Why Invest in Spain
Excellent climate and stunning beaches bordering the Mediterranean
Historically, the number one place to buy for UK and Ireland buyers looking for an investment, a holiday home or for somewhere to retire to
Many world class golf courses, wonderful marinas and sporting clubs of all kinds
Huge demand for property in Spain thus creating a large rental market
Only 2 ½ hours direct flying time from the UK and Ireland
Abundance of culture, history and magnificent architecture
The dream lifestyle is a new priority for northern Europeans who have become disillusioned with the cold climate as well as unhealthy, unsafe and hectic lifestyles.
Stable both politically and economically
Very good communications – many low cost air services to many Spanish locations from airports throughout the World
EU member country
Low interest rates
Scores high in culture and relaxed atmosphere
Spain, particularly southern Spain, offers a fantastic, warm climate year round, allowing for an abundance of outdoor pursuits, such as over 26 golf courses, beaches and an attractive Spanish culture.
Spain boasts some stunning beaches and breathtaking countryside which caters for all tastes. Rambling, golf, skiing, watersports and beach life are but a few of the ways in which residents and tourists enjoy the outdoors.
An excellent infrastructure is already established, including European standards in medical and social security services.
Spain is easily accessible from the UK, with links to countless regional airports. Budget fares abound and within 2 ½ hours you can be touching down in sunny Spain. Alternatively, if you need to dash back “home”, it will not be a lengthy logistical exercise to get there.
Spain still offers value for money and excellent returns. The market remains buoyant and there is little sign of change for the foreseeable future. Despite a slight slowdown, construction continues relentlessly. Bought in the right location, property remains the favourite form of investment.
Property prices in Spain remain a good deal lower than those back home, allowing people to afford a holiday or second home, or indeed relocate to the country and retire early. Spanish properties are becoming more popular as they provide an excellent investment as well as a holiday home.
Reliable, established property market with proven track record
Off-plan purchases are a popular investment option for those in the know. You can avoid the full cost of paying for the property by paying in installments and selling the property on for a much higher price prior to project completion. Vast profits continue to be made with shrewd off-plan investment.
A large flourishing rental market is offered in Spain and investment in a property with good rental potential can achieve excellent returns. Spain is a top choice for tourists who enjoy a variety of self-catering accommodation, apartments and private villas. Get it right, and you could rent your property out for six months of the year to cover costs and have it for your own use, free of charge, for the rest of the year.
Young investors can afford to buy in Spain. There is a new trend emerging amongst the young under 30s British to get their first step onto the property ladder abroad as they can ill afford to do so in the UK. According to a recent survey by Atlas International, Spain is the number one their list.
Rising prices seem set to continue for the foreseeable future, in both the popular coastal resorts as well as in easily accessible inland regions. Spain has a stable and mature property market, while prices have risen by 48% in the past three years. Experts predict that prices will continue to rise, albeit at a slower pace than in recent years.
Buying in Spain is a well-trodden path. There is plenty of expert, readily available advice on the subject and provided you use a good, independent lawyer, your purchase should be trouble-free.
Properties in the Almeria and Murcia regions represent the best value for money
Enjoy up to 320 days of sun each year and say goodbye to depressing winter blues and high winter fuel bills
The life here is much better for your health thanks to the good weather, laid back lifestyle and healthy Mediterranean diet
The cost of living is still much lower than in the UK so you get more for your money and enjoy a higher standard of living.
Many locations to choose from whether you want to live in a friendly Spanish neighbourhood or be part of a growing expat community in a popular resort
Lots to do here, from improving your golf handicap at a championship course to learning to windsurf on the sparkling clear waters of the Med
Lots of affordable properties available at less than the cost of similar properties in the UK and Ireland
Across Spain there is an excellent infrastructure in place all year round, including great medical services, shops and schools
What are the costs of running a home in Spain?
Explain for me my running costs?
Running costs in Spain are low. You will expect to pay for:
Utilities - water, electricity, telephone etc.
Community of Owners fee.
Home insurance.
Fiscal fee (see tax obligations below).
Property management fee - if you are renting your property.
What is The Padrón?
If you live in Spain for more than six months, you must sign on the local Town Hall Register (Padrón). To register, you will need your Title Deeds (Escritura) or utility bill and your passport.
What is the Community Of Owners
The community of owners comprises all those who own a property in an urbanisation/apartment block etc. It is responsible for the maintenance of all communal areas, swimming pool etc. There is an elected President (Presidente) and an Administrator (Administrador). Community fees (cuota) are based on the m of the property and communal facilities available. Community fees are generally paid on a yearly basis - this is a legal obligation.
Can I set up a Spanish will?
Property owners are strongly advised to make a Spanish will, an uncomplicated process.
How do I apply for permanent residence (Residencia) in Spain?
You must apply for Residencia if you live in Spain for more than 183 days. The documents you will need when applying for Residencia are:
Passport.
Photographs.
Proof of Monthly Income or Pension.
Proof of Private Health Insurance or E121 Form.
