59,750 (~12%)

Mortgage simulation

If you choose to finance your property through a mortgage, additional fees apply

Additional Costs

Cost Simulation

Base Additional Costs (from above)

~12% of the property price

€59,750

Property Valuation Fee

around €500

€500

Mortgage Initiation Fee

~1% of the loan amount

€2,500

Stamp Duty on Mortgage (IAJD)

~1.5% of the loan amount

€3,750

Additional Notary Fees

~0.2% of the loan amount

€500

Bank Transfer Fees

~0.5% of the property price

€875

Total Extra Costs

€66,500 (~13%)

Mortgage Downpayment

Considering 50% LTV

€250,000

Total Necessary Upfront

€316,500 (~63%)