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DO YOU HAVE A PROPERTY IN SPAIN? THEN YOU MUST KNOW THAT…

DO YOU HAVE A PROPERTY IN SPAIN? THEN YOU MUST KNOW THAT…

If you have a property in Spain, either because you bought it or you inherited it, there are some obligations you must be aware of. We have prepared a list of these obligations for you:

1.PAYMENT OF CHARGES (water board, electricity, gas…)

When you become property owner, make sure that all the bills, such as water, electricity, Internet, etc. are transferred into your name. That way, if you ever have a problem with these companies (which will certainly happen!) you will be able to sort it out quickly. It is also important to give these companies your bank details and set up direct debit for the payment of the bills.

2.LOCAL TAXES

  • Property tax (“IBI” in Spain): From the moment you acquire a property, you are liable to pay the property tax, which is a local tax issued by the Council. It is paid once per year, but the date changes for each town. Generally, the first year, the council will send you a letter for you to make the payment at the bank; for the following years the easiest thing to do is to set up a direct debit.
  • Rubbish collection tax: Many property owners are not aware of the existence of this tax. It is also a local tax, usually paid to the council, although currently, in some towns, it is included in the water bill. Make sure that you are paying for this. 

3.COMMUNITY FEES

Most of the properties in Spain are included into a Community of owners, managed by an “administrator”, this is, a company dealing with the community issues. You must contact the administrator, let him know your full details and ask him about the amount and frequency of the fees.

Before buying a property, it is important to always contact the administrator and ask him about any extraordinary payments for major works (painting the façade, repairing the lifts, etc.). You have to verify whether it is you or the previous owner who must make the payment.

4.HOME INSURANCE

Although it is not compulsory to subscribe a home insurance in Spain, unless you have a mortgage, it is highly advisable. Generally, the cost of a home insurance is not very high, and it will be worth it in the event of fire, heavy rains, burglaries, water leaks, etc.

5. NATIONAL TAXES

If you are non-resident in Spain, but you have a property, then you are liable to pay every year the non-resident tax, also known as Tax Form 210.

If you are a resident, then you must find out whether you are liable to submit an Income Tax (“Renta” in Spanish), which is done every year between April and June.

We hope that you will find this information interesting and if so, please click Like and share it !

Should you need any further information on this topic, please do not hesitate to contact us. We will be happy to help you without engagement.

 

 

 

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