Buying a House in Spain: Mortgage Contingency Clauses and Legal Checks

26 de febrero de 2026

  • España
  • Derecho Inmobiliario
  • Derecho Fiscal y Tributario

This is the fourth article of a series decidated to purchasing real estate property in Spain: previously, we presented how to structure the purchase of a real estate property and what steps you must undertake to ensure the purchase is efficient and safe (you can find it here), the financial and tax information as well as practical tips related to the purchase process (here) and how to handle international inheritance tax implications (here).

How to obtain a mortgage loan when Purchasing Property in Spain

When a buyer in Spain wishes to purchase property using a mortgage loan, the financing process typically begins after selecting a specific property and signing a private purchase agreement, which is usually accompanied by a deposit payment. The entire financing process is strictly regulated under Spanish civil and banking law, offering a high degree of legal security, including foreign and non-resident buyers.

Once the private purchase contract is signed, the bank initiates an official property valuation. This is a mandatory step for determining the maximum loan amount, the financing conditions and for loan approval.

Only after the valuation is completed will the bank issue a formal mortgage offer. The entire process, from the initial application to the final offer, can take several weeks, depending on the complexity of the buyer’s financial profile and the documentation required. The final step occurs before a Spanish notary, where two deeds are signed simultaneously:

  • The public deed of sale, and
  • The mortgage deed.

At this stage, the bank transfers the loan amount directly to the seller, ensuring legal and financial certainty for all parties involved.

While this structure guarantees legal clarity, it also means that mortgage financing is not secured at the time the private agreement is signed. Therefore, it is strongly recommended to include a mortgage contingency clause in the private purchase contract. This clause makes the completion of the sale conditional upon obtaining financing, thereby protecting the buyer’s deposit in the event of a mortgage denial.

Key Differences for Foreign Buyers

Spanish banks do not generally issue binding pre-approvals before a specific property has been chosen. Foreign buyers, particularly non-residents, should also be aware of additional requirements, including:

  • Submission of translated or apostilled foreign documents,
  • More extensive due diligence and KYC (Know Your Customer) procedures, and
  • Generally longer processing times.

These factors may extend the mortgage timeline and should be accounted for in the overall transaction planning.

Differences between buying a second-hand apartment/house and buying a new apartment/house directly from the developer

The main difference is that, in the case of a new home, VAT and AJD (stamp duty) are paid, and in the case of a second-hand home, only ITP (property transfer tax) is paid, as already explained in section III, paragraph 3.

In addition, in the case of new homes, a series of legal guarantees are established—for 1, 3, and 10 years—for possible construction defects that may arise in the home, for which the developer is liable. On the other hand, in the case of second-hand homes, the seller is liable for hidden defects only for a period of 6 months from delivery.

If the property is purchased from a natural person, it will generally be a second-hand home, whereas if it is purchased from a legal entity, it will normally be a new build and will be purchased from a developer.

Therefore, the fundamental differences will be those already mentioned above: different taxation and greater legal guarantees in the case of purchase from legal entities. Additionally, in the case of purchasing the property from a legal entity developer, there are enhanced documentation and reporting obligations, which do not apply in the case of sale by individuals.

Are there debts associated with the property that the buyer will be liable for?

The buyer is liable for any debts owed to the Homeowners’ Association for the three years prior to the purchase and for the outstanding portion of the current year’s dues. The buyer is also vicariously liable for any outstanding property tax (IBI) or other local taxes owed by the previous owner.

To adequately protect their interests, the buyer should, on the one hand, request a certificate of debts from the Homeowners’ Association and, on the other hand, check the status of payments of property tax and other municipal taxes.

What are the specific provions of Spanish Coastal Law (Ley De Costas)?

Properties located near the sea may fall under the Spanish Coastal Law (Ley de Costas), which regulates land use in the public maritime-terrestrial zone and its surrounding protected areas. These coastal strips are public domain, and strict limitations apply to ownership, construction, and renovation.

Even for older, long-standing buildings, it is vital to verify whether the property lies within a protection zone. Depending on the classification of the area, consequences can range from restricted use or denial of renovation permits to expiration of rights of use or, in extreme cases, administrative demolition orders.

Legal due diligence is essential to determine the status of the plot and identify any concessions or time-limited occupancy rights granted by the authorities.

 

What rules apply to Country Houses (Fincas Rústicas)?

Country houses (fincas rústicas) deserve special attention due to their location in rural and often protected areas, which are subject to strict urban planning and environmental regulations.

Depending on local and regional classifications, the land may be designated exclusively for agriculture, forestry, or conservation, limiting the potential for construction, expansion, or change of use.

Additionally, many rural properties have existing buildings that may never have been fully or properly legalised. As with coastal properties, buyers should review all applicable planning and environmental restrictions carefully before purchasing. 

How are squatting cases  (Okupas) regulated under Spanish law?

In recent years, Spain has experienced a rise in squatting cases, influenced by housing shortages, unaffordable rents, and high costs in urban or tourist areas. While the issue is complex and socio-politically sensitive, this section focuses on practical implications for property owners.

Importantly, unlawful occupation (okupación) is relatively uncommon in most parts of Spain. The majority of property owners, especially those who secure and monitor their homes properly, are unlikely to be affected.

Effective deterrents include:

  • Alarm systems and surveillance cameras,
  • Remote monitoring,
  • Local property management services (especially for second homes).

Spanish law differentiates between:

  • Intrusion into a primary residence (treated as unlawful entry),
  • Occupation of vacant or second homes (classified as usurpation, requiring court action).

Recent Legal Reforms – “Anti-Squatting Law” (Ley Orgánica 1/2025): To address lengthy eviction timelines, Spain introduced reforms, which include:

  • Within the first 48 hours of occupation:
    Police may evict squatters without a court order if no legal proof of residence is presented. Owners must provide immediate proof of ownership.
  • After 48 hours: Eviction must follow a formal judicial process.
  • Fast-track legal procedures: Eviction claims may now be processed in about 15 working days under accelerated procedures—though real-world implementation may vary by jurisdiction.

While these special topics may not apply to every transaction, they highlight the importance of thorough due diligence and professional legal advice when buying property in Spain. Understanding the implications of coastal laws, rural zoning, inheritance regulations, and property security helps international buyers make informed, secure, and future-proof investments.

Trasladarse a España por motivos profesionales suele vivirse como una oportunidad: nuevo proyecto, nuevo entorno y, en muchos casos, mejora en calidad de vida. Sin embargo, la experiencia práctica demuestra que las mayores dificultades no suelen surgir en el ámbito laboral, sino en cuestiones aparentemente accesorias como la vivienda y su encaje jurídico y fiscal.

Antes de firmar un contrato de alquiler o comprometerse con la compra de un inmueble, es imprescindible entender cuál es la propia situación administrativa y tributaria. Ese análisis previo evita problemas posteriores que, una vez firmado el contrato, pueden resultar costosos o difíciles de resolver.

Situación administrativa: punto de partida obligatorio

No todos los ciudadanos extranjeros se encuentran en la misma posición legal.

Los ciudadanos de la Unión Europea pueden residir y trabajar en España, pero deben obtener un Número de Identificación de Extranjero (NIE), inscribirse en el Registro Central de Extranjeros y empadronarse en el municipio correspondiente.

En el caso de nacionales de terceros países, la situación es distinta: es necesario contar con visado o autorización de residencia y trabajo, y posteriormente solicitar la Tarjeta de Identidad de Extranjero (TIE).

Esta regularización no es un simple trámite formal. Sin documentación en regla pueden surgir dificultades prácticas relevantes: apertura de cuentas bancarias, contratación de suministros, acreditación de solvencia ante propietarios o incluso formalización de escrituras notariales.

Alquiler: aspectos que conviene revisar antes de firmar

El mercado de arrendamiento en España está regulado por la Ley de Arrendamientos Urbanos. Aunque la firma del contrato no exige residencia previa, en la práctica muchos propietarios solicitan garantías adicionales cuando el inquilino acaba de llegar al país.

Es importante analizar:

  • Duración pactada.
  • Régimen de actualización de renta.
  • Fianza y garantías adicionales.
  • Cláusulas de desistimiento anticipado.

Firmar con urgencia, sin comprender el alcance de estas condiciones, puede generar obligaciones económicas que no siempre se ajustan a la situación real del trabajador desplazado.

Compra de vivienda: posibilidad jurídica y efectos fiscales

Un extranjero puede adquirir libremente un inmueble en España, incluso sin ser residente. No existe limitación por nacionalidad.

No obstante, la operación tiene consecuencias fiscales que deben valorarse previamente. En vivienda usada se abona el Impuesto sobre Transmisiones Patrimoniales, cuyo tipo depende de la Comunidad Autónoma. En obra nueva se aplican IVA y Actos Jurídicos Documentados. A ello se añaden los gastos notariales y registrales.

La formalización requiere escritura pública ante notario e inscripción en el Registro de la Propiedad para garantizar plena seguridad jurídica frente a terceros.

Residencia fiscal: el elemento determinante

Uno de los puntos más sensibles es determinar si el trabajador desplazado adquiere la condición de residente fiscal en España.

Con carácter general, se considera residente quien permanece más de 183 días durante el año natural en territorio español o quien sitúa aquí el núcleo principal de sus intereses económicos. No es una cuestión meramente administrativa; depende de circunstancias objetivas.

La diferencia es sustancial:

  • El residente fiscal tributa en España por su renta mundial.
  • El no residente tributa únicamente por las rentas obtenidas en España, bajo el Impuesto sobre la Renta de No Residentes.

En el caso de ser propietario de un inmueble, incluso aunque no se alquile, puede generarse la obligación de declarar una renta imputada si no constituye vivienda habitual.

Coordinación con el país de origen

El traslado profesional no elimina automáticamente las obligaciones fiscales en el país de procedencia. España mantiene convenios para evitar la doble imposición con numerosos Estados, pero su aplicación requiere análisis individualizado.

