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HOW TO BUY : A VALENCIA / SPANISH PROPERTY AS A FOREIGNER

When we talk about buying a house in Valencia, or Spain in general, whether buying a house in the capital city Madrid or anywhere on the Costa the British are the most significant foreign buyers of homes on Spanish soil. The Brits are followed by the French, Germans, Russians, and Italians, not forgetting the increase of Chinese citizens arriving in the country. Whether you want a property in the popular coastal areas such as the Costa Blanca or Costa del Sol, or want to enjoy the diversity of the big cities (Barcelona, Madrid, Tarragona, Valencia, etc.), the steps to take are not always clear or intuitive. Also, you must be certain what taxes and expenses purchasing a property entail. In this article, we take a look at the steps and expenses involved.

What taxes and additional costs do you have to pay when buying a home in Spain?

The only indispensable requirement to buy a home in Spain is to get the NIE (Foreigner Identification Number), which is to be replaced with a TIE (tarjeta de identidad de extranjero) due to Brexit. The TIE will display your NIE, a personal and unique number, which is essential to carry out any transaction in Spain, from opening a business to buying a property, or even a car.

It is not compulsory to open a bank account in Spain to buy a property but having a Spanish bank account will facilitate the payment of taxes and expenses.

The purchase of the house is made before a Notary and is registered in a public register.

It should be noted that prior to completing the purchase before the notary it is very common to make a private sales commitment contract that is called “el contracto de arras”, where a part of the total purchase price is already paid.

What taxes and expenses will you have to pay when buying a home in Spain?

The purchase of a home is subject to several taxes, which can substantially increase the house price. Among them are:

  • Value Added Tax (VAT), in the case of new homes or first transmission. 10% levy rate.
  • The Property Transfer Tax (ITP), in the case of second-hand residences or resales. The tax payable is between 6 and 10% of the price, depending on the Autonomous Community where the home is located. It must be paid if VAT is not applied to the transfer.
  • Tax on Documented Legal Acts. This tax must be paid if the house is purchased and VAT is applied and if purchased with a mortgage.

In addition, there are other expenses to consider:

  • Public writing of the notary.
  • Inscription of the deed in the Property Registry.
  • In the case it is necessary to ask for a mortgage, you must include the appraisal and notary fees, mortgage taxes, and the deed’s registration in the Property Registry.

Other taxes will also have to be paid during the year, such as the Real Estate Tax (IBI), the Estate Tax where applicable, the Income Tax of Natural Persons (IRPF). If you do not reside in Spanish territory for more than 183 days a year, you will have to pay the Income Tax of Non-Residents.

Tips for buying a home in Spain

To the extent that is possible, we recommend that you:

Visit the house personally before signing or paying, that is, check first-hand the condition of the property, the surrounding area, the transport routes that connect to the town centre, etc.

Determine who owns the house. To get this information, you will need to go to the Property Registry and check the home’s legal and urban situation. This prevents real estate scams.

Once acquired, register the house in the Property Registry to prove that you have the absolute rights and own the property.

If a prior arras contract is made, hire an expert who verifies the purchase contract’s content and its effects.

To avoid uncertainties, errors, and queues, it is recommended that you delegate all tasks to a professional.

We do sometimes hear of buyers running into problems when purchasing in Spain, but really the process is very straightforward, if somewhat different to the UK. If you consult legal professionals, there is no need to be concerned when it comes to purchasing a new or resale home in Spain. VILLASVALENCIA will assist.

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BRITISH TOURISTS ARE SAFER HERE THAN IN THE UK

The Valencia Govmnt remains committed to task of convincing the UK that the region is a safe destination for British and other tourists.

Despite the bombshell announcement by Boris Johnson’s Guvmnt. that they were advising Britons not to travel to the Valencia region or to Spain and imposing 14 days quarantine on their return, the Valencia tourism authorities are continuing with promotional activities in the UK.

Regional secretary for tourism Francesc Colomer explained that they are spending € 500.000 on an agreement with the regional chambers of commerce so they can carry out promotional events, which will include the UK and other countries.

Diplomatic negotiations are taking place and Valencia giving data and arguments to show the UK and other countries that tourists can be even safer here than in their own country.

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Valencia is open to Buyers

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Valencia: Tourism Trade gears up

In the Valencia and Costa areas are gradually opening up and the announcement by EastJet it was to commence operations from today, 1st July, now offers establishments a further incentive.

Ryanair had already made the announcement last week. EasyJet said, holiday-makers will be able to fly from 14 airports across the UK to a number of airports in Spain now.

All arrivals at Valencia or Alicante airports will be screened for temperature and will have to fill in a form allowing the authorities to locate them in the event of a local flare-up, and, Restaurants, Pubs, Nightclubs, abiding to new regulations, are preparing to open now on the beaches.

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‘The coronavirus pandemic has surprised many of those who were previously happily on track to fulfilling their dream of buying a second home in Spain. In some cases, it has stopped the process entirely, while in others it has made moving forward with the purchase far more difficult, leaving many future owners worrying about their options.’

