Marbella and Costa del Sol in general continue to attract a significant number of foreigners both from the European Union and other countries. This trend has been increasing and in the last year the country has recorded historical highs, both in terms of visitors and in terms of average spending per tourist.
Purchase of real estate in Costa del Sol
This increasing trend has also been reflected in the real estate sector, especially in certain areas. Spain is a very attractive country for foreign investments due to an interesting combination of factors such as climate, lifestyle, good infrastructure of airports and trains, among others. The British are still leading the way in the purchase of real estate in the province of Malaga, according to statistics from the Association of Registrars of Property in Spain, followed by the Swedes and in third place are the Belgians, position they have maintained during the last years.
Specialist property lawyers
The purchase of a second (or main) home by Non-Residents is a very important decision and the buying process should be carried out with the help of specialised lawyers who can guarantee the legality of the operation in all aspects. After years of economic crisis, it is common to find properties that are partially or totally embargoed or that act as collateral for other operations, or properties whose owner is a bank or are in the process of execution and / or auction, being crucial to be advised by a specialised lawyer who is able to detect these incidents and resolve them or discourage the sale.
We believe it is also important to have an extensive knowledge of international and fiscal law to advice on the most beneficial way to carry out the investment. Likewise, it is necessary to contemplate aspects related to immigration law in order to obtain the necessary legal papers prior to the purchase, whether the buyer is a natural or a legal person. At this point, it is worth mentioning the Law to support entrepreneurs approved in 2013, known as Golden Visa, which allows foreign investors to obtain a Residency Visa for a minimum investment of 500,000 €.
In relation to the process of reservation and payment of the property, one of the aspects that most often jeopardise the closure of purchase operations is the opening of a current account in an efficient manner, as well as the transfer of funds from other countries into Spain.
Increasingly stringent anti-money laundering laws often prevent or delay this process. Also, the application for mortgage loans is becoming very difficult for non-resident foreigners, due to the banks’ unwillingness to approve such loans and the vast amount of documentation they request for the study of banking operations.
Navas & Cusí Lawyers offer comprehensive advice on the entire process of buying and selling your property, covering all the necessary aspects given the high specialisation of our lawyers in urban and development law, immigration law and tax law, as well as our ability to deal with banks as a result of more than 30 years of experience in banking law at national, European and International level.