Consult us for further details.
What is a Spanish N.I.E. Number?
The N.I.E. is a foreigner's identification number. All foreigners living in Spain must apply for this identification number.
What are the additional costs I should be aware of when buying a house in Spain?
Additional costs amount to 10% - 13% of the purchase price and include:
7% IVA (VAT).
Notary/Land Registry fee.
Legal conveyancing fee.
Water and electricity contracts.
Getting a mortgage in Spain - Will I have problems getting a mortgage?
Obviously, subject to criteria, mortgages are readily available. Generally, mortgages are granted for up to 50% - 70% of the value of the property and over a period of 10 years. Occasionally, it is possible to obtain higher amounts. The documents you will need when applying for a mortgage are:
Income Tax Return (Form P60).
Proof of Earnings (last 3 pay slips, Pension statement).
Copy of Passport.
Copy of Purchase Contract.
What is the road system like in Spain?
Spain has an excellent road network, with sophisticated motorways and toll roads. Please remember, driving in Spain is on the right hand side.
What documents do I need to carry in my car when I am driving in Spain?
Whilst driving a car in Spain you are required to carry:
Driving Licence.
Certificate of Ownership.
ITV (MOT) Certificate of road worthiness.
Road Tax.
Certificate of Insurance.
How do I bring my own car over to Spain?
This is not a problem - however you must transfer your vehicle onto Spanish plates if staying for longer than six months (E.U. Citizens).
How do I rent a car in Spain?
Spain has a wide choice of car rental companies. You will be surprised how cheap and easy it is to arrange. Of course, you will need a valid driving licence.
If I buy a home or property in Spain, will it be secure?
As at home, many companies offer 24 hour security response alarm systems. Alternatively, door and window grilles provide excellent protection and are both popular and decorative.
Will I be safe living in Spain?
Simply adopt the same common sense precautions as you would in your home country.
Can I bring my pet(s) with me if I move to Spain?
Yes, but your pet(s) must be fully vaccinated (particularly against Rabies) at least one month prior to your arrival in Spain. Consult your Vet before making any plans.
Living in Spain, will getting my child into school be a problem?
Spain offers many private bi-lingual schools - English (GCSE curriculum), Norwegian, Swedish as well as free Spanish state schools.
How good is the public transportation in Spain?
You'll have easy access to local and long distance buses, an excellent network of train services and a wide availability of taxis. Public transport in Spain is reasonably priced.
What is access to television like in Spain?
All your home comforts are available; digital satellite TV (Sky, BBC) as well as MMDS (Multi channel TV via aerial reception) and Spanish language TV.
What social activities will I find in Spain?
You will easily find hobbies and pastimes to keep you busy:
Line dancing, bridge, chess, bingo, keep fit, choirs etc.
Learning opportunities - Spanish classes, computer courses, art classes, charitable organisations (for voluntary work), etc.
Spirituality - all faiths and beliefs are represented.
Hospitals
Hospitals are well managed and of a high standard especially in the popular tourist areas and the big cities. However standards vary across the country with public medicine being scant in many of the inland areas of low population. This is a point to consider when looking for somewhere to live especially if you or your children or elderly relatives have ongoing medical conditions that might need emergency treatment.
Another point to consider is that Spain takes a different view to rehabilitation, convalescence and terminal illness, leaving care in these cases usually to the relatives. There are very few public nursing or retirement homes and even fewer hospices and convalescence homes.
Social Security
If you pay social security, healthcare in Spain is free or low cost, (families and retired people are also included). Like many countries however, the health service in Spain has waiting lists to see specialists and for non-urgent operations.
Visitors to Spain and foreign residents are able to use the Spanish National Health system, alongside Spanish nationals. However, there are many situations where the only alternative is private healthcare. There are ample companies offering this service in Spain. You pay a subscription and in return you are entitled to certain free and/or reduced price services.
Most of the hospitals in the tourist areas have volunteer translation services. However if you do not speak Spanish, then it is advisable to take someone who does speak Spanish with you to all appointments.
EU Nationals
Nationals of EU countries can get free medical treatment in Spain on production of the relevant paperwork (Form E-111 for British people), although for holiday-makers, private insurance is highly recommended. Spain has a very good national health service that works alongside an excellent private sector.
If you decide to take up permanent residence then you must have an E-121 form.
When attending a hospital (except in the case of an emergency) you must present either a social security card, or an E111 or E121, evidence of private health insurance or proof of ability to pay the bills. If the insurance company does not pay the hospital directly then you should pay yourself (credit cards are generally accepted) and claim this from the insurance company at a later date.
Vaccinations
No vaccinations are required for Spain, but if you plan on visiting North Africa , typhoid and polio boosters are highly recommended. The worst that is likely to happen to you is that you might fall victim to an upset stomach. To be safe, wash fruit and avoid tapas dishes that look as if they were cooked last week.
Spanish Doctors
The system of educating doctors is Spain is the same as in Europe. Medical doctors receive their training as university undergraduates. In the social security system, you will usually be assigned a general doctor where you live.
