5 Things you must do if you're looking to invest in Marbella...

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So you’ve seen our new development investment opportunity in Marbella and you’re thinking about taking the plunge and widening your portfolio. However, you might not know the first thing about how it all works aboard and what the implications are, do not fret…we’ve got it covered! 

Here are some essential must-do’s to help you along the way…

DO open a Spanish bank account

This is pretty important, so we recommend this is the first thing you cross off on your checklist. A must in order for you to pay any utility bills, invoices and all the other related fees that come with the property. To state the obvious, this is the account in which you will also be making your monthly mortgage repayments. Make things easier for yourself by opening with a branch that is easily accessible from your property. 

TOP TIP: Double-check all the bank-related charges and find a bank that offers the best rates for you. These can really vary depending on the bank brand. Think depositing funds from a UK account, transfer fees, etc. 

DO search and find yourself a local lawyer

It is definitely worth investing in getting a professional who is local and can spot things that you wouldn’t notice a mile off. Your local lawyer should be someone who has all the tools required to very all the legal side of things. Plus, they should hopefully know who best to recommend and deal with when it comes to building a list of local contacts, as well as knowing the local knowledge and insight into the area. 

DO obtain an NIE (Foreigner’s Identification Number)

You are obligated to apply for this via the relevant body of the Spanish Ministerio del Interior (Home Office). This appears on all your documentation, so you need to get this before signing the deeds when you’ve purchased your holiday let investment. 

You can get hold of this both in the UK or over in Spain. Book an appointment with the Spanish Embassy in London. However, if you just happen to be in Marbella on holiday, you can obtain it from the local police station in town. 

DO not forget about the little things that will make a HUGE difference…

Think about all the property admin you need to do when you purchase any property…it is the same when buying abroad, plus some additional tasks you cannot ignore:

  • Contact the local water and electrical suppliers

  • Get a local contract for the telephone line or internet connection

  • Register yourself as the property owner at the cadastral office to sort out the fees relating to rubbish collections and any rates you will owe

  • Grant a Spanish Will

DO familiarise yourself with the Spanish fees that need to be paid annually…don’t let them creep up on you!

Owning property in Spain comes with a few additional expenses that you need to be aware of and may include:

  • Non-resident income tax

  • Notary fees

  • Land registry fee

  • Communal fees

  • Local council rates

  • Refuse collection fees

  • Personal income tax (this is only if become a local resident in Spain). 

Luckily our opportunity at Royal Marbella comes with an independent legal team that is on hand to support a hassle-free purchase assisting with full ownership, bank, and financial documentation along with clarity on overseas tax requirements.

Contact us today to find out how we can help create a personal and assured investment, tailored for you.
T: (+44) 0113 487 8981
E:  info@holmeshaw.com
Holmeshaw, providing confidence in your investment since 2019