Una planificación insuficiente puede dar lugar a situaciones de doble tributación, conflictos de residencia fiscal o requerimientos posteriores de las administraciones tributarias implicadas.

Planificar antes de comprometerse

La secuencia correcta no comienza con la firma del contrato de alquiler ni con la reserva de una vivienda. Comienza por clarificar la situación migratoria, definir el encaje fiscal y evaluar las implicaciones jurídicas de cada decisión.

La vivienda no es únicamente una cuestión inmobiliaria. Es una decisión patrimonial con impacto tributario y efectos jurídicos que pueden proyectarse durante años.

Cuando el traslado implica cruzar fronteras, la improvisación deja de ser una opción razonable. La planificación previa no solo aporta seguridad: evita costes innecesarios y protege la estabilidad del proyecto profesional que motiva el cambio.

In previous articles, we presented how to structure the purchase of a real estate property and what steps you must undertake to ensure the purchase is efficient and safe (you can find it here), and the financial and tax information as well as practical tips related to the purchase process (here). To complete this overview of the process of purchasing real estate in Spain, let’s consider one of the most important concerns when acquiring property abroad:  inheritance and succession laws, especially for non-resident or foreign owners. This applies both to sellers still settling an estate and buyers planning future succession of their foreign property.

Applicable Law

The EU Succession Regulation (No. 650/2012) generally stipulates that the law of the deceased’s last habitual residence governs succession. However, individuals may opt for the law of their nationality, a particularly helpful tool for foreign nationals residing in Spain who prefer the inheritance rules of their home country.

This choice must be made expressly in a notarized will. Failure to do so may result in unintended legal consequences. The regulation also permits the application of the spouse’s national law in the case of inheritance contracts.

Inheritance Tax

Spain does not have a unified national inheritance tax system. Instead, each autonomous region applies its own rates, exemptions, and allowances. Following a 2014 European Court of Justice ruling, non-residents are entitled to benefit from regional tax rules when inheriting Spanish assets.

Despite this progress, double taxation remains a possibility, as Spain has inheritance tax treaties only with France, Sweden, and Greece.

Sales of Inherited Property

In Spain, heirs acquire ownership of inherited property by law. However, for that ownership to be fully protected and enforceable, particularly in the case of real estate, it must be registered in the Land Registry (Registro de la Propiedad).

A situation in which a seller claims ownership through inheritance but has not yet registered the title is legally problematic. In practice, a serious and properly advised seller would not offer the property for sale until the inheritance registration process is complete or, at the very least, notarially formalised, with registration submitted and pending to be finally registered.

While a seller may possess valid succession documents, the absence of formal registration means that third parties, including potential buyer, cannot rely on the seller’s title with legal certainty. This poses several legal risks:

  1. Competing heirs or challenges: If another heir later appears and successfully contests the will or inheritance arrangement, the sale could be challenged and annulled in court.
  2. Legal uncertainty for buyers: Although a sale contract might technically be valid, the buyer assumes legal risk by proceeding before the inheritance is fully registered. Courts may later invalidate the transaction in light of new claims or evidence.

Previously, under the Spanish Mortgage Law, the sale of inherited property could be challenged by a forced heir for up to two years after the decedent’s death, even if the property was sold in good faith. However, this risk was eliminated by the reform of 2021 through Real Decreto-ley 8/2021, which abolished that provision.

In conclusion, while Spanish law technically allows heirs to sell inherited property before registering ownership, this is strongly discouraged and not considered standard practice. A properly advised seller will:

  • Complete the inheritance process first,
  • Pay applicable inheritance taxes, and
  • Register ownership in the Land Registry before offering the property for sale.

Buyers should always request a recent Land Registry extract (nota simple) confirming that the seller is the legal, registered owner before signing any contract or making any payment. Failure to follow this guidance may result in legal uncertainty or annulment of the transaction.

Documentation and Procedure

To register property acquired through inheritance in Spain, proper documentation must be submitted within the legal timeframe to ensure legal certainty and avoid penalties. Generally, inheritance tax must be settled within six months from the date of death (an extension may be requested during the first months).

Property transfer as part of inheritance typically requires a notarial deed, especially when multiple heirs are involved. In certain cases, a European Certificate of Succession or private applications may suffice.

Typical required documents include:

  • International death certificate or national certificate with Hague Apostille;
  • European Certificate of Succession or national inheritance certificate with Hague Apostille;
  • Certificate from the Spanish Register of Wills (Registro General de Actos de Última Voluntad);
  • Property title and Land Registry data;
  • Bank balance certificates (certificado de saldo);
  • Last property tax (IBI) or a bank statement confirming the property’s cadastral data.

In a previous article, we outlined how to structure the purchase of a real estate property in Spain and the steps buyers should take to ensure the purchase is efficient and safe. If you missed it, you can find it here.

In this second part, we will cover financial and tax information along with practical tips related to the buying process. You will also learn about the rules that apply to owning and maintaining the property.

Taxation of individuals and legal entities

Both individuals and legal entities must bear the acquisition costs; the main difference in taxation is that legal entities can deduct VAT and other transaction-related expenses, while individuals generally have fewer tax advantages and a more limited deduction capacity. In any case, there is no clearly more advantageous regime for one type of taxpayer or the other, and the most favorable option will depend on the specific circumstances of each case.

Acquisition costs

Buying a home in Spain involves paying various additional costs on top of the purchase price, which vary depending on the autonomous community, the property’s value, and the buyer’s personal circumstances. These costs can amount to between 8% and 14% of the property’s purchase price and are discussed in sections 3 and 4 below.

Property Tax/VAT/ITPJAD

If it is a new home, Value Added Tax (VAT) must be paid, which is generally 10%, and Stamp Duty (AJD- Actos juridicos documentados) which is between 0.50% and 1.5% of the value of the home, depending on the Autonomous Community and the circumstances of the buyer.

If it is a second-hand home, you will have to pay Property Transfer Tax (ITP – Impuesto transmisiones patrimoniales), which will be 5%-10% of the value of the home, depending on the Autonomous Community and the buyer’s circumstances.

As for the IBI, it is mentioned in section IV, as it is not an acquisition cost as such.

Other expenses

Basically, they will be as follows:

  • Notary fees for the execution of the public deed of sale, which legally correspond to the seller, although it is not uncommon for them to be transferred to the buyer by agreement. For a property worth €300.000,00, they would typically amount to around €2,000; however, they are negotiable.
  • Registration fees for registering the sale in the Property Registry, which are payable by the buyer. For a property worth €300,000, these would amount to around €500.                                                                                          
  • Administrative fees, if the services of an agency are hired to process the payment of taxes and the registration of the buyer’s title in the property registry (which is essential).

Property In Progress And Tax Obligations

Once you own the property, you will need to take care of the following expenses and obligations:

  • If the property is part of a building or development with common areas, the owner must pay the homeowners’ association fees, which vary depending on the services and size of the association.
  • Property tax (IBI – Impuesto sobre Bienes Inmuebles), which is levied on the ownership of real estate and whose amount depends on the cadastral value of the property and the tax rate set by each local council.
  • Depending on the municipality, there may be an annual garbage collection fee for urban waste collection.
  • Private utilities, such as water, electricity, gas, or internet.
  • Where applicable, home insurance (mandatory when taking out a mortgage), private maintenance and repairs, or extraordinary works agreed upon by the homeowners’ association.

Joint Ownership Communities, Maintenance, Technical Building Inspection (Inspección Técnica De Edificios)

Joint Ownership Communities

When purchasing property in Spain, you are not only investing in the private space you occupy, you are often also becoming part of a legally regulated community of owners (comunidad de propietarios), which comes with specific financial, administrative, and legal responsibilities. In Spain, most buildings and many houses within residential developments (urbanizaciones) are subject to a legal structure known as a joint ownership community.

Within this framework, all property owners collectively assume responsibility for the maintenance, conservation, and proper use of common elements. The governance of the community is defined by its statutes and internal rules, which are adopted and amended by the owners’ association through resolutions passed at general meetings of co-owners. These rules establish key obligations, such as:

  • Contributions to shared expenses, which are generally allocated based on each unit’s surface ownership share (coeficiente de participación), although the internal regulations may establish a different method (e.g. equal shares)
  • Permitted uses of communal areas,
  • Maintenance responsibilities,
  • Approval of extraordinary levies (derramas).

Prospective buyers should carefully review all community documentation before completing a purchase. These internal rules and decisions may significantly affect the intended use of the property, for example, by restricting short-term rentals, limiting certain renovations, or setting usage rules for terraces or shared facilities. Additionally, documentation may reveal unpaid levies, planned renovations, or other financial obligations that could affect the property’s long-term affordability. To avoid unexpected liabilities, it is essential to request a debt certificate from the community, confirming that the current owner is up to date with all community payments.

Maintenance Responsibilities

All owners are obliged to contribute to the shared maintenance costs of the building or development. These include regular expenses such as:

  • Cleaning of common areas,
  • Minor repairs,
  • Utility bills for communal services.

Larger or unplanned expenses may require extraordinary assessments, which are apportioned among the owners based on their respective share (often called a cuota de participación).

In addition to shared obligations, each owner is responsible for the maintenance of their private property. In the case of detached or semi-detached homes, this responsibility is exclusive. Owners can be held liable for any damage caused to third parties due to poor maintenance or structural issues.

It is therefore strongly recommended to obtain comprehensive home insurance. Not only does it offer financial protection, but it is often a mandatory requirement for obtaining a mortgage from Spanish financial institutions. Policies should ideally include coverage for major risks such as fire, flooding, and structural damage.

Technical Building Inspection (Inspección Técnica de Edificios, ITE)

Spanish regulations require buildings over a certain age – typically 45 years, though this varies by region – to undergo a Technical Building Inspection (Inspección Técnica de Edificios, or ITE).

