If you want to buy a house in Spain and you are a foreigner you have to know that it is possible and that it is not so complicated, starting with the processing of your NIE (Número de Identificación de Extranjeros), which is equivalent to the DNI of Spanish residents who must have this document as a method of legal identification.
An important detail that you should know is that you do not need to have an account in a bank in Spain, although in some companies buying and selling on the Costa Blanca is required to have an account within their requirements, so it is clear that some aspects may vary depending on the real estate or other.
Within this aspect you must also bear in mind that it is possible to be guaranteed by a bank without being a resident, as it is possible to have some specific loans for non-residents, with which you will be able to obtain up to 80% of the price of the properties for sale on the Costa Blanca.
Even in some cases the process can be simplified when the bank is the owner of the property, being able to solve two problems at the same time, which makes the purchase of the property simpler and more comfortable.
Steps to buy a house on the Costa Blanca being a foreigner
Many people begin to have doubts when they think that buying a home on the Costa Blanca or in the rest of Spain is complicated being a non-resident or foreigner, but the truth is that the necessary formalities can be done very easily.
As mentioned above, the first thing you have to do is apply for the NIE, which will serve as the only personal number needed to carry out different types of transactions or formalities in Spain, such as the processing of an account with a credit institution. This is processed by the Directorate General of Police for all foreigners who start with the administrative process. Keep in mind that the process can start from outside Spain.
Once the NIE has been obtained, the purchase of the property can be made. Remember that in many cases it is not required to have an account in a Spanish bank, although it is highly recommended in order to have what is necessary in certain offers.
Another detail you should bear in mind is that all taxes related to the purchase of the property (VAT if new and ITP if second-hand) will have to be paid in Spain.
It should also be borne in mind that in Spain there is a tax rate that is charged on the income of people who do not reside in our country (IRNR), which is a direct tax that affects the income of natural and legal persons who are not residents. If you have been living in Spain for more than 183 days, then you are considered a resident for all purposes.