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beautiful tropical sandy beach Playa Del Duque in Costa Adeje Tenerife Canary Islands

Quick Guide to Buying Property in Tenerife

The largest of the Spanish Canary Islands, Tenerife continues to be a top choice as a holiday destination. Its year-round sun and fantastic scenery also makes it a popular choice for those looking to purchase a home in the sun.

If you are thinking of buying a property in Tenerife, see below our quick guide to buying property in Tenerife to help make sure the buying process is as hassle-free as possible.

The Cost of Buying a Property in Tenerife

Before you purchase a property in Tenerife, it is important to know the costs involved with the purchase in addition to the price of the property:

Property Taxes and Fees in Tenerife:

On top of the asking price of the property in Tenerife, you will be required to pay taxes and legal fees for the purchase.

The general rule of thumb is that for property purchases in Tenerife you should allow an additional 10% of the property purchase price to cover the legal fees and purchase taxes etc. (this may be slightly more for lower value properties).

These will include:

Lawyers fees: For the conveyance, typically these are charged at 1% of purchase price + IGIC (VAT) at 7%. Usually lawyers will have a minimum fee however which is usually around €1000-1500 euros + IGIC.

The lawyer can also prepare a Power of Attorney for you (if required), the costs of this is typically between €150-€200 + IGIC at 7%. (For more information see our article Giving Power of Attorney to Your Lawyer).

Some lawyers may also offer a service to assist with the transfer of water, electricity & IBI (council tax) into the purchaser’s name. The costs for this varies but is usually around €250-€300 euros plus IGIC at 7%.

Land Registry search fees: These are usually approximately €30.00

Registration Fees:  Registration of property typically costs between €300-€900.

Spanish Notary Fees: Usually in the region of €700-€1000.

Spanish Property Purchase Taxes: Transfer tax of 6.5% of the declared property value (or if the property is a new build, IGIC (VAT) is payable instead at 7% plus 1% stamp duty).

Currency Exchange

Remember currency fluctuates and therefore the price you would pay for a property in Tenerife on the day your offer is accepted, may not be the same on the day of completion. The slightest change in the exchange rate, may end up costing you thousands of pounds extra.

It is strongly advised to speak with a currency specialist as early as possible discuss the exchange that hey can offer and also the ways in which they can help you to minimise the implications of currency fluctuations and save you serious money on the exchange (often thousands of pounds). Contact Worldwide Lawyers for more information about how to save money on your currency exchange or for details of a recommended currency specialist.

Mortgages in Tenerife

If you require a mortgage to help you with your property purchase in Tenerife, ensure that you know how much you are able to borrow,  the options that are available to you and if there are any additional costs associated with obtaining a mortgage in Tenerife.  For more information about your mortgages options in Tenerife contact Worldwide Lawyers on 01244 470 339 or at info@worldwidelawyers.co.uk. 

The Property Buying Process in Tenerif

Find an independent English-Speaking Lawyer in Tenerife

It is extremely important that you instruct a Lawyer when purchasing a property in Tenerife.

You should ensure that you instruct a Spanish lawyer in Tenerife that is English-speaking (unless you speak fluent Spanish) and has experience of assisting UK clients in relation to property purchases. It is strongly advised that you do not use a lawyer that is recommended by the seller, estate agent or developer.

By instructing your own independent lawyer that is no way connected to the seller, you can ensure that there are no conflicts of interest and that the lawyer is acting in your best interests only.

You can provide your lawyer in Tenerife with a Power of Attorney so that they can deal with matters on your behalf when you are not in Tenerife. (See our article Giving Power of Attorney to Your Lawyer for more information).

It is never too early to get organised and contact a recommended lawyer in Tenerife. Getting in touch with a property solicitor in Tenerife early means that you will be able to budget for their legal fees and you will also have your lawyer in Tenerife on hand to assist you should you need to move quickly with regard to the property purchase.

Worldwide Lawyers will be happy to recommend an independent English-speaking lawyer in Tenerife to assist you with your property purchase anywhere on the island of Tenerife.