This inspection must be carried out by an independent qualified technician and assesses the overall condition of the building. It identifies any deficiencies and proposes necessary improvements. If serious issues are found, the community of owners is required to carry out repairs within a designated timeframe.

Conclusion

A full understanding of both collective and individual responsibilities is essential for safeguarding the interests of foreign buyers in the Spanish property market. Awareness of the implications of joint ownership, maintenance costs, and regulatory obligations such as the ITE can help ensure a secure and financially sound investment.

Summary: How can foreigners purchase a real estate property in Spain? In this article, we aim to provide an overview of the key legal and practical aspects foreign clients should consider before investing in the Spanish housing market. 

This is the first of a series of three articles: in the second part we present the financial and tax information as well as practical tips related to the purchase process (here) and in the third wwìe deal with international inheritance implications (here).

How does a property purchase in Spain work?

Spain offers a transparent and legally secure process for real estate investment. However, it is not without risks, particularly concerning private purchase contracts, which are not subject to a mandatory format and rely heavily on the contractual freedom of the parties involved.

Although ownership is typically transferred during the notary appointment, prior private purchase contracts, often accompanied by a 10% deposit, are very common in Spain and are fully effective under formal law aspects. In practice, this means that the decision to purchase and the review of all legal aspects and risks must occur before signing the private purchase contract as this document sets out all the binding conditions between the parties. The subsequent notarial deed merely formalizes or executes the terms previously agreed upon. Moreover, it is important to understand that the notary serves solely as a certifying official in Spain. They do not act to protect the buyer or offer legal advice and must remain neutral.

Therefore, engaging qualified legal support is essential to ensure a safe investment and to fully protect your rights. International buyers should be aware that certain procedural steps are highly recommended to ensure full protection of their ownership rights.

 

Spain has two complementary real estate registration systems which are characterized below.

If you would like to get to know more about how you can find information about real estate and get the certificate from the Land Registry we encourage you to look at another guide prepared by Legalmodo which you can find here.

  1. The Land Registry (Registro de la Propiedad) is the official legal registry that confirms ownership from a civil law perspective and lists encumbrances (e.g., mortgages). Registration here is highly recommended as it offers protection against third parties acting in good faith.

The Land Registry is a specialised body under the Ministry of Justice. Each Land Registry office is run by a Registrador de la Propiedad- a legally qualified public official.

Legal information about registered property may be obtained by applying for:

  • a “nota simple”- an unofficial extract containing basic property data, useful for informational or preliminary purposes or;
  • a “Certificacion registral”- an official and legally binding certificate confirming ownership and registered rights.

These documents may be obtained from the relevant Land Registry office or via the electronic portal of the Colegio de Registradores de España.

  1. The Cadastre (Catastro) is an administrative and fiscal registry that describes the property’s physical characteristics, such as location, surface area, layout, and cadastral value, for taxation and urban planning purposes, but does not certify ownership.

The Cadastre is managed by the General Directorate for the Cadastre (Dirección General del Catastro), which forms part of the Ministry of Finance (Ministerio de Hacienda).

Cadastral data is publicly accessible and may be obtained either online or in person. The main channels are:

  • The official Cadastre portal: https://www.sedecatastro.gob.es/
  • Local Cadastral Information Points (Puntos de Información Catastral- PICs) and municipal offices

The following official documents are available:

  • Certificación catastral: a legally binding certificate that confirms the cadastral details of a property.
  • Consulta Descriptiva y Gráfica: a non- certified extract providing a descriptive and graphical overview of the property’s characteristics.

Real Estate Property purchase process

The typical purchase process in Spain provides legal certainty and transparency. The main steps are as follows:

Real Estate Agency contract

The process often starts with the seller signing a contract with a real estate agency, outlining the agent’s services and commission. While not mandatory, a written contract ensures transparency. Although the seller typically pays the commission, the agency may also enter into a separate or additional agreement with the buyer, particularly in transactions involving property search. It is common for agents to have agreements with both the seller and buyer; however, agents primarily represent the seller and must disclose any dual representation to avoid conflicts of interest. Buyers are advised to seek independent legal advice, as agents do not act as legal representatives.

Reservation Agreement

Once a property is identified, the buyer and seller may sign a reservation agreement, usually with a deposit of 1–2% of the purchase price. This agreement temporarily removes the property from the market, allowing time for document review and due diligence.

The reservation deposit is typically paid to the real estate agency. To ensure legal certainty, the reservation agreement should clearly set out the conditions under which the deposit is refundable. If the transaction is not finalised and the seller or the agency refuses to return the deposit, the buyer may seek legal enforcement through civil proceedings.

Private Purchase Agreement

As indicated below, this stage of the purchasing process is very important. This contract will usually have a decisive impact on the final transaction. Therefore it should be drafted with utmost care and with the assistance of an experienced real estate lawyer.

This contract defines and confirms all agreed terms. It usually involves a 10% deposit. A thorough due diligence is essential at this stage, as the buyer assumes full responsibility for the property. It is often agreed that the deposit is forfeited if the buyer withdraws from the contract and, if the seller withdraws from the contract, they must repay double the deposit.

As with the reservation agreement, the second deposit is generally paid either directly to the seller or to the real estate agency, depending on the arrangement. In Spain, there is no public escrow system or neutral body responsible for managing such funds. Accordingly, if the transaction does not proceed and the seller or the agency refuses to return the deposit, the buyer may pursue legal remedies through civil proceedings.

While it is not standard practice, sometimes it is possible to arrange for the deposit to be transferred to a notary or lawyer who may act as an escrow agent under a private agreement between the parties. As it is not common it may be difficult to arrange in practice.

Public Deed Before a Spanish Notary

As explained before, together the Título and Modo ensure that ownership is validly and securely transferred. In practice, this usually takes place with the signing of the notarial public deed before the Spanish notary, which formally represents the transfer of possession (Modo). In most cases, the remaining purchase price is also paid at the same time because the seller transfers the ownership upon signing the public deed.

Land Registry and Cadastre Updates

After notarisation, the buyer must register the property in the Land Registry to secure legal title against third parties. While this step is not constitutive of ownership, it offers critical protection and is standard practice. Simultaneously, the Cadastral Office updates the property’s ownership details for tax and administrative purposes.

Conclusion

Spain offers a transparent and legally secure process for real estate investment. However, the process is not without risks, particularly regarding private purchase agreements, which are not governed by a mandatory format and rely heavily on the parties’ contractual freedom. Therefore, engaging qualified legal support is essential for a safe investment and to ensure full protection of your rights.

Verification Of Legal Status

The buyer of a property must have access to the following documentation in order to be fully confident about the sale:

  • Property deed. This document must be provided by the seller, who must present the original at the notary’s office on the day the deed is signed.
  • Updated simple note issued by the Land Registry. This document summarizes the legal status of the property, indicating its ownership, description, and any encumbrances or liens that may exist on it. The law firm advising the buyer can easily obtain this online. It is an essential document for understanding the legal status of the property.
  • Updated cadastral certificate, which describes the physical characteristics of the property, including its size, built-up areas, and indicating measurements and boundaries. It can be consulted via the following link: https://www.sedecatastro.gob.es/ or requested through the law firm; it is very necessary if you are buying land on which to build a house, but not essential if you are buying an existing property.
  • Energy efficiency certificate, which provides information on the property’s energy consumption and CO2 emissions. To obtain it, you must hire an authorized technician, who will inspect the home and issue the certificate.
  • Certificate of occupancy or first occupancy license. This is only necessary in certain cases, including when the property is newly built.
  • If applicable, certificate of debts with the Homeowners’ Association. This must be requested from the president or administrator of the Association and certifies whether or not the seller has any outstanding debts with the Association.
  • Latest property tax (IBI) receipt certifying payment of this tax.
  • Technical Building Inspection Certificate (ITE), certifying compliance with the minimum structural requirements of the property (structure, installations, etc.). This is issued by an approved technician and is only necessary in the case of old buildings, those over 50 years old.
  • If the property is mortgaged, you will need to request the corresponding certificate from the bank certifying full payment or, failing that, the outstanding debt.

¿Cómo funciona la tokenización de inmuebles, cuál es el marco regulatorio y qué derechos adquiere realmente el inversor?

La tokenización inmobiliaria, presente desde hace ya algunos años en España, está dejando de ser una promesa futurista para convertirse en una realidad tangible en el mercado español. Representa algo más que una innovación tecnológica: supone una transformación en la forma en que concebimos la propiedad, la inversión y la liquidez en el sector inmobiliario, uno de los más tradicionales y regulados de nuestra economía.

¿Qué es la tokenización inmobiliaria y cómo funciona?

En esencia, tokenizar un inmueble significa, hoy en día, convertir los derechos económicos asociados a ese activo en unidades digitales que pueden circular en plataformas basadas en blockchain. Cada token representa una fracción de esos derechos económicos, lo que permite a inversores con capitales más modestos acceder a un mercado que tradicionalmente exigía sumas considerables.

El papel de los contratos inteligentes (smart contracts)

Los tokens funcionan mediante contratos inteligentes que ejecutan automáticamente la distribución de rentas de alquiler o reventa de esa representación parcial del inmueble, con su revalorización incluida, eliminando intermediarios y aportando transparencia al proceso. Esta automatización no es meramente cosmética: reduce costes operativos, acelera las transacciones y, potencialmente, incrementa la liquidez de activos que históricamente han sido de los menos líquidos del mercado.

La realidad jurídica: qué se tokeniza realmente en España

Sin embargo, conviene aclarar desde el inicio una cuestión fundamental que a menudo queda desdibujada en el discurso comercial: en la práctica, en los proyectos de tokenización inmobiliaria en España, lo que se tokeniza no es el inmueble en sí, sino derechos económicos vinculados a un vehículo societario (habitualmente una sociedad de propósito especial o SPV) que ostenta la titularidad del inmueble. La normativa española solo permite tokenizar acciones de sociedades anónimas mediante tecnología de registro distribuido; las participaciones de sociedades limitadas no pueden tokenizarse. Esto significa que si el SPV es una sociedad limitada, no se pueden tokenizar las participaciones sociales propiamente dichas, sino únicamente otros instrumentos como préstamos participativos o derechos de crédito sobre rentas. Solo si el SPV se constituye como sociedad anónima es posible tokenizar directamente las acciones de esa sociedad.

¿Qué derechos adquiere realmente el inversor de tokens inmobiliarios?

Quien adquiere un token, por tanto, no se convierte en copropietario directo del activo inmobiliario. Dependiendo de la estructura elegida, puede ser accionista de una SA tokenizada, propietaria del inmueble, o titular de derechos económicos derivados de préstamos participativos u otras fórmulas de participación indirecta sobre el SPV que posee el inmueble. La diferencia no es trivial: si la sociedad enfrenta problemas de solvencia o quiebra, el valor del token se hunde con ella, sin que el inversor pueda ejercer derechos reales directos sobre el inmueble.

El derecho español, anclado en siglos de tradición registral, no permite actualmente la transmisión de derechos reales sobre inmuebles mediante la mera transferencia de tokens, exigiendo escritura pública e inscripción registral para que esa transmisión produzca efectos frente a terceros. Esta estructura mediante SPV es, por tanto, una solución de compromiso entre las posibilidades tecnológicas y las exigencias del ordenamiento jurídico vigente.

Marco regulatorio de la tokenización inmobiliaria en España

La autorización de la CNMV y la Ley 6/2023 del Mercado de Valores

El regulador español ha comenzado a sentar las bases jurídicas para que esta tecnología pueda desarrollarse dentro de un marco de seguridad. En 2023, la Comisión Nacional del Mercado de Valores autorizó a Adventurees Capital PFP como la primera plataforma de financiación participativa que emite valores tokenizados, marcando un hito en la convergencia entre crowdfunding y blockchain. Esta autorización no surgió en el vacío: fue acompañada por la aprobación de la Ley 6/2023 del Mercado de Valores, que reconoce expresamente la representación de valores negociables mediante tecnologías de registro distribuido como blockchain, otorgándoles plena validez jurídica.

El rol del Registro de la Propiedad en la era blockchain

Paralelamente, el Colegio de Registradores está explorando cómo integrar blockchain en el sistema registral español, aunque conviene precisar el alcance real de estas iniciativas. Los proyectos en marcha se centran fundamentalmente en aplicaciones complementarias como la gestión digitalizada del Libro del Edificio o la mejora de la trazabilidad y consulta de información registral, pero no buscan sustituir los pilares fundamentales del sistema: el otorgamiento de escritura pública ante notario y la inscripción registral, los cuales siguen siendo absolutamente obligatorios para la transmisión de derechos reales sobre inmuebles. Los registradores son claros en su postura institucional: la blockchain puede complementar y agilizar procesos de gestión documental, pero no puede reemplazar el control de legalidad que ejerce el registrador ni la protección de terceros que ofrece el Registro de la Propiedad, elementos esenciales de nuestro sistema jurídico. Esta posición refleja precisamente la limitación actual del modelo: los tokens circulan en la blockchain representando posiciones en SPV o derechos económicos sobre ellos, pero la propiedad real del inmueble permanece anclada en el mundo registral tradicional, bajo titularidad de esa sociedad vehículo, y cualquier transmisión de ese derecho real requiere el procedimiento tradicional con todas sus garantías.

Regulación europea: ECSPR, MiCA y régimen piloto DLT

España también se beneficia de un entramado regulatorio europeo que está posicionando a la Unión como líder global en la regulación de activos digitales. El Reglamento Europeo de Proveedores de Servicios de Crowdfunding (ECSPR) armoniza las normas para las plataformas de financiación participativa, permitiendo que una plataforma autorizada en un Estado miembro pueda operar en toda la UE mediante el denominado «pasaporte europeo». El Reglamento MiCA, que entró en plena aplicación el 30 de diciembre de 2024, regula de forma bastante amplia los mercados de criptoactivos, estableciendo obligaciones tanto para emisores como para proveedores de servicios. Y el régimen piloto DLT (Reglamento UE 2022/858) permite que infraestructuras de mercado basadas en tecnología de registro descentralizado operen con ciertas exenciones temporales, creando un entorno controlado de pruebas para evaluar el potencial de estas tecnologías en los mercados financieros.

El enfoque del regulador español podría describirse como cautelosamente favorable: se fomenta la innovación, pero se exige el cumplimiento riguroso de controles de prevención de blanqueo de capitales, identificación de clientes y obligaciones de divulgación para proteger a los inversores. No es un laissez-faire tecnológico, sino una apuesta por integrar la innovación dentro de un marco de garantías.

Desafíos jurídicos y riesgos de la tokenización inmobiliaria

Los riesgos de la estructura mediante SPV

Los desafíos jurídicos que persisten son relevantes y merecen atención. La estructura mediante SPV, aunque jurídicamente viable, introduce una capa adicional de complejidad y riesgo que debe ser de modo claro comunicada a los inversores. A diferencia de la propiedad directa, donde el inversor tiene derechos reales sobre el inmueble oponibles frente a terceros, en el modelo tokenizado actual el inversor ostenta posiciones en fórmulas de participación indirecta (acciones de SA, préstamos participativos, derechos de crédito) vinculadas a una sociedad propietaria del inmueble, con todas las implicaciones que ello conlleva en materia de responsabilidad societaria, fiscalidad y protección ante insolvencias.

La desconexión entre el mundo on-chain y off-chain

También resulta fundamental entender que la conexión entre el mundo «on-chain» (donde circulan los tokens) y «off-chain» (donde se inscribe la propiedad real) no es directa ni automática. La transmisión de un token no implica por sí misma ningún cambio en el Registro de la Propiedad: la titularidad jurídica del inmueble permanece en el SPV independientemente de quién posea los tokens, y solo una escritura pública debidamente inscrita podría cambiar esa titularidad registral. Los proyectos exploratorios del Colegio de Registradores buscan mejorar la eficiencia en la gestión de información complementaria, pero no alteran esta realidad fundamental. Y, como en cualquier mercado emergente, es necesario prevenir la proliferación de esquemas fraudulentos que prometan rentabilidades irreales o que comercialicen tokens sin el respaldo jurídico adecuado.

Implicaciones prácticas para inversores y operadores jurídicos

Para los operadores jurídicos, la tokenización inmobiliaria puede plantear la necesidad de adaptar contratos, estatutos sociales y estructuras de financiación a un entorno donde los derechos circulan de forma digital y distribuida. Para los inversores, representa una oportunidad de diversificar carteras con entradas de capital más reducidas y un potencial de liquidez superior al de la inversión inmobiliaria tradicional, siempre que comprendan que no están adquiriendo propiedad directa del inmueble sino una posición en fórmulas de participación indirecta vinculadas a la estructura societaria que lo posee. Y para la economía en su conjunto, puede dinamizar un mercado inmobiliario valorado en billones de euros al facilitar la entrada de capital minorista que antes quedaba excluido.

El futuro de la tokenización inmobiliaria en España

Estamos ante una evolución que combina derecho, tecnología y finanzas de forma inseparable. Resulta no obstante clave entender que la tokenización no es una moda pasajera, sino una herramienta que, bien utilizada y debidamente regulada, puede transformar la forma en que accedemos a uno de los activos más valorados de nuestra sociedad: el inmueble. Pero esa transformación, al menos en el presente, opera a través de estructuras societarias vehículo y fórmulas de participación indirecta, no mediante la titularidad directa que la terminología comercial a veces sugiere, y ciertamente no implica una revolución inmediata del sistema registral español, cuyas garantías fundamentales permanecen intactas.

Third country citizens seeking to buy real estate in Greece or holding all shares of a Greek legal entity, may apply for a residence permit in Greece under the conditions described below.

If the property is situated in the Municipalities of Attica, in Vari – Voula – Vouliagmeni, in Thessaloniki, in Mykonos or in Santorini, the value of the purchase contract shall amount minimum to five hundred thousand euros (€ 500.000). If the property is situated in different – from the abovementioned – areas of Greece, the minimum value of the purchase contract amounts to two hundred fifty thousand euros (€ 250.000).

Third country citizens seeking to build on a plot, may also apply for a residence permit, if the combined value of the construction contract and that of the purchase contract, amounts to minimum € 500.000 or € 250.000.

Co-owners of a purchased property may apply for a residence permit if they are spouses. If not, permit can be granted to a co-owner, only if the amount invested by her, amounts at least to € 500.000 or € 250.000.

All abovementioned thresholds can be met via the purchase of more than one property.

Residence permits may be also granted to family members of the investor (spouse, children, parents).

In some areas of Greece, the Greek State has imposed restrictions on purchase contracts. In these areas, restrictions may be lifted only by a decision of the Greek Ministry of Defense.

As per the administrative process, each applicant shall lawfully entry Greece at least twice. Applicants shall collect and submit, usually with the help of a lawyer holding a PoA, all necessary documentation at the Immigration Department of the competent Decentralized Greek Authority. Applicants are subject to an administrative fee of two thousand euros (€2.000).

Shortly after filing documents and giving biometric data, applicants receive a temporary residence permit for a year. The duration of a residence permit, if issued, is five (5) years. It may be renewed for another five (5) years if its holder remains owner of the purchased property. The residence permit is revoked if its holder sells her property in Greece.

After seven (7) years since the issuance of a residence permit, its holder can apply for the Greek citizenship if she meets all other criteria for the Greek citizenship (e.g. sufficient knowledge of the Greek language, history, culture and political system, clear criminal record, economic activity in Greece).

This is a summary of the approved measures, which unfortunately for both tenants and landlords do not include any public aid or tax relief and just refer to a postponement in the payment of the rent.