‘Some future buyers have started to question their decision to purchase in Valencia, Spain in light of the pandemic. On the other hand, others are determined to go all the way and succeed with their Spanish property ownership dream. We are continuing to work for clients as normal, working closely with developers, notaries and real estate agents so that clients’ purchases and sales are not frustrated.’

‘It’s still perfectly possible to purchase the home of your dreams here in Spain. Buyers just need to take additional precautions to ensure the quality, safety and efficiency of the purchase process. Having a good lawyer or notario is key to a safe purchase process, while those looking to take a belt and braces approach have the option to buy properties that have been quality approved with us, Villas Valencia. “This important quality mark assures the buyer that all legal requirements for sale have been met, so that they can go ahead and purchase with peace of mind.’ – Happy Valencia –

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Why Learn Spanish with Jokes – during Covid-19

Whether you like your jokes laugh-out-loud funny or cringe-worthy, you’ll need a good grasp of the Spanish language to get these jokes.

But understanding the humor of a whole different language is about more than just knowledge of said language—it’s about getting the culture.

In other words, if you find the jokes below funny, then you know you not only got the language, but also the cultural humor. And that’s an impressively deep understanding of Spanish! Jokes can show you how to take your knowledge of words and turn it into true understanding.

(1) A: La nueva cocinera es un sol. (The new cook is a ray of sunshine.)
B: ¿Cocina bien? (Does she cook well?)
A: No, lo quema todo. (No, she burns everything.)

For this one I translated the meaning literally in English. We don’t use the phrase “ray of sunshine” the same way un sol is used in Spanish. Un sol is someone who’s “a doll” in English. Of course, the pun here is that the sun burns everything, just like the cook. Clever, clever. 

(2)Un hombre va al circo en busca de empleo. (A man went to the circus to find a job.)
El director le pregunta: (The boss asked him:)
“¿Y usted qué sabe hacer?” (What do you know how to do?)
El hombre dice, “yo… imito a los pájaros. (The man says, “I…imitate birds.”)
El director responde, “bueno… creo que no nos interesa, gracias.” (The boss answers, “well…we’re not interested, thanks.”)
… y el hombre se fue volando. (…and the man flew away.)

He’s quite good at his trade if he can fly away. I would’ve hired him. When someone se va volando (goes flying) it’s similar to the English phrase, “he flew the coop,” meaning he left in a hurry.

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Valencia : History of Money in the Prehistoric Museum of Valencia

Due to COVID-19 – this month we would like to illustrate the different formats of money used in the five continents over the course of history. All have served as means of payment or as measure of value. Coins, as we know them today, appeared in the late seventh century BC on the Greek coast of Asia Minor and have been the most widespread form of money ever since, dominating economic circuits until the introduction of banknotes in the seventeenth century and credit cards in the twentieth.

The areas of the exhibition offer a broad overview of the history of money. The tour begins by presenting unique Valencian Coin Treasures such as those found in Lliria, consisting of about 6.000 Roman denarii, the extraordinary treasure of the Islamic Calle Santa Elena (Valencia), consisting of 1.940 Gold pieces dating from the late eleventh century, and the Requena, comprising 223 Spanish Gold pieces from the eighteenth and nineteenth centuries. A selection of four exceptional pieces allow visitors to contemplate the finest Valencian coin art; an Iberian drachma from Arse, a Roman as from Valentia, a timbre from the reign of Alfonso the Magnanimous and a ducado from the reign of the Catholic Monarchs coined in the mint of Valencia.

Cases at the beginning of the wall explain the origin of coins, alongside the most representative issues of Greek and Roman times. This chronical approach turns into a thematic one in which coins and banknotes are discussed from a variety of perspectives – manufacturing, metrology, values and formats, and monetary policy – with special attention to the designs and to the phenomenon of counterfeiting. The room includes a recreation of a seventeenth-century mint as a teaching resource for understanding hammer minting, a process that was used for about 2.500 years. Hammered coinage appeared in the seventh century BC and continued until the seventeenth century, when the mechanisation of the process became widespread.

The opposite side of the room focuses on varied forms of money from different periods and cultures. In a large case, objects used as money are sorted from the materials used in their production. Other cases show forms of currency such as tokens or vouchers, and items used as money by the traditional societies of Africa and Oceania. In this part of the exhibition the custody pf money and savings is illustrated by a nineteenth-century safe used by the Provincial Council of Valencia. A recreation of a vintage bank from the early twentieth century stresses the significance of banks and a cash register of 1911 reminds us of their importance in everyday transactions. Finally, four cases in the corner cover varied topics related to numismatics such as medals, accounting, and non-economic uses of money

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Valencia: Brexit Passport Rule Changes after 31 December

British people travelling with the European Union should be aware passport validity rules will change after December 31st because of BREXIT. From January 1st, 2021, travellers may need extra months of validity on the crucial travel document or to renew their passport before their journey. The EU will consider the date of exoiry to be 10 years after the document’s date of issue. This could mean a passport issued on June 2011 could appear to be valid until March 2022. Many people are said to be unaware of the change are advised to check their passports. Please check with the website: >gov.uk/livinginspain< tobe made aware of any changes and to visit:>www.gov.uk/visit-europe-1-january-2021< for travel advice. Time being you do not require a visa and you may need to renew your passport earlier if you are travelling from Jan 1st 2021.