Download your free legal buying guide to Spain here or contact Worldwide Lawyers on 01244 470 339 or email us at info@worldwidelawyers.co.uk for more information or for details of a recommended lawyer in Tenerife. 

Get an NIE Number

If you not Spanish and wish to purchase a porperty in Tenerife, you will need to obtain an NIE number. An NIE is essentially a  foreigner’s identity number. Your lawyer will be able to assist you with getting an NIE number in Tenerife. For more information see our blog Getting a Spanish NIE Number.

Searches and Contracts

Once you have found your perfect property in Tenerife, your lawyer will undertake the relevant checks on the property. This will include carrying out checks at the local land registry, town hall and tax office to make sure that the property is free from problems. They will also make sure that the seller owns and has good title to the property and will check to ensure that there are no restrictions to using the property as you intend.

An initial purchase contract will be prepared for you to sign and usually a 10% deposit is paid by the buyer.

It is important to obtain advice from a lawyer in Tenerife before handing over any deposit or signing any contract, as deposits are usually non-refundable, should you pull out of the property purchase.

Completion

After your English-speaking lawyer in Tenerife has completed all the final checks on the property, they will prepare the final Purchase Deed and arrange between the parties a date for this to be signed at the Notary’s office in Tenerife.

To finalise the purchase, the Escritura de Compra Venta (Deeds) are signed in front of the Notary in Tenerife. The balance of the property price is paid, together with the transfer taxes and you can then be registered as the new owners of your property in Tenerife.

If you would like further information about any aspects of buying a property in Tenerife, contact Worldwide Lawyers on 01244 470 339 or at info@worldwidelawyers.co.uk and one of our friendly representatives would be happy to help.

Worldwide Lawyers can also put you in touch with a recommended English-speaking lawyer in Tenerife and other specialists who can assist you with making your property purchase in Tenerife as safe, stress-free and cost effective as possible. 
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Buying property in Lanzarote, Spain, lawyers

Quick Guide to Buying Property in Lanzarote

Lanzarote, one of the Spanish Canary Islands, has long been a popular holiday destination and with its year-round warm weather and stunning scenery, it is easy to see why people fall in love with the island.

If you are thinking of buying a property in Lanzarote, we have provided a quick guide to buying property in Lanzarote below to help make the process as stress-free as possible.

The Cost of Buying a Property in Lanzarote

Before purchasing a property in Lanzarote, it is important to know what is involved and in particular the associated costs involved with the purchase:

Mortgages in Lanzarote:

If a mortgage is required to buy your property in Lanzarote, ensure that you know how much you are able to borrow and the realistic options that are available to you (Contact Worldwide Lawyers for more information about mortgages in Lanzarote). 

Taxes and Fees:

On top of the asking price of the property in Lanzarote, you will be required to pay taxes and legal fees for the purchase.

The general rule of thumb is that for property purchases in Lanzarote you should allow an additional 10% of the property purchase price to cover the legal fees and purchase taxes etc. (this may be slightly more for lower value properties).

Ongoing Obligations:

You should also make sure that you know what your on-going obligations would be in relation to the property in Lanzarote after purchase. For example, if you intend to rent out the property to tourists, you need to check that this is allowed and check if a license is required in order to do so. You should also find out what the on-going tax and community fees for the property will be.

Currency Exchange:

Remember currency fluctuates and therefore the price you would pay for a property in Lanzarote on the day your offer is accepted, may not be the same on the day of completion. The slightest change in the exchange rate, may end up costing you thousands of pounds extra. By talking to a currency specialist as early as possible, you can explore the ways they can minimise the implications of currency fluctuations and save you serious money on the exchange (often thousands of pounds). Get in touch with a recommended currency specialist before you buy to see just how much you could save (Contact Worldwide Lawyers for more information about how to save money on your currency exchange or for details of a recommended currency specialist).