Premises to which they are applied

Leased premises dedicated to activities different than residential: commercial, professional, industrial, cultural, teaching, amusement, healthcare, etc. They also apply to the lease of a whole industry (i.e. hotels, restaurants, bars, etc., which are the most usual type of businesses object of this deal).

Types of tenants

  • Individual entrepreneurs or self-employed persons who were registered before Social Security before the declaration of the state of alarm on March 14th, 2020
  • Small and medium companies, as defined by article 257.1 of the Capital Companies Act: those who fulfil during two consecutive fiscal years these figures: assets under € 4 million, turnover under € 8 million and average staff under 50 people

Types of landlords

In order to benefit from these measures, the landlord should be a housing public entity or company or a big owner, considering as such the individuals or companies who own more than 10 urban properties (excluding parking places and storage rooms) or a built surface over 1.500 sqm.

Measures approved

The payment of the rent is postponed without interest meanwhile the state of alarm is in force, but in any case, for a maximum period of four months. Once the state of alarm is overcome, and in any case in a maximum term of four months, the postponed rents should be paid along a maximum period of two years, or the duration of the lease agreement, should it be less than two years.

For landlords different to those mentioned above

The tenant could apply before the landlord for the postponement in the payment of the rent (but the landlord is not obliged to accept it), and the parties can use the guarantee that the tenant should mandatorily have provided at the beginning of any lease agreement (usually equal to two month’s rent, but could be more if agreed by the parties), in full or in part, in order to use it to pay the rent. The tenant will have to provide again the guarantee within one year’s term, or less should the lease agreement have a shorter duration.

Activities to which it is applied

Activities which have been suspended according to the Royal Decree that declared the state of alarm, dated march, 14ht, 2020, or according to the orders issued by the authorities delegated by such Royal Decree. This should be proved through a certificated issued by the tax authorities.

If the activity has not been directly suspended by the Royal Decree, the turnover during the month prior to the postponement should be less than 75% of the average monthly turnover during the same quarter last year. This should be proved through a responsible declaration by the tenant, and the landlord is authorised check the bookkeeping records.

Term to apply and procedure

The tenant should apply for these measures before the landlord within one month’s term from the publication of the Royal Decree-law, that is, from April 22nd, 2020, and the landlord (in case belongs to the groups mentioned in point c) is obliged to accept the tenant’s request, except if both parties have already agreed something different. The postponement would be applied to the following month.

As the state of alarm was declared more than one month ago (March 14th), landlords and tenants have already been reaching some agreements, for example 50% rent reduction during the state of alarm, and 50% rent postponement during the following 6 months. Tenants who do not reach an agreement with the landlord could face an eviction procedure, however court procedures are suspended during the state of alarm. We have also seen some abusive non-payment of rent by tenants.

When is becomes impossible to reach an agreement with the landlord, tenants have the legal remedy of claiming in Court for the application of the “rebus sic stantibus” principle, which was highly demanded during the 2008 financial crisis but very seldom applied by the Courts. This principle is aimed to re-balance the parties’ obligations when their situation had deeply changed because of unforeseen circumstances beyond their control. This principle is not included in the Spanish Civil Code, but the Supreme Court has accepted its application, in a very restricted way, in some occasions.

Javier Gaspar

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    Mudarse a España por motivos laborales | Aspectos legales clave a tener en cuenta antes de alquilar o comprar una propiedad

    26 de febrero de 2026

    • España
    • Derecho Inmobiliario
    • Inversiones extranjeras

    This is the fourth article of a series decidated to purchasing real estate property in Spain: previously, we presented how to structure the purchase of a real estate property and what steps you must undertake to ensure the purchase is efficient and safe (you can find it here), the financial and tax information as well as practical tips related to the purchase process (here) and how to handle international inheritance tax implications (here).

    How to obtain a mortgage loan when Purchasing Property in Spain

    When a buyer in Spain wishes to purchase property using a mortgage loan, the financing process typically begins after selecting a specific property and signing a private purchase agreement, which is usually accompanied by a deposit payment. The entire financing process is strictly regulated under Spanish civil and banking law, offering a high degree of legal security, including foreign and non-resident buyers.

    Once the private purchase contract is signed, the bank initiates an official property valuation. This is a mandatory step for determining the maximum loan amount, the financing conditions and for loan approval.

    Only after the valuation is completed will the bank issue a formal mortgage offer. The entire process, from the initial application to the final offer, can take several weeks, depending on the complexity of the buyer’s financial profile and the documentation required. The final step occurs before a Spanish notary, where two deeds are signed simultaneously:

    • The public deed of sale, and
    • The mortgage deed.

    At this stage, the bank transfers the loan amount directly to the seller, ensuring legal and financial certainty for all parties involved.

    While this structure guarantees legal clarity, it also means that mortgage financing is not secured at the time the private agreement is signed. Therefore, it is strongly recommended to include a mortgage contingency clause in the private purchase contract. This clause makes the completion of the sale conditional upon obtaining financing, thereby protecting the buyer’s deposit in the event of a mortgage denial.

    Key Differences for Foreign Buyers

    Spanish banks do not generally issue binding pre-approvals before a specific property has been chosen. Foreign buyers, particularly non-residents, should also be aware of additional requirements, including:

    • Submission of translated or apostilled foreign documents,
    • More extensive due diligence and KYC (Know Your Customer) procedures, and
    • Generally longer processing times.

    These factors may extend the mortgage timeline and should be accounted for in the overall transaction planning.

    Differences between buying a second-hand apartment/house and buying a new apartment/house directly from the developer

    The main difference is that, in the case of a new home, VAT and AJD (stamp duty) are paid, and in the case of a second-hand home, only ITP (property transfer tax) is paid, as already explained in section III, paragraph 3.

    In addition, in the case of new homes, a series of legal guarantees are established—for 1, 3, and 10 years—for possible construction defects that may arise in the home, for which the developer is liable. On the other hand, in the case of second-hand homes, the seller is liable for hidden defects only for a period of 6 months from delivery.

    If the property is purchased from a natural person, it will generally be a second-hand home, whereas if it is purchased from a legal entity, it will normally be a new build and will be purchased from a developer.

    Therefore, the fundamental differences will be those already mentioned above: different taxation and greater legal guarantees in the case of purchase from legal entities. Additionally, in the case of purchasing the property from a legal entity developer, there are enhanced documentation and reporting obligations, which do not apply in the case of sale by individuals.

    Are there debts associated with the property that the buyer will be liable for?

    The buyer is liable for any debts owed to the Homeowners’ Association for the three years prior to the purchase and for the outstanding portion of the current year’s dues. The buyer is also vicariously liable for any outstanding property tax (IBI) or other local taxes owed by the previous owner.

    To adequately protect their interests, the buyer should, on the one hand, request a certificate of debts from the Homeowners’ Association and, on the other hand, check the status of payments of property tax and other municipal taxes.

    What are the specific provions of Spanish Coastal Law (Ley De Costas)?

    Properties located near the sea may fall under the Spanish Coastal Law (Ley de Costas), which regulates land use in the public maritime-terrestrial zone and its surrounding protected areas. These coastal strips are public domain, and strict limitations apply to ownership, construction, and renovation.

    Even for older, long-standing buildings, it is vital to verify whether the property lies within a protection zone. Depending on the classification of the area, consequences can range from restricted use or denial of renovation permits to expiration of rights of use or, in extreme cases, administrative demolition orders.

    Legal due diligence is essential to determine the status of the plot and identify any concessions or time-limited occupancy rights granted by the authorities.

     

    What rules apply to Country Houses (Fincas Rústicas)?

    Country houses (fincas rústicas) deserve special attention due to their location in rural and often protected areas, which are subject to strict urban planning and environmental regulations.

    Depending on local and regional classifications, the land may be designated exclusively for agriculture, forestry, or conservation, limiting the potential for construction, expansion, or change of use.

    Additionally, many rural properties have existing buildings that may never have been fully or properly legalised. As with coastal properties, buyers should review all applicable planning and environmental restrictions carefully before purchasing. 

    How are squatting cases  (Okupas) regulated under Spanish law?

    In recent years, Spain has experienced a rise in squatting cases, influenced by housing shortages, unaffordable rents, and high costs in urban or tourist areas. While the issue is complex and socio-politically sensitive, this section focuses on practical implications for property owners.

    Importantly, unlawful occupation (okupación) is relatively uncommon in most parts of Spain. The majority of property owners, especially those who secure and monitor their homes properly, are unlikely to be affected.

    Effective deterrents include:

    • Alarm systems and surveillance cameras,
    • Remote monitoring,
    • Local property management services (especially for second homes).

    Spanish law differentiates between:

    • Intrusion into a primary residence (treated as unlawful entry),
    • Occupation of vacant or second homes (classified as usurpation, requiring court action).

    Recent Legal Reforms – “Anti-Squatting Law” (Ley Orgánica 1/2025): To address lengthy eviction timelines, Spain introduced reforms, which include:

    • Within the first 48 hours of occupation:
      Police may evict squatters without a court order if no legal proof of residence is presented. Owners must provide immediate proof of ownership.
    • After 48 hours: Eviction must follow a formal judicial process.
    • Fast-track legal procedures: Eviction claims may now be processed in about 15 working days under accelerated procedures—though real-world implementation may vary by jurisdiction.

    While these special topics may not apply to every transaction, they highlight the importance of thorough due diligence and professional legal advice when buying property in Spain. Understanding the implications of coastal laws, rural zoning, inheritance regulations, and property security helps international buyers make informed, secure, and future-proof investments.

    Trasladarse a España por motivos profesionales suele vivirse como una oportunidad: nuevo proyecto, nuevo entorno y, en muchos casos, mejora en calidad de vida. Sin embargo, la experiencia práctica demuestra que las mayores dificultades no suelen surgir en el ámbito laboral, sino en cuestiones aparentemente accesorias como la vivienda y su encaje jurídico y fiscal.

