Buying Property in Marbella as a Foreigner

Marbella, located on Spain’s Costa del Sol, is a highly sought-after destination for property investment. Known for its luxurious lifestyle, stunning beaches, and vibrant nightlife, Marbella attracts foreign buyers looking for holiday homes, investment opportunities, or permanent residences. Purchasing property in Marbella as a foreigner is a relatively straightforward process, but it requires understanding legal procedures, taxes, and local regulations.

Any buyer who is not of Spanish nationality must obtain a “NIE” from the Local Police. 

Foreigners are allowed to buy property in Spain without restrictions. However, before making a purchase, a buyer must obtain a Número de Identificación de Extranjero (NIE), a tax identification number required for all financial transactions. It is also advisable to open a Spanish bank account to facilitate payments and transactions related to the property.

The property purchasing process typically involves selecting a property, making an offer, and signing a reservation contract with a deposit, usually around 10% of the purchase price. A lawyer should be hired to conduct due diligence, ensuring the property has no outstanding debts, legal issues, or ownership complications. After legal checks, both parties sign a purchase contract, and the balance is paid upon completion before a notary.

Buyers should also be aware of associated costs, including property transfer tax (typically 8-10%), notary fees, registration fees, and legal expenses. Additionally, ongoing costs such as property taxes, maintenance fees, and insurance should be considered.

Investing in Marbella real estate can be a profitable decision due to high rental demand and property value appreciation. By understanding the legal and financial aspects, foreign buyers can make informed decisions and enjoy a smooth purchasing experience in this Mediterranean paradise.

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