 

Find an independent English-Speaking Lawyer in Lanzarote

It is extremely important that you instruct a Lawyer when purchasing a property in Lanzarote.

You should ensure that you instruct a lawyer in Lanzarote that is English-speaking (unless you speak fluent Spanish) and has experience of assisting UK clients in relation to property purchases. It is strongly advised that you do not use a lawyer that is recommended by the seller, estate agent or developer.

By instructing your own independent lawyer that is no way connected to the seller, you can ensure that there are no conflicts of interest and that the lawyer is acting in your best interests only.

You can provide your lawyer in Lanzarote with a Power of Attorney so that they can deal with matters on your behalf when you are not in Lanzarote. This can save you having to travel to Lanzarote every time a signature is required (See our article Giving Power of Attorney to Your Lawyer for more information).

It is never too early to get organised and contact a recommended lawyer in Lanzarote. Getting in touch with a property solicitor in Lanzarote early means that you will be able to budget for their legal fees and you will also have your lawyer in Lanzarote on hand to assist you should you need to move quickly with regard to the property purchase.

 Worldwide Lawyers can assist you in finding an independent English-speaking lawyer for your property purchase anywhere on the island of Lanzarote including Puerto del Carmen, Playa Blanca, Costa Teguise, Puerto Calero, Playa de los Pocillos, Arrecife and everywhere else!

Download your free legal buying guide to Spain here or contact Worldwide Lawyers on 01244 470 339 or  email us at info@worldwidelawyers.co.uk for more information or for details of a recommended lawyer in Lanzarote.

Get an NIE Number

An NIE number will be required by all non-Spanish purchasers of property in Lanzarote. An NIE is essentially a  foreigner’s identity number. Your lawyer will be able to assist you with getting an NIE number in Lanzarote. For more information see our blog Getting a Spanish NIE Number.

The Property Buying Process in Lanzarote

Once you have found your perfect property in Lanzarote, your lawyer will undertake the relevant checks on the property. This will include carrying out checks at the local land registry, town hall and tax office to make sure that the property is free from problems. They will also make sure that the seller owns and has good title to the property and will check to ensure that there are no restrictions to using the property as you intend.

It is important to obtain advice from a lawyer in Lanzarote before handing over any deposit or signing any contract, as deposits are usually non-refundable, should you pull out of the property purchase.

Completion of the property purchase in Lanzarote

After your English-speaking lawyer in Lanzarote has completed all the final checks on the property, they will prepare the final Purchase Deed and arrange between the parties a date for this to be signed at the Notary’s office in Lanzarote.

To finalise the purchase, the Escritura de Compra Venta (Deeds) are signed in front of the Notary in Lanzarote. The balance of the property price is paid, together with the transfer taxes and you can then be registered as the new owners of your property in Lanzarote.

Your lawyer may also assist you with setting up your utilities in Lanzarote, including council taxes and bank arrangements for water, electricity etc.

You can then enjoy your property in Lanzarote with piece of mind!

If you would like further information about any aspects of buying a property in Lanzarote, contact Worldwide Lawyers on 01244 470 339 or at info@worldwidelawyerss.co.uk and one of our friendly representatives would be happy to help.

Worldwide Lawyers can also put you in touch with a recommended English-speaking lawyer in Lanzarote and other specialists who can assist you with making your property purchase in Lanzarote as hassle free and cost effective as possible. 
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Buying Property in Galicia – Recommended English-speaking Lawyers in Galicia, Spain

With its historic towns and unspoilt beaches, the pretty Spanish region of Galicia is becoming increasingly popular with tourists looking to enjoy the unique culture that the North-west of Spain has to offer.

From its cities, such as Santiago de Compostela and Lugo, full of unique buildings and architecture, beach towns like Sanxenxo and La Coruna and fishing areas such as Ourense and Pontevedra; there is something for everyone in the area known as Green Spain. It is therefore easy to see why more and more people are deciding to buy property in Galicia.

