What is the first thing you should do when you decide to buy a property in another country?
The answer should be obvious. Contact a law firm you trust first and let them advise and guide you so that
the transaction proceeds safely from the beginning. The next step is to contact a real estate agent to find the property you desire.
However, this order doesn’t always happen, but in my opinion, it’s important to consider this because we
often find that buyers and sellers first contact their lawyer when a reservation agreement or purchase contract has already been signed.
New tax law
It is the lawyer’s duty to investigate whether the property is legally constructed and registered, as well as to
pay attention to details regarding both the buyer and seller, investigate ongoing issues concerning the
property, such as inheritance or tax matters, etc.
Due to the new Spanish tax legislation, the lawyer must also have knowledge of the investors’ income and
financial situation. Therefore, do not be surprised if your lawyer asks you for a tax return or documentation
showing where the money for your property purchase or company formation is coming from.