All prices on our website are before taxes and legal fees.
The following is a current guide (November 2020) to expenses that need to be added to a Spanish property:
Either 10% IVA (Spanish VAT) to a new or off-plan/never been previously owned property, plus an additional 2% Stamp Duty is added to brand new properties; or 8% ITP(Transmission Tax) when buying a resale property.
Land registry/notary costs 1% to 2% of the list price.
Solicitors/legal fees typically €800 to €1,500 excluding IVA
This is just a guide and not an exhaustive list of costs.
To summarise for ease of calculation to purchase a home in Spain, add approximate 12%-15% on top of the advertised sales price.
Non-Resident Income Tax (IRNR)
In Spain, there is a non-resident tax, often called “wealth tax”. This is a direct tax which is levied on the property of owners who do not permanently reside in Spain. The declaration is made in December and is approximately the same amount as the IBI or council tax, normally a few hundred Euros each year.