When exploring international real estate opportunities, investors and expatriates should not overlook Spain as an intriguing option. LX has extended its reach beyond borders to establish valuable connections in Spain, recognizing the immense potential and opportunities that this European country offers in the market. Spain’s unique offerings, rich cultural heritage, and geographic advantages present an appealing choice for investors and expatriates.

Spain offers a myriad of options that cater to discerning buyers seeking exclusive properties. Spain’s diverse landscapes, rich history, and vibrant culture make it an attractive destination for luxury real estate investments. Not only is the Spanish economy strong and growing, but its cost of commercial property is relatively low compared to other European countries. Spain is also a popular tourist destination, which means there is a demand for commercial space. The Spanish government also offers tax breaks and other incentives for foreign investors.

Spain offers a variety of prime locations for luxury real estate. Some of the most popular areas include:

• Costa del Sol: Known as the “Golden Coast,” this region in southern Spain is renowned for its upscale resorts, exclusive golf courses, and beachfront properties.
• Balearic Islands: Mallorca, Ibiza, and Menorca are highly sought-after destinations for luxury properties. These islands boast stunning Mediterranean landscapes, world-class marinas, and upscale amenities.
• Marbella: Located on the Costa del Sol, Marbella is synonymous with luxury living. Its glamorous reputation, upscale restaurants, high-end shopping, and luxury villas attract affluent buyers from around the world.
• Barcelona: This cosmopolitan city offers a mix of modern architecture, cultural attractions, and a vibrant lifestyle. Exclusive penthouses and upscale apartments can be found in prestigious neighborhoods such as Eixample, Sarrià-Sant Gervasi, and Pedralbes.

Luxury real estate in Spain encompasses various property types to suit different preferences. These include:

Upscale apartments in Spain often feature modern designs, high-end finishes, panoramic views, and exclusive amenities such as gyms, spas, and concierge services. They are particularly popular in major cities like Barcelona and Madrid.

Townhouses are a good option for foreigners who want to have the space of a villa but the convenience of living in a Spanish city or town. They are typically located in gated communities, and they often come with amenities such as a swimming pool and parking.

Foreigners who want to run a business in Spain find commercial property to be a good investment. It can also serve as a viable means to obtain a Golden Visa, which grants a residence permit to foreigners who invest a certain amount of money in Spain. To qualify for a Golden Visa through commercial property investment, you must purchase a property worth at least €500,000 in a designated area and use it for commercial purposes. Additionally, you must retain ownership of the property for at least five years, and after that, you can apply for permanent residency in Spain if you have lived in the country for at least two years.

Land is a good investment for foreigners who want to build their own home in Spain. It can also be a good way to get a Golden Visa, following the same conditions described for the commercial properties above. “Fincas” are usually found in rural areas of Spain. When purchasing land, it’s important to consider the its location and size, zoning restrictions, and ecological matters for a successful future construction.

If you’re a foreigner considering buying property in Spain, it’s essential to familiarize yourself with the requirements and procedures involved. Spain has certain regulations in place to ensure a smooth and secure real estate transaction process for international buyers. Here are some key requirements to keep in mind:

1. What it is: As a foreigner, you will need to obtain a Foreigner Identification Number (Número de Identificación de Extranjero or NIE) from the Spanish authorities. This unique identification number is necessary for any legal transactions, including property purchases.
2. How to obtain: Through the Spanish consulate or embassy in your home country. If you are already in Spain, you can schedule an appointment at the nearest Foreigners’ Office (Oficina de Extranjeros) or police station (Comisaría de Policía).

1. What you need: Foreigners are required to present a valid passport for identification. Ensure that your passport is up to date and valid throughout the entire transaction process.

1. Why it’s advisable: It is advisable to open a Spanish bank account, as this will facilitate financial transactions related to your property purchase. Having a local bank account makes it easier to set up direct debits for utilities and other ongoing expenses.

1. When it’s necessary: While it is not mandatory to have Spanish residency to purchase property, it can offer certain advantages, such as access to healthcare and potential tax benefits. If you plan to spend an extended period in Spain, you may want to consider obtaining residency.
2. How to obtain: Once in Spain, you’ll need to apply for your residency permit at the nearest Foreigners’ Office (Oficina de Extranjeros) or the local police station (Comisaría de Policía).

1. Why is it important: Engaging the services of a reputable Spanish lawyer or legal representative who specializes in real estate transactions is highly recommended. They will guide you through the legalities, help you understand the contracts and documentation, and ensure that all necessary steps are followed. Ideally, this representative should speak both Spanish and your language for easy communication.

1. Why to check: It is crucial to verify that the property you wish to purchase is correctly registered and has a valid title deed (escritura pública). Your legal representative will conduct due diligence to confirm the property’s ownership status and any existing encumbrances or debts.

1. Which ones: As a property buyer in Spain, you will be responsible for paying various taxes and fees. These can include Value Added Tax (VAT) or Transfer Tax, Stamp Duty, Notary fees, and Property Registry fees. It’s important to factor these costs into your budget when considering a property purchase.

1. Requirements: If you plan to finance your property purchase with a mortgage, be aware that the process may differ for non-residents. Spanish banks typically have specific requirements for foreigners, including providing proof of income, employment status, and financial stability.

1. What it is: The final step in the property purchase process is signing the escritura pública, or notarial deed. This legal document confirms the transfer of ownership and is signed before a notary public.