ADDITIONAL INFORMATION
Also in this section:
 1.
N.I.E. number, (Numero de Identificacion de Extranjeros)
This is the Fiscal identity number, unique to each person
and is essential for any financial dealings in Spain. Anyone purchasing
property in Spain must obtain an N.I.E. number and appoint a qualified
fiscal representative who is resident in Spain, to deal with is
tax affairs.
2. Certificate of Non -Residency.
Some non resident property purchasers are required to
obtain a Certificate of Non Residenc. The N.I.E. and in some cases
the Certificate of Non residency are required by the Notary when
signing the Title Deeds. Both the N.I.E. and the Certificate of
Non Residency are inexpensive and not complicated to obtain. A
good Estate Agent, Lawyer or Gestor ( administrator), will obtain
these for you.
3. Bank accounts.
You will need to set up a bank account to pay for your
running costs. Some banks have a relationship with UK. banks and
employ English or English speaking staff to advise you. It is
worth taking a little time to speak to several banks about the
relative costs before choosing where to place your account.
4. Finance.
Plan well ahead in order to ensure a smooth transfer
of money from the UK. to pay for your property. You may want to
open a Euro account in the UK or Spain to avoid exchange rate
fluctuations affecting your final payment.
You may need to consider a mortgage either in the UK (perhaps
using the equity of your present UK property) or a mortgage in
Spain.The recent increases in property prices in the UK. could
provide a simple way to raise capital to buy
the home of your choice abroad. Re-investing the increase in value
of your UK. home in a second home abroad can make sound financial
sense.
5. Wills.
Discussing financial affairs often leads to the important
topic of wills. No one likes to contemplate death and people are
therefore reluctant to make wills. It is however very important
that you employ a lawyer to make a Spanish Will in the form of
a Testamento Abierto or Open Will. It is much better to have a
separate Spanish Will, than to incorporate your Spanish assets
into an English will.
6. Insurance.
It is wise to consider both Property and Life Insurance
when you buy property abroad. As in the UK. you will need to insure
both the property and the contents of your new home. In addition
it would be a good time to review your Life Insurance in order
to protect the surviving spouse from mortgage repayments for example.
It need not be expensive and can avoid problems and stress.
7. Letting Your Property
The financial returns from letting your property can
be very substantial and you will need good legal advice along
with the services of a reputable professional letting agent and
management company. The income received can often significantly
reduce the mortgage repayments and the cost of good professional
legal and management services is outweighed by the benefits and
peace of mind.
Disclaimer:Casa
Quest has made every effort to ensure that all the information
provided is accurate. However, it is not intended to be a substitute
for professional or legal advice. Regulations and laws do change
and therefore Casa Quest cannot accept responsibility for any
loss or damage caused by any actions, taken or not taken, as a
result of using the Casa Quest website or acting on the information
contained within. |