With insurance, you will be able to select a primary care doctor from those affiliated with your plan. There are a number of doctors in Spain who speak English, especially in cities and resort areas, including doctors who received their training in English speaking countries. Embassies and consulates usually have lists of these doctors.
Chemists
For minor complaints go to a farmacia- they're listed in the phone book in major towns and you'll find one in virtually every village - marked with a big green cross. Pharmacists are highly trained, willing to give advice (often in English), and able to dispense many drugs which would be available only on prescription in most other countries. They keep usual shop hours (9am. - 1.30 pm. and 5.30 – 8 pm.), but some open late and at weekends while a rota system keeps at least one open 24 hours. These are known as Farmacias de guardia.
If you have special medical or dietary requirements, it is advisable to carry a letter from your doctor, translated into Spanish, indicating the nature of your condition and necessary treatments.
Dentists
There are many dental practices in Spain but they are private and, while they are cheaper than in the UK, they have to be paid for. Dental service is good and you can easily find a dentist who speaks your language, especially in the more commercial resorts.
Health Factors Associated with Spain
The Eastern Mediterranean areas of Spain are amongst the healthiest places in the world to live, a fact endorsed by the World Health Organisation. Spain has a number of different climates with the damp and misty north and the hot arid south being the most extreme.
Rheumatism and arthritis sufferers frequently note a huge improvement in their conditions and an increase in mobility after moving to Spain.
People who suffer from stress often note a marked improvement as the pace of life is slower than in many European countries and the change in lifestyle in a warm and sunny climate generally makes people happier, less prone to ailments and with boosted immune systems.
THE NUMBER TO CALL FOR MEDICAL EMERGENCIES IS 061.
BANKING - There are two main types of bank in Spain: clearing banks and savings banks.
Savings AccountsIn the latter category Spain has over 80 savings institutions called "cajas", which were originally charitable organizations granting loans for public interest and agricultural policies. Savings banks are similar to building societies in Britain and savings and loans in the USA and hold over a third of all deposits. Today these savings banks offer the same services as the clearing banks, often at more favourable rates.
Cheque Accounts
To open a Spanish checking account you will need to show your passport, your address in Spain and your NIE number from your residence card. Charges vary according to whether you open a resident or non-resident account. You should obtain a list of charges for services such as writing schedules and standing orders as Spanish banks levy some of the highest charges in Europe. Some banks, in particular the cajas have a monthly flat rate charge, which includes basic services such as direct debits. For as little as €2.00 per month for residents and €3.00 for non-residents, all your banking needs can be catered for (these figures apply to “La Caixa” in 2006).
Banking has become highly automated, and with regard electronic banking Spanish institutions compare favourably with other European countries and their ATMs are among the world's best. Credit and debit cards are widely used. Sometimes funds wired from overseas can take an extraordinarily long time to be available in your bank account in Spain, and even funds transferred within the same bank can float within the Spanish bank for many days before being accessible.
Bank opening hours in Spain are from 8.30 am or 9.00 am until between 13.30 and 14.30, Monday to Friday and from 8.30 and 9.30 until 12.00 or 13.00 on Saturdays in winter (banks are closed on Saturdays from June to September or October).
Some issues to consider when choosing which bank to choose in Spain:
Ability to speak English (if you do not speak Spanish). Today most banks in tourist areas insist their staff speak more than one language.
Facilities to send and receive money from overseas
Whether they have a branch near your home or workplace
Spanish banks, including the cajas offer online banking, which is useful if you are going to be away from your property any length of time.
At most banks you can request that these are sent to you in English. Statements are sent to customers monthly or quarterly, but you can request one at any time.
SPANISH POLICE
There are police stations in all cities and towns, where you can report incidents or ask for help. The national emergency telephone number for the Police is 091.
Apart from the Servicio de Vigiliancia Aduanera or the Policía Judicial, there are four other security bodies that you can contact:
Guardia Civil : Their main civil duties are to control the traffic on the roads, urban patrol and the control of guns and explosives. This body is responsible to the Ministry of Defence and is also under military control. They can easily be recognised by their green uniforms.
Policía Nacional : This is the security body responsible to the Ministry of the Interior. Their main responsibility is that of public safety, criminal investigation, narcotics, fraud, etc. They wear a dark blue uniform with a red and yellow badge of the Spanish flag.
Policía Local : This is the organisation that operates within local areas and towns, their duties are mainly centred around road traffic and public disorder offences. Their uniform is very similar to that of the Policía Nacional, except without the red and yellow badge.
Policía Autonómica : This a body dependent on the regional administration of Andalucía. It has less authority than the other bodies and is mainly concerned with the various legal aspects of the administration, its public buildings and the environment. These police wear the green and white badge of the Andalusian flag.
These are general definitions, as all four of the above bodies often operate together. Apart from these official bodies, there are also numerous security guards from private security companies, however their responsibilities are minimal and they are prohibited from carrying out police operations by law.