If you are planning to buy a property in Galicia, then it is important to seek independent legal advice from a lawyer that can fluently speak English. But how do you find an English-speaking Lawyer in Galicia? Well, here at Worldwide Lawyers we can help!

For details of a recommended lawyer in Galicia, contact Worldwide Lawyers on 01244 470339 or at info@worldwidelawyers.co.uk. For Further information about buying property in Galicia or in other areas in Spain, download our Spanish Legal Buying Guide (on the right of this page). 

When deciding on a suitable solicitor in Galicia to assist you with your property purchase, it is important to check that your Spanish Lawyer is:

  • English-speaking. Unless you are fluent in Spanish or Galician then it is imperative that you choose a fluently English-speaking Lawyer in Galicia to ensure that you fully understand the advice that your Galician lawyer is giving you and that they fully understand any questions that you ask.
  • Independent. This means that they are in no way linked to an estate agent or seller of the property you are purchasing. Many estate agents will try to recommend a suitable lawyer or their own ‘in-house’ lawyer but we recommend that you should find your own to ensure that they are acting in your best interests only and that there are no conflicts of interest between you as the buyer and the seller.
  • Experienced. You will need to ensure that they are experienced in property law, particularly in the area of Galicia and that they have experience of assisting English-speaking clients.
  • Registered and Insured. Your Lawyer in Galicia needs to be registered with their local bar association and hold valid professional indemnity insurance. They should be able to provide you with their certificates for this.

Worldwide Lawyers can put you in touch with a recommended English-speaking lawyer in Galicia who meets all of the above criteria.

If you are looking for an English-speaking Lawyer in Galicia, contact Worldwide Lawyers on 01244 470339 or at info@worldwidelawyers.co.uk. Our experienced team will be able to discuss your requirements and put you in touch with a suitable law firm in Galicia, who can provide you with a no-obligation quote for their services.

Portugal Non Habitual resident tax

Portugal’s Non-Habitual Resident Tax Program – Eliminate Your Income Tax Liability

If you are considering buying a property or spending some time abroad, Portugal may be able to offer you more than just its stunning scenery, culture and weather.

Becoming a tax resident in Portugal can also eliminate your income tax bill on income received from your home country. That’s TAX FREE income in both Portugal AND in your home country.

Sounds too good to be true? Well Portugal’s Non-Habitual Resident (NHR) tax regime can provide just that.

The NHR is a tax program which was set up by the Portuguese government in 2009 in order to incentivise foreign nationals and their families to come to Portugal by making it attractive from a tax perspective to become tax resident in Portugal.

So how does the Non-Habitual Resident Scheme work and who can apply?

The main requirements to qualify for the NHR scheme are:

      1. You must become a Portuguese tax resident; and
      2. You must not have been tax resident in Portugal in the 5 years before you apply for your NHR status; and
      3. You must have the right to live in Portugal (EU/EEA citizens have the right to live in Portugal. For Non-EU/EEA citizens NHR is usually combined with the Golden Visa).

How do you become tax resident of Portugal?

You are considered to be tax resident in Portugal if:

        • You have been in Portugal for more than 183 days in the tax year, which runs from 1st January to 31st December; or
        • You have been in Portugal for less than 183 days, but have a permanent home in Portugal.

What are the benefits of the Portuguese Non-Habitual Resident Scheme and can I really pay zero income tax?

The benefits of the NHR are:

a) It exempts foreign-source income (i.e income that arises outside of Portugal) from being liable to income tax.

This includes:

        • Pension income
        • Income from investments (including dividends and interest)
        • Rental income
        • Employment income
        • Royalties

For most people, this is the biggest draw of the scheme as it provides many with the opportunity to reduce the tax paid on their income to zero.

For many people looking to take advantage of the NHR scheme the majority of their income will come from a source in their home country. For most people this income will not be taxed in either Portugal or their home country so will be totally tax free!

 

        b) A special rate of 20% tax is applied to any employment and self-employment income derived in Portugal from a “high value added activity”.

