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Expenses and taxes when purchasing the propery in Tenerife

Expenses and taxes when purchasing the propery in Tenerife

- VAT (DIGIC) - 5% of the total cost of new housing.

- Transfer tax (ITP - impuesto de transmisiones patrimoniales) - 6,5% of the cost of housing for resale properties.

- A Document registration tax (actos jurídicos documentados AJD) - 0,5-1% of the cost of housing.

- Notary fees (Notario) - 0,5-0,75% of the cost of housing (a little more in the case of registration of the mortgage loan).

- Expenses for registration in the Register of the Spanish property (Registro) - 0,25%. This amount is determined by a special scale, depending on the value of real estate

- Expenses for paperwork (Gestoría) - 0,5% - 600-700 €

- Check the records in the property registry -18 €

- Cost estimation of dwelling -210-280 €

- Bank fee for opening a mortgage - 1.5-2% of the loan amount.

- Gestión Escritura - 0.02% of the value of property (registration of the contract).

- Tax Plus Valía - the tax is charged by the municipality, and depends on the location, year of construction and the period during which the property was being owned.

 

Total:

• 9-10% - without a mortgage.

• 10-12% - with mortgage registration

 

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