    Antes de firmar un contrato de alquiler o comprometerse con la compra de un inmueble, es imprescindible entender cuál es la propia situación administrativa y tributaria. Ese análisis previo evita problemas posteriores que, una vez firmado el contrato, pueden resultar costosos o difíciles de resolver.

    Situación administrativa: punto de partida obligatorio

    No todos los ciudadanos extranjeros se encuentran en la misma posición legal.

    Los ciudadanos de la Unión Europea pueden residir y trabajar en España, pero deben obtener un Número de Identificación de Extranjero (NIE), inscribirse en el Registro Central de Extranjeros y empadronarse en el municipio correspondiente.

    En el caso de nacionales de terceros países, la situación es distinta: es necesario contar con visado o autorización de residencia y trabajo, y posteriormente solicitar la Tarjeta de Identidad de Extranjero (TIE).

    Esta regularización no es un simple trámite formal. Sin documentación en regla pueden surgir dificultades prácticas relevantes: apertura de cuentas bancarias, contratación de suministros, acreditación de solvencia ante propietarios o incluso formalización de escrituras notariales.

    Alquiler: aspectos que conviene revisar antes de firmar

    El mercado de arrendamiento en España está regulado por la Ley de Arrendamientos Urbanos. Aunque la firma del contrato no exige residencia previa, en la práctica muchos propietarios solicitan garantías adicionales cuando el inquilino acaba de llegar al país.

    Es importante analizar:

    • Duración pactada.
    • Régimen de actualización de renta.
    • Fianza y garantías adicionales.
    • Cláusulas de desistimiento anticipado.

    Firmar con urgencia, sin comprender el alcance de estas condiciones, puede generar obligaciones económicas que no siempre se ajustan a la situación real del trabajador desplazado.

    Compra de vivienda: posibilidad jurídica y efectos fiscales

    Un extranjero puede adquirir libremente un inmueble en España, incluso sin ser residente. No existe limitación por nacionalidad.

    No obstante, la operación tiene consecuencias fiscales que deben valorarse previamente. En vivienda usada se abona el Impuesto sobre Transmisiones Patrimoniales, cuyo tipo depende de la Comunidad Autónoma. En obra nueva se aplican IVA y Actos Jurídicos Documentados. A ello se añaden los gastos notariales y registrales.

    La formalización requiere escritura pública ante notario e inscripción en el Registro de la Propiedad para garantizar plena seguridad jurídica frente a terceros.

    Residencia fiscal: el elemento determinante

    Uno de los puntos más sensibles es determinar si el trabajador desplazado adquiere la condición de residente fiscal en España.

    Con carácter general, se considera residente quien permanece más de 183 días durante el año natural en territorio español o quien sitúa aquí el núcleo principal de sus intereses económicos. No es una cuestión meramente administrativa; depende de circunstancias objetivas.

    La diferencia es sustancial:

    • El residente fiscal tributa en España por su renta mundial.
    • El no residente tributa únicamente por las rentas obtenidas en España, bajo el Impuesto sobre la Renta de No Residentes.

    En el caso de ser propietario de un inmueble, incluso aunque no se alquile, puede generarse la obligación de declarar una renta imputada si no constituye vivienda habitual.

    Coordinación con el país de origen

    El traslado profesional no elimina automáticamente las obligaciones fiscales en el país de procedencia. España mantiene convenios para evitar la doble imposición con numerosos Estados, pero su aplicación requiere análisis individualizado.

    Una planificación insuficiente puede dar lugar a situaciones de doble tributación, conflictos de residencia fiscal o requerimientos posteriores de las administraciones tributarias implicadas.

    Planificar antes de comprometerse

    La secuencia correcta no comienza con la firma del contrato de alquiler ni con la reserva de una vivienda. Comienza por clarificar la situación migratoria, definir el encaje fiscal y evaluar las implicaciones jurídicas de cada decisión.

    La vivienda no es únicamente una cuestión inmobiliaria. Es una decisión patrimonial con impacto tributario y efectos jurídicos que pueden proyectarse durante años.

    Cuando el traslado implica cruzar fronteras, la improvisación deja de ser una opción razonable. La planificación previa no solo aporta seguridad: evita costes innecesarios y protege la estabilidad del proyecto profesional que motiva el cambio.

    In previous articles, we presented how to structure the purchase of a real estate property and what steps you must undertake to ensure the purchase is efficient and safe (you can find it here), and the financial and tax information as well as practical tips related to the purchase process (here). To complete this overview of the process of purchasing real estate in Spain, let’s consider one of the most important concerns when acquiring property abroad:  inheritance and succession laws, especially for non-resident or foreign owners. This applies both to sellers still settling an estate and buyers planning future succession of their foreign property.

    Applicable Law

    The EU Succession Regulation (No. 650/2012) generally stipulates that the law of the deceased’s last habitual residence governs succession. However, individuals may opt for the law of their nationality, a particularly helpful tool for foreign nationals residing in Spain who prefer the inheritance rules of their home country.

    This choice must be made expressly in a notarized will. Failure to do so may result in unintended legal consequences. The regulation also permits the application of the spouse’s national law in the case of inheritance contracts.

    Inheritance Tax

    Spain does not have a unified national inheritance tax system. Instead, each autonomous region applies its own rates, exemptions, and allowances. Following a 2014 European Court of Justice ruling, non-residents are entitled to benefit from regional tax rules when inheriting Spanish assets.

    Despite this progress, double taxation remains a possibility, as Spain has inheritance tax treaties only with France, Sweden, and Greece.

    Sales of Inherited Property

    In Spain, heirs acquire ownership of inherited property by law. However, for that ownership to be fully protected and enforceable, particularly in the case of real estate, it must be registered in the Land Registry (Registro de la Propiedad).

    A situation in which a seller claims ownership through inheritance but has not yet registered the title is legally problematic. In practice, a serious and properly advised seller would not offer the property for sale until the inheritance registration process is complete or, at the very least, notarially formalised, with registration submitted and pending to be finally registered.

    While a seller may possess valid succession documents, the absence of formal registration means that third parties, including potential buyer, cannot rely on the seller’s title with legal certainty. This poses several legal risks:

    1. Competing heirs or challenges: If another heir later appears and successfully contests the will or inheritance arrangement, the sale could be challenged and annulled in court.
    2. Legal uncertainty for buyers: Although a sale contract might technically be valid, the buyer assumes legal risk by proceeding before the inheritance is fully registered. Courts may later invalidate the transaction in light of new claims or evidence.

    Previously, under the Spanish Mortgage Law, the sale of inherited property could be challenged by a forced heir for up to two years after the decedent’s death, even if the property was sold in good faith. However, this risk was eliminated by the reform of 2021 through Real Decreto-ley 8/2021, which abolished that provision.

    In conclusion, while Spanish law technically allows heirs to sell inherited property before registering ownership, this is strongly discouraged and not considered standard practice. A properly advised seller will:

    • Complete the inheritance process first,
    • Pay applicable inheritance taxes, and
    • Register ownership in the Land Registry before offering the property for sale.

    Buyers should always request a recent Land Registry extract (nota simple) confirming that the seller is the legal, registered owner before signing any contract or making any payment. Failure to follow this guidance may result in legal uncertainty or annulment of the transaction.

    Documentation and Procedure

    To register property acquired through inheritance in Spain, proper documentation must be submitted within the legal timeframe to ensure legal certainty and avoid penalties. Generally, inheritance tax must be settled within six months from the date of death (an extension may be requested during the first months).

    Property transfer as part of inheritance typically requires a notarial deed, especially when multiple heirs are involved. In certain cases, a European Certificate of Succession or private applications may suffice.

    Typical required documents include:

    • International death certificate or national certificate with Hague Apostille;
    • European Certificate of Succession or national inheritance certificate with Hague Apostille;
    • Certificate from the Spanish Register of Wills (Registro General de Actos de Última Voluntad);
    • Property title and Land Registry data;
    • Bank balance certificates (certificado de saldo);
    • Last property tax (IBI) or a bank statement confirming the property’s cadastral data.

    In a previous article, we outlined how to structure the purchase of a real estate property in Spain and the steps buyers should take to ensure the purchase is efficient and safe. If you missed it, you can find it here.

    In this second part, we will cover financial and tax information along with practical tips related to the buying process. You will also learn about the rules that apply to owning and maintaining the property.

    Taxation of individuals and legal entities

    Both individuals and legal entities must bear the acquisition costs; the main difference in taxation is that legal entities can deduct VAT and other transaction-related expenses, while individuals generally have fewer tax advantages and a more limited deduction capacity. In any case, there is no clearly more advantageous regime for one type of taxpayer or the other, and the most favorable option will depend on the specific circumstances of each case.

    Acquisition costs

    Buying a home in Spain involves paying various additional costs on top of the purchase price, which vary depending on the autonomous community, the property’s value, and the buyer’s personal circumstances. These costs can amount to between 8% and 14% of the property’s purchase price and are discussed in sections 3 and 4 below.

    Property Tax/VAT/ITPJAD

    If it is a new home, Value Added Tax (VAT) must be paid, which is generally 10%, and Stamp Duty (AJD- Actos juridicos documentados) which is between 0.50% and 1.5% of the value of the home, depending on the Autonomous Community and the circumstances of the buyer.

    If it is a second-hand home, you will have to pay Property Transfer Tax (ITP – Impuesto transmisiones patrimoniales), which will be 5%-10% of the value of the home, depending on the Autonomous Community and the buyer’s circumstances.

    As for the IBI, it is mentioned in section IV, as it is not an acquisition cost as such.