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NOTHING WILL CHANGE, time being…..

The UK has left the EU. The withdrawal Agreement contains some really important protections.

  • You will be able to continue to live and work in Spain
  • UK state pensioners will continue to have lifelong healthcare as long as they remain living in Spain, at least until end 2020, this would include who claim a UK state pension.
  • Your UK state pension will continue to be uprated.
  • You will be able to exchange your driving licence until the end of 2020.

This withdrawal Agreement also provides an Transition Period until end 2020 during which time nothing will change for UK Nationals in Spain. It provides reassurance on key rights, such as being able to continue to live and work in Spain, and probably for pensioners to have healthcare and uprated pensions. You have obligations, the main thing that you are registered with a green residency certificate, at least until end 2020.

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VALENCIA – The Capital City amidst the likes of London

VALENCIA, last year, has cracked the Top Ten list of European Cities most referenced on foto-based webs. With over 500 million users www, this platform has turned into a reference for people wishing to share all kinds of snaps, from artistic compositions to simple selfies. Travel websites put together a rancking with the top 10 European cities. London appears first in this listing followed by Paris, Rome, Berlin, Amsterdam, Lisbon and Hamburg….and Valencia with over 14 Million Valencia appearances. Furthermore the upcoming Fallas should entice the millions of people who crowd the city for four days to add quite a few more over the weekend and into the following weeks.. Welcome to Valencia  !

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What’s happening in Spain ?

 

We note what’s been happening in Spain from the latest Spanish Property Insight report – it’s dot com; do take a look. We quote a little. If you are active here, do check out the report at the site. ‘There continues to be concern at the apparent reduction of buyers’ interest. However, as with the number of agents, there are now so many developments to choose from that though there may appear to be a reduction in the number of buyers, when all are totalled, the actual numbers may not have reduced significantly.’

 

‘As this is being written, we still don’t know if there will be a deal or not. The treatment of UK passport holders in Spain will mirror the treatment of Spanish resident in UK. Fortunately, we do not see the xenophobia in Spain that is reported in UK, but we still may be penalised for it.’

 

‘Every time there looks like being a deal, the exchange rate ‘improves’, to the benefit of holders of sterling. The ‘rollercoaster’ still has many more rises and falls! Many buyers and sellers will be delaying until they know more of what’s happening. Brexit affects many economies throughout the EU and beyond. Its effects will be felt by the world economy, when indicators are already showing the possibility of another recession.’ 

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OFF-PLAN

Off-Plan Savvy

 

Before committing to an off-plan purchase, you need to do your homework. ‘Find out as much as you can about the property. This includes architect plans of the property itself and the development as a whole; price lists for the different types of property; lists of materials and specifications; and whether it’s possible to change the standard specification, i.e. room layout, fixtures and fittings, finishes and colours.’

 

‘Check the plans of the property carefully. On a scale drawing, it’s difficult to imagine the actual size of the rooms. Look at the show house comparing its actual sizes with what you’ll be getting based on the scale drawings. Check the list of specifications and exactly what these include. The list should be comprehensive, right down to the materials used for roofing and pipes and the colours of walls, doors, windows and tiles.’

 

‘Check the orientation of the property. To secure a sale, a sales representative will often happily promise you sea views, for example, but you can only be sure of this if you check the plans of the whole development to find out where your property lies in relation to the sea.’ More? Email back if you are interested further for the full piece.

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About Us

Villas Valencia offers properties in Valencia at Spanish prices. What`s more, we don`t charge the buyer (as most other agencies do). We are an English locally run estate agent company dealing with properties in a picturesque area around the city of Valencia.

Testimonials

You are the only agent we dealt with your knowledge of the area and the buying process left us at ease that everything would be taken care of. - Mr & Mrs P, in Naquera

Your advice was clear and brilliant. You completely understood our requirements and objectives, facilitating our new purchase. Thank You! - Mr L, Now living in Lliria

You offered a great service from start to finish, clearly explaining all our options and helping speed everything through. You translated everything we needed quickly.

- Mr T, Second home in Montroy

Villas Valencia was fantastic and exceeded my expectations. I will and have recommended you to others. Thank you for all your referrals for building work. We love our new pool! - Sean, house in Rocafort

Thank you for all the help buying our property in Valencia. With so much to think about, you explained everything well and made it all very easy. Cant wait to move out there fully and enjoy a G & T on our balcony with you.

- Ben, house in Naquera

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