This is includes:

Actors, Architects, Auditors, Dentists, Doctors, Engineers, Investors, Musicians, Professors, Psychologists and Technicians (this list is non exhaustive and specific advice will need to be obtained with regard to your specific circumstances).

 

          c) Capital gains tax advantages, this will depend on the type of asset. (Before becoming a non-habitual resident of Portugal, tax advice should be taken by anyone who anticipates significant capital gains).

 

            d) Other benefits include:

Having successfully applied for the scheme, NHRs will have access to all the benefits of an ordinary Portuguese tax resident including healthcare.

Why does the Non-Habitual Resident Scheme mean that you pay no income tax?

Ok… ready for the science bit?

According to the Non-Habitual Resident regime, as long as the source country of your income has the power to tax your income (regardless of whether or not they actually do or not), either under a double taxation agreement with Portugal (Portugal has agreements with 71 countries) or under the OECD model tax convention, and the income is not deemed to be Portugal-sourced income, Portugal will not tax your foreign-sourced income.

The double taxation treaties grant the source country the option of taxing income paid to residents of the other country, although many countries do not exercise this option in their own tax laws.

The UK for example have a double taxation treaty that works in this way. This means that in practice most types of income will attract zero income tax both in Portugal and in the UK for those with non-habitual resident status.

How do you apply for the Non-Habitual Resident Scheme and become a non-habitual resident of Portugal?

Obtaining non-habitual resident status is not automatic just because you satisfy the criteria. You need to actually make an application for Non- Habitual Resident Status to the Portuguese tax authorities.

Most people instruct a lawyer with experience of making these applications to assist with this. For details of an English-speaking lawyer who can assist with your application for Non-Habitual Resident tax status, contact Worldwide Lawyers on 01244 470 339 or info@worldwidelawyers.co.uk. 

You may apply for your NHR status when you have become a Portuguese tax resident or before 31st March of the following tax year.

Once granted, your Non-Habitual Resident Status is valid for a period of 10 years.

Once you have the Non-Habitual Resident status there is no obligation that you visit or live in Portugal for any length of time to maintain your resident status there.

Other information about the Non-Habitual Residents Scheme:

                    • Although you must be a resident in order to apply for the NHR, you do not have to live in Portugal for any particular period of time after obtaining your NHR status.
                    • Portugal began the program to encourage economy growth after the global financial crisis, the scheme has provided a boost to the Portuguese economy and has a good chance of being available for a few years. However, it may be not available forever. If you would like to take advantage of the the scheme, do not delay taking action and seeking advice.
                    • The term non-habitual can lead to confusion. As this regime is valid for 10 years the Portuguese tax authorities used the term “non-habitual”. Contrary to the suggestion in the name, you are required to have your tax residency, and be “habitually resident” in Portugal.
                    • You do not have to own a property in Portugal to qualify. Renting a property is sufficient.
                    • You can backdate your registration as a NHR in Portugal to the date on which you became tax resident in Portugal, BUT the deadline for making the NHR application is 31st March of the tax year after you became tax resident in Portugal.
                    • Do not delay making your NHR application, you do not want to find that you have missed the deadline and the opportunity to qualify for NHR status. This can lead to you potentially paying more income tax if you end up being liable for Portuguese income tax under the general tax rates.

I want to take advantage of the Non-Habitual Resident Tax regime and want to find out more- what should I do?

It is recommend that you take proper tax advice in order to make sure all your circumstances are taken into account. For further information and to find out if you are eligible for the non-habitual resident tax status in Portugal, contact Worldwide Lawyers today on 01244 470 339 or email info@worldwidelawyers.co.uk.

We can put you in you with a recommended Portuguese lawyer specialising in applications for the Non-Habitual Resident Status who can advise you of whether you will be eligible and the process for making the application.

Buying Property in Portugal?