    Other expenses

    Basically, they will be as follows:

    • Notary fees for the execution of the public deed of sale, which legally correspond to the seller, although it is not uncommon for them to be transferred to the buyer by agreement. For a property worth €300.000,00, they would typically amount to around €2,000; however, they are negotiable.
    • Registration fees for registering the sale in the Property Registry, which are payable by the buyer. For a property worth €300,000, these would amount to around €500.                                                                                          
    • Administrative fees, if the services of an agency are hired to process the payment of taxes and the registration of the buyer’s title in the property registry (which is essential).

    Property In Progress And Tax Obligations

    Once you own the property, you will need to take care of the following expenses and obligations:

    • If the property is part of a building or development with common areas, the owner must pay the homeowners’ association fees, which vary depending on the services and size of the association.
    • Property tax (IBI – Impuesto sobre Bienes Inmuebles), which is levied on the ownership of real estate and whose amount depends on the cadastral value of the property and the tax rate set by each local council.
    • Depending on the municipality, there may be an annual garbage collection fee for urban waste collection.
    • Private utilities, such as water, electricity, gas, or internet.
    • Where applicable, home insurance (mandatory when taking out a mortgage), private maintenance and repairs, or extraordinary works agreed upon by the homeowners’ association.

    Joint Ownership Communities, Maintenance, Technical Building Inspection (Inspección Técnica De Edificios)

    Joint Ownership Communities

    When purchasing property in Spain, you are not only investing in the private space you occupy, you are often also becoming part of a legally regulated community of owners (comunidad de propietarios), which comes with specific financial, administrative, and legal responsibilities. In Spain, most buildings and many houses within residential developments (urbanizaciones) are subject to a legal structure known as a joint ownership community.

    Within this framework, all property owners collectively assume responsibility for the maintenance, conservation, and proper use of common elements. The governance of the community is defined by its statutes and internal rules, which are adopted and amended by the owners’ association through resolutions passed at general meetings of co-owners. These rules establish key obligations, such as:

    • Contributions to shared expenses, which are generally allocated based on each unit’s surface ownership share (coeficiente de participación), although the internal regulations may establish a different method (e.g. equal shares)
    • Permitted uses of communal areas,
    • Maintenance responsibilities,
    • Approval of extraordinary levies (derramas).

    Prospective buyers should carefully review all community documentation before completing a purchase. These internal rules and decisions may significantly affect the intended use of the property, for example, by restricting short-term rentals, limiting certain renovations, or setting usage rules for terraces or shared facilities. Additionally, documentation may reveal unpaid levies, planned renovations, or other financial obligations that could affect the property’s long-term affordability. To avoid unexpected liabilities, it is essential to request a debt certificate from the community, confirming that the current owner is up to date with all community payments.

    Maintenance Responsibilities

    All owners are obliged to contribute to the shared maintenance costs of the building or development. These include regular expenses such as:

    • Cleaning of common areas,
    • Minor repairs,
    • Utility bills for communal services.

    Larger or unplanned expenses may require extraordinary assessments, which are apportioned among the owners based on their respective share (often called a cuota de participación).

    In addition to shared obligations, each owner is responsible for the maintenance of their private property. In the case of detached or semi-detached homes, this responsibility is exclusive. Owners can be held liable for any damage caused to third parties due to poor maintenance or structural issues.

    It is therefore strongly recommended to obtain comprehensive home insurance. Not only does it offer financial protection, but it is often a mandatory requirement for obtaining a mortgage from Spanish financial institutions. Policies should ideally include coverage for major risks such as fire, flooding, and structural damage.

    Technical Building Inspection (Inspección Técnica de Edificios, ITE)

    Spanish regulations require buildings over a certain age – typically 45 years, though this varies by region – to undergo a Technical Building Inspection (Inspección Técnica de Edificios, or ITE).

    This inspection must be carried out by an independent qualified technician and assesses the overall condition of the building. It identifies any deficiencies and proposes necessary improvements. If serious issues are found, the community of owners is required to carry out repairs within a designated timeframe.

    Conclusion

    A full understanding of both collective and individual responsibilities is essential for safeguarding the interests of foreign buyers in the Spanish property market. Awareness of the implications of joint ownership, maintenance costs, and regulatory obligations such as the ITE can help ensure a secure and financially sound investment.

    Summary: How can foreigners purchase a real estate property in Spain? In this article, we aim to provide an overview of the key legal and practical aspects foreign clients should consider before investing in the Spanish housing market. 

    This is the first of a series of three articles: in the second part we present the financial and tax information as well as practical tips related to the purchase process (here) and in the third wwìe deal with international inheritance implications (here).

    How does a property purchase in Spain work?

    Spain offers a transparent and legally secure process for real estate investment. However, it is not without risks, particularly concerning private purchase contracts, which are not subject to a mandatory format and rely heavily on the contractual freedom of the parties involved.

    Although ownership is typically transferred during the notary appointment, prior private purchase contracts, often accompanied by a 10% deposit, are very common in Spain and are fully effective under formal law aspects. In practice, this means that the decision to purchase and the review of all legal aspects and risks must occur before signing the private purchase contract as this document sets out all the binding conditions between the parties. The subsequent notarial deed merely formalizes or executes the terms previously agreed upon. Moreover, it is important to understand that the notary serves solely as a certifying official in Spain. They do not act to protect the buyer or offer legal advice and must remain neutral.

    Therefore, engaging qualified legal support is essential to ensure a safe investment and to fully protect your rights. International buyers should be aware that certain procedural steps are highly recommended to ensure full protection of their ownership rights.

     

    Spain has two complementary real estate registration systems which are characterized below.

    If you would like to get to know more about how you can find information about real estate and get the certificate from the Land Registry we encourage you to look at another guide prepared by Legalmodo which you can find here.

    1. The Land Registry (Registro de la Propiedad) is the official legal registry that confirms ownership from a civil law perspective and lists encumbrances (e.g., mortgages). Registration here is highly recommended as it offers protection against third parties acting in good faith.

    The Land Registry is a specialised body under the Ministry of Justice. Each Land Registry office is run by a Registrador de la Propiedad- a legally qualified public official.

    Legal information about registered property may be obtained by applying for:

    • a “nota simple”- an unofficial extract containing basic property data, useful for informational or preliminary purposes or;
    • a “Certificacion registral”- an official and legally binding certificate confirming ownership and registered rights.

    These documents may be obtained from the relevant Land Registry office or via the electronic portal of the Colegio de Registradores de España.

    1. The Cadastre (Catastro) is an administrative and fiscal registry that describes the property’s physical characteristics, such as location, surface area, layout, and cadastral value, for taxation and urban planning purposes, but does not certify ownership.

    The Cadastre is managed by the General Directorate for the Cadastre (Dirección General del Catastro), which forms part of the Ministry of Finance (Ministerio de Hacienda).

    Cadastral data is publicly accessible and may be obtained either online or in person. The main channels are:

    • The official Cadastre portal: https://www.sedecatastro.gob.es/
    • Local Cadastral Information Points (Puntos de Información Catastral- PICs) and municipal offices

    The following official documents are available:

    • Certificación catastral: a legally binding certificate that confirms the cadastral details of a property.
    • Consulta Descriptiva y Gráfica: a non- certified extract providing a descriptive and graphical overview of the property’s characteristics.

    Real Estate Property purchase process

    The typical purchase process in Spain provides legal certainty and transparency. The main steps are as follows:

    Real Estate Agency contract

    The process often starts with the seller signing a contract with a real estate agency, outlining the agent’s services and commission. While not mandatory, a written contract ensures transparency. Although the seller typically pays the commission, the agency may also enter into a separate or additional agreement with the buyer, particularly in transactions involving property search. It is common for agents to have agreements with both the seller and buyer; however, agents primarily represent the seller and must disclose any dual representation to avoid conflicts of interest. Buyers are advised to seek independent legal advice, as agents do not act as legal representatives.

    Reservation Agreement

    Once a property is identified, the buyer and seller may sign a reservation agreement, usually with a deposit of 1–2% of the purchase price. This agreement temporarily removes the property from the market, allowing time for document review and due diligence.

    The reservation deposit is typically paid to the real estate agency. To ensure legal certainty, the reservation agreement should clearly set out the conditions under which the deposit is refundable. If the transaction is not finalised and the seller or the agency refuses to return the deposit, the buyer may seek legal enforcement through civil proceedings.

    Private Purchase Agreement

    As indicated below, this stage of the purchasing process is very important. This contract will usually have a decisive impact on the final transaction. Therefore it should be drafted with utmost care and with the assistance of an experienced real estate lawyer.

    This contract defines and confirms all agreed terms. It usually involves a 10% deposit. A thorough due diligence is essential at this stage, as the buyer assumes full responsibility for the property. It is often agreed that the deposit is forfeited if the buyer withdraws from the contract and, if the seller withdraws from the contract, they must repay double the deposit.

    As with the reservation agreement, the second deposit is generally paid either directly to the seller or to the real estate agency, depending on the arrangement. In Spain, there is no public escrow system or neutral body responsible for managing such funds. Accordingly, if the transaction does not proceed and the seller or the agency refuses to return the deposit, the buyer may pursue legal remedies through civil proceedings.

    While it is not standard practice, sometimes it is possible to arrange for the deposit to be transferred to a notary or lawyer who may act as an escrow agent under a private agreement between the parties. As it is not common it may be difficult to arrange in practice.

    Public Deed Before a Spanish Notary

    As explained before, together the Título and Modo ensure that ownership is validly and securely transferred. In practice, this usually takes place with the signing of the notarial public deed before the Spanish notary, which formally represents the transfer of possession (Modo). In most cases, the remaining purchase price is also paid at the same time because the seller transfers the ownership upon signing the public deed.

    Land Registry and Cadastre Updates

    After notarisation, the buyer must register the property in the Land Registry to secure legal title against third parties. While this step is not constitutive of ownership, it offers critical protection and is standard practice. Simultaneously, the Cadastral Office updates the property’s ownership details for tax and administrative purposes.

