As one of the few countries in the world to implement a property-based immigration policy, Spain has naturally attracted the attention of global investors due to its lenient immigration policies. However, as the number of investors applying for Spanish immigration continues to rise, it is only a matter of time before Spain's property-based immigration policy is tightened. Experts remind investors that the cost of a Spanish visa is not as simple as just 500,000 euros. In addition to the 500,000 euro property investment requirement, there are various taxes, legal fees, and other expenses. Let us take a detailed look below.
The list of fees for processing a Spanish visa is as follows:
1. Legal Fees
Legal fees depend on the scope of services provided by the lawyer. If you grant full power of attorney to a lawyer to handle bank account opening, fund transfers, contract review, negotiations with intermediaries/developers, property transfer, key collection, and even communication with property management or checking utility connections, the fees will naturally be higher. If the service is limited to property transfer, the cost will not be as high. The typical quote is 1.21% of the property price.
2. Property Land Registry Fee
Taking a 500,000 euro property as an example, the fee is approximately 300-1,000 euros, payable to the Spanish Property Registry.
3. Notary Fee for Property Transfer
Taking a 500,000 euro property as an example, the notary fee is approximately 800-2,000 euros, payable to the notary office.
4. Fee for Obtaining a Foreigner Identity Number (NIE)
Approximately 10 euros per applicant; an additional 15 euros is required if a card replacement is needed. This is paid to the Spanish tax authorities at the time of processing.
5. Notarization Fee for Power of Attorney and Passport Copies
Approximately 90-200 euros, payable to the police station or the Spanish Embassy in China at the time of processing.
6. Property Transfer Tax
Approximately 10% of the property price for residential properties, or approximately 21% for commercial properties or land, payable to the Spanish Tax Agency after the purchase.
7. Stamp Duty
If purchasing a new property, the stamp duty rate is 1.5% of the total property price (including all land types). The rate varies slightly by region and fluctuates within this range. If purchasing a resale property, this fee is not applicable.
Taking a 500,000 euro property as an example, if it is a residential property, the total cost to successfully process a Spanish visa is approximately 565,000 euros, while for a commercial property, it is approximately 620,000 euros. Spain's property-based immigration program offers many advantages; a single application allows for three generations of a family to immigrate, effectively resolving concerns regarding children's education and elderly care. Furthermore, with the current positive development trend of the Spanish real estate market, buying property in Spain is an excellent choice for both immigration and investment purposes.