If you are thinking of moving to Portugal you should definitely seek advice as to whether the NHR scheme could apply to you – you do not want to find out you could have had the benefit of this but have missed the deadline! Contact Worldwide Lawyers on 01244 470 399 or at info@worldwidelawyers.co.uk for further details about the NHR scheme and also how to but property in Portugal safely and efficiently.

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Advice from reputable English-speaking spanish lawyer

Recommended English-Speaking Lawyers in Spain

Spain’s fantastic weather, relaxed way of life and proximity to the UK and other European countries has meant that Spain has always been a popular destination for foreigners.

Many foreigners therefore have assets in Spain such as a holiday property, permanent home, a business or other assets in Spain. There are therefore may reasons why you may need a lawyer in Spain – for example purchasing a property or business in Spain or dealing with the inheritance of a Spanish estate.

If you need to instruct a lawyer in Spain it can be hard to decide who to choose. Spanish lawyers have not alway has the best reputation for their reliability and efficiency. Without a suitable recommendation for a Spanish lawyer it is difficult to know where to start to make sure you find a reputable Spanish Lawyer who is right for you and your matter and who will provide good value.

Fortunately, Worldwide Lawyers can help! We have provided some guidance below to help point you in the right direction about who to choose when instructing a lawyer in Spain. You can of course also just contact us for details of a recommended Spanish lawyer too!

Worldwide Lawyers can put you in touch with a recommended English-speaking Spanish lawyer who will provide a non-obligation quote. Contact us on 01244 470 339 or email us at info@worldwidelawyers.co.uk.

When deciding on a suitable Spanish lawyer to instruct you will need to check that your lawyer is:

  • Registered: You should check that  your Spanish lawyer is registered with one of the colegio de abogados (Spanish bar associations). Bar associations in Spain are divided into different areas  you will need to find out which of the bar association your lawyer is registered with so you can check this. Ask for a lawyers registration number and check it out before you proceed to instruct them.
  • Insured: You should check that your lawyer in Spain has professional indemnity insurance  to cover the advice that they provide to you. You should also check that the insurance covers the value and type of transaction they are dealing with for you.
  • Experienced: You will also need to ensure that the lawyer in Spain has experience and expertise in the area of Spanish law for which you require advice. For example it may not be a great idea to have a property lawyer deal with your business deals and vice versa unless they have sufficient experience.
  • English-speaking: Your Spanish lawyer should be fluent in English (unless you are fluent in Spanish) so that you will be able to understand the advice being provided.
  • Recommended: Are you able to find anyone who has used the lawyer before and can recommend their services? Worldwide Lawyers obtain feedback from other people who have previously instructed Spanish lawyers to get their feedback and recommendations.
  • Independent: It is extremely important to make sure that your Spanish lawyer is not in any way connected to the estate agent or property developer (if dealing with a property transaction) or the other side. So steer clear from recommendations from estate agents, developers, sellers or the party on the other side of your transaction!

If you need advice in relation to Spanish law, whether in relation to a property purchase/sale, Spanish inheritance law, a family law or Spanish business transaction, Worldwide Lawyers can put you in touch with an independent recommended English-speaking Spanish lawyer who complies with all of the above.

We can put you in touch with an Spanish lawyer who can assist with any of the the following areas of law:

If you need a lawyer in Spain or on any of its islands, please do not hesitate to contact us on 01244 470 339 or email us at info@worldwidelawyers.co.uk

We can put you in touch with a lawyer located in most areas of Spain including Alicante, Barcelona, Denia, Fuerteventura, Galicia, Ibiza, La Zenia, Lanzarote, Madrid, Malaga, Mallorca, Marbella, Murcia, Torreveija, Tenerife, Valencia, Villamartin… and many many more!

If you prefer to deal with a Spanish lawyer based in the UK we can put you in touch with UK based Spanish lawyer to assist you.

If you need a Spanish lawyer contact us today on 01244 470 339 or email info@worldwidelawyers.co.uk. Our friendly and experienced team will be able to discuss your requirements with you and, if required, put you in touch with a suitable law firm in Spain to provide you with a no-obligation quote for their services.

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