Buying a property in Marbella as a non-resident is an exciting prospect. It’s a thriving, modern city that offers not only a beautiful climate and diverse landscapes but also a well-established property market that attracts international buyers year after year. While the process is straightforward, it is important to understand the key steps and requirements before committing. With the right guidance, purchasing your dream home in Marbella can be a smooth and rewarding experience.
Establishing your budget and obtaining an NIE
The first step is to establish a realistic budget. In addition to the property price, buyers should account for associated costs such as taxes, notary fees, land registry charges and legal representation. These generally add between 10-13% to the purchase price. Knowing this figure at the outset helps ensure there are no surprises later on.
Non-residents must also obtain a Número de Identificación de Extranjero, or NIE. This tax identification number is essential for any financial transaction in Spain, from buying property to opening a bank account or setting up utilities. It can be applied for at a Spanish consulate abroad or in Spain itself. Without it, the purchase cannot be completed.
Choosing the right property
Once your budget and paperwork are in order, the search for the right property can begin. Marbella and the surrounding towns and suburbs offer an extraordinary range, from coastal apartments and luxury villas to homes oozing with Old Town charm. Location is usually the deciding factor. Areas such as Marbella attract those seeking cosmopolitan living and high-end amenities, while towns like Estepona offer a more traditional atmosphere combined with strong growth potential. Working with an experienced agency helps refine your search and ensures you view properties that match your requirements.
Financing and opening a bank account
Non-residents can obtain a mortgage in Spain, usually for up to 60-70% of the property’s value. Lending criteria vary and banks will consider income, existing liabilities and credit history. Opening a Spanish bank account is advisable, not only to manage mortgage payments but also to simplify the handling of taxes, utilities and community fees.
Engaging a lawyer and due diligence
Legal representation is strongly recommended. A lawyer will carry out due diligence to confirm that the property is legally registered, free of debts and compliant with planning regulations. They will also review the contract of sale, manage tax obligations and ensure the buyer’s interests are fully protected. Having independent legal advice provides peace of mind and avoids potential complications.
The purchase process generally begins with a reservation contract and the payment of a small deposit, which takes the property off the market while due diligence is completed. Once both parties are ready, a private purchase contract is signed and a larger deposit, usually 10%, is paid. The final step is completion at the notary, where the balance is paid, the title deeds are signed and the property is officially transferred.
Taxes and costs
Non-residents must pay the same taxes as Spanish residents when buying property. For resale homes, the main tax is the Impuesto de Transmisiones Patrimoniales (transfer tax), which ranges between 6-11% depending on the region, in Andalucía it is 7%. For new-builds, buyers pay IVA (VAT) at 10% plus Stamp Duty (AJD). In addition, there are notary and land registry fees, as well as the cost of legal representation. Understanding these expenses in advance helps ensure accurate financial planning.
Ongoing responsibilities
Once you own a property in Spain, there are ongoing obligations to consider. Annual property tax, known as IBI, is payable to the local town hall. Community fees may apply if the property is within an urbanisation or apartment complex, covering shared services such as maintenance of gardens, pools and security. Non-residents are also subject to income tax on property ownership, even if the property is not rented out. This is a notional tax based on the property’s cadastral value and is declared annually.
Benefits of owning in Spain
Despite the formalities, buying as a non-resident has many advantages. Marbella offers a buoyant property market, strong demand from international buyers and excellent rental potential in popular areas. Ownership provides both a personal retreat and an asset that can appreciate in value. For those considering eventual relocation, a Spanish property also creates an established base for the future.
A smooth path with the right guidance
Purchasing a property in Marbella as a non-resident requires planning, paperwork and professional advice, but it is a well-trodden path. Thousands of international buyers complete the process each year, drawn by the promise of Mediterranean living. With an experienced agent and a trusted lawyer, the process is clear, secure and efficient.
At Luxury Living Marbella we specialise in guiding non-resident buyers through every stage of the journey. From identifying the right location to ensuring all legal and financial aspects are handled with care, we make the purchase process straightforward and transparent, thanks to our experienced team and trusted network of professionals. If you are considering buying in Marbella, Estepona or elsewhere on the Costa del Sol, contact us today and let us help you turn your vision of Spanish home ownership into reality.