    Conclusion

    Spain offers a transparent and legally secure process for real estate investment. However, the process is not without risks, particularly regarding private purchase agreements, which are not governed by a mandatory format and rely heavily on the parties’ contractual freedom. Therefore, engaging qualified legal support is essential for a safe investment and to ensure full protection of your rights.

    Verification Of Legal Status

    The buyer of a property must have access to the following documentation in order to be fully confident about the sale:

    • Property deed. This document must be provided by the seller, who must present the original at the notary’s office on the day the deed is signed.
    • Updated simple note issued by the Land Registry. This document summarizes the legal status of the property, indicating its ownership, description, and any encumbrances or liens that may exist on it. The law firm advising the buyer can easily obtain this online. It is an essential document for understanding the legal status of the property.
    • Updated cadastral certificate, which describes the physical characteristics of the property, including its size, built-up areas, and indicating measurements and boundaries. It can be consulted via the following link: https://www.sedecatastro.gob.es/ or requested through the law firm; it is very necessary if you are buying land on which to build a house, but not essential if you are buying an existing property.
    • Energy efficiency certificate, which provides information on the property’s energy consumption and CO2 emissions. To obtain it, you must hire an authorized technician, who will inspect the home and issue the certificate.
    • Certificate of occupancy or first occupancy license. This is only necessary in certain cases, including when the property is newly built.
    • If applicable, certificate of debts with the Homeowners’ Association. This must be requested from the president or administrator of the Association and certifies whether or not the seller has any outstanding debts with the Association.
    • Latest property tax (IBI) receipt certifying payment of this tax.
    • Technical Building Inspection Certificate (ITE), certifying compliance with the minimum structural requirements of the property (structure, installations, etc.). This is issued by an approved technician and is only necessary in the case of old buildings, those over 50 years old.
    • If the property is mortgaged, you will need to request the corresponding certificate from the bank certifying full payment or, failing that, the outstanding debt.

    ¿Cómo funciona la tokenización de inmuebles, cuál es el marco regulatorio y qué derechos adquiere realmente el inversor?

    La tokenización inmobiliaria, presente desde hace ya algunos años en España, está dejando de ser una promesa futurista para convertirse en una realidad tangible en el mercado español. Representa algo más que una innovación tecnológica: supone una transformación en la forma en que concebimos la propiedad, la inversión y la liquidez en el sector inmobiliario, uno de los más tradicionales y regulados de nuestra economía.

    ¿Qué es la tokenización inmobiliaria y cómo funciona?

    En esencia, tokenizar un inmueble significa, hoy en día, convertir los derechos económicos asociados a ese activo en unidades digitales que pueden circular en plataformas basadas en blockchain. Cada token representa una fracción de esos derechos económicos, lo que permite a inversores con capitales más modestos acceder a un mercado que tradicionalmente exigía sumas considerables.

    El papel de los contratos inteligentes (smart contracts)

    Los tokens funcionan mediante contratos inteligentes que ejecutan automáticamente la distribución de rentas de alquiler o reventa de esa representación parcial del inmueble, con su revalorización incluida, eliminando intermediarios y aportando transparencia al proceso. Esta automatización no es meramente cosmética: reduce costes operativos, acelera las transacciones y, potencialmente, incrementa la liquidez de activos que históricamente han sido de los menos líquidos del mercado.

    La realidad jurídica: qué se tokeniza realmente en España

    Sin embargo, conviene aclarar desde el inicio una cuestión fundamental que a menudo queda desdibujada en el discurso comercial: en la práctica, en los proyectos de tokenización inmobiliaria en España, lo que se tokeniza no es el inmueble en sí, sino derechos económicos vinculados a un vehículo societario (habitualmente una sociedad de propósito especial o SPV) que ostenta la titularidad del inmueble. La normativa española solo permite tokenizar acciones de sociedades anónimas mediante tecnología de registro distribuido; las participaciones de sociedades limitadas no pueden tokenizarse. Esto significa que si el SPV es una sociedad limitada, no se pueden tokenizar las participaciones sociales propiamente dichas, sino únicamente otros instrumentos como préstamos participativos o derechos de crédito sobre rentas. Solo si el SPV se constituye como sociedad anónima es posible tokenizar directamente las acciones de esa sociedad.

    ¿Qué derechos adquiere realmente el inversor de tokens inmobiliarios?

    Quien adquiere un token, por tanto, no se convierte en copropietario directo del activo inmobiliario. Dependiendo de la estructura elegida, puede ser accionista de una SA tokenizada, propietaria del inmueble, o titular de derechos económicos derivados de préstamos participativos u otras fórmulas de participación indirecta sobre el SPV que posee el inmueble. La diferencia no es trivial: si la sociedad enfrenta problemas de solvencia o quiebra, el valor del token se hunde con ella, sin que el inversor pueda ejercer derechos reales directos sobre el inmueble.

    El derecho español, anclado en siglos de tradición registral, no permite actualmente la transmisión de derechos reales sobre inmuebles mediante la mera transferencia de tokens, exigiendo escritura pública e inscripción registral para que esa transmisión produzca efectos frente a terceros. Esta estructura mediante SPV es, por tanto, una solución de compromiso entre las posibilidades tecnológicas y las exigencias del ordenamiento jurídico vigente.

    Marco regulatorio de la tokenización inmobiliaria en España

    La autorización de la CNMV y la Ley 6/2023 del Mercado de Valores

    El regulador español ha comenzado a sentar las bases jurídicas para que esta tecnología pueda desarrollarse dentro de un marco de seguridad. En 2023, la Comisión Nacional del Mercado de Valores autorizó a Adventurees Capital PFP como la primera plataforma de financiación participativa que emite valores tokenizados, marcando un hito en la convergencia entre crowdfunding y blockchain. Esta autorización no surgió en el vacío: fue acompañada por la aprobación de la Ley 6/2023 del Mercado de Valores, que reconoce expresamente la representación de valores negociables mediante tecnologías de registro distribuido como blockchain, otorgándoles plena validez jurídica.

    El rol del Registro de la Propiedad en la era blockchain

    Paralelamente, el Colegio de Registradores está explorando cómo integrar blockchain en el sistema registral español, aunque conviene precisar el alcance real de estas iniciativas. Los proyectos en marcha se centran fundamentalmente en aplicaciones complementarias como la gestión digitalizada del Libro del Edificio o la mejora de la trazabilidad y consulta de información registral, pero no buscan sustituir los pilares fundamentales del sistema: el otorgamiento de escritura pública ante notario y la inscripción registral, los cuales siguen siendo absolutamente obligatorios para la transmisión de derechos reales sobre inmuebles. Los registradores son claros en su postura institucional: la blockchain puede complementar y agilizar procesos de gestión documental, pero no puede reemplazar el control de legalidad que ejerce el registrador ni la protección de terceros que ofrece el Registro de la Propiedad, elementos esenciales de nuestro sistema jurídico. Esta posición refleja precisamente la limitación actual del modelo: los tokens circulan en la blockchain representando posiciones en SPV o derechos económicos sobre ellos, pero la propiedad real del inmueble permanece anclada en el mundo registral tradicional, bajo titularidad de esa sociedad vehículo, y cualquier transmisión de ese derecho real requiere el procedimiento tradicional con todas sus garantías.

    Regulación europea: ECSPR, MiCA y régimen piloto DLT

    España también se beneficia de un entramado regulatorio europeo que está posicionando a la Unión como líder global en la regulación de activos digitales. El Reglamento Europeo de Proveedores de Servicios de Crowdfunding (ECSPR) armoniza las normas para las plataformas de financiación participativa, permitiendo que una plataforma autorizada en un Estado miembro pueda operar en toda la UE mediante el denominado «pasaporte europeo». El Reglamento MiCA, que entró en plena aplicación el 30 de diciembre de 2024, regula de forma bastante amplia los mercados de criptoactivos, estableciendo obligaciones tanto para emisores como para proveedores de servicios. Y el régimen piloto DLT (Reglamento UE 2022/858) permite que infraestructuras de mercado basadas en tecnología de registro descentralizado operen con ciertas exenciones temporales, creando un entorno controlado de pruebas para evaluar el potencial de estas tecnologías en los mercados financieros.

    El enfoque del regulador español podría describirse como cautelosamente favorable: se fomenta la innovación, pero se exige el cumplimiento riguroso de controles de prevención de blanqueo de capitales, identificación de clientes y obligaciones de divulgación para proteger a los inversores. No es un laissez-faire tecnológico, sino una apuesta por integrar la innovación dentro de un marco de garantías.

    Desafíos jurídicos y riesgos de la tokenización inmobiliaria

    Los riesgos de la estructura mediante SPV

    Los desafíos jurídicos que persisten son relevantes y merecen atención. La estructura mediante SPV, aunque jurídicamente viable, introduce una capa adicional de complejidad y riesgo que debe ser de modo claro comunicada a los inversores. A diferencia de la propiedad directa, donde el inversor tiene derechos reales sobre el inmueble oponibles frente a terceros, en el modelo tokenizado actual el inversor ostenta posiciones en fórmulas de participación indirecta (acciones de SA, préstamos participativos, derechos de crédito) vinculadas a una sociedad propietaria del inmueble, con todas las implicaciones que ello conlleva en materia de responsabilidad societaria, fiscalidad y protección ante insolvencias.

    La desconexión entre el mundo on-chain y off-chain

    También resulta fundamental entender que la conexión entre el mundo «on-chain» (donde circulan los tokens) y «off-chain» (donde se inscribe la propiedad real) no es directa ni automática. La transmisión de un token no implica por sí misma ningún cambio en el Registro de la Propiedad: la titularidad jurídica del inmueble permanece en el SPV independientemente de quién posea los tokens, y solo una escritura pública debidamente inscrita podría cambiar esa titularidad registral. Los proyectos exploratorios del Colegio de Registradores buscan mejorar la eficiencