TAXES & LEGAL FEES
When purchasing a property in Tenerife, it’s important to consider the additional buying costs involved.
Here are the expenses you need to keep in mind:
SEARCH FEES
Prior to purchasing a property, it is recommended to conduct various searches to ensure there are no outstanding debts or charges on the property.
PURCHASE TAX
When buying a second-hand property, the purchase tax amounts to 6.5% of the declared sales price and must be paid within 30 days of the title deed signing. For new properties, the purchase tax is 5% and can be paid in stage payments as the construction progresses.
SEARCH FEES
Prior to purchasing a property, it is recommended to conduct various searches to ensure there are no outstanding debts or charges on the property.
PURCHASE TAX
When buying a second-hand property, the purchase tax amounts to 6.5% of the declared sales price and must be paid within 30 days of the title deed signing. For new properties, the purchase tax is 5% and can be paid in stage payments as the construction progresses.
NOTARY FEES
These fees are payable to the Notary Public upon the signing of the title deed. The exact amount will depend on the value of the property and the complexity of the transaction.
REGISTRY FEES
Upon registering the title deed, you will need to pay fees to the land registry office. The cost is determined based on the property value.
NOTARY FEES
These fees are payable to the Notary Public upon the signing of the title deed. The exact amount will depend on the value of the property and the complexity of the transaction.
RGISTRY FEES
Upon registering the title deed, you will need to pay fees to the land registry office. The cost is determined based on the property valuE.
As registered agents, we can assist you with all these aspects and more when purchasing a property in Tenerife.
Our services include:
- Setting up a bank account to facilitate the financial transactions related to the purchase.
- Obtaining NIE numbers, which are required for legal and tax purposes.
- Managing paperwork related to utilities such as electricity, community charges, water, and rates.
- Providing guidance on yearly tax obligations associated with your property.
We are here to ensure a smooth and hassle-free experience throughout your property purchase journey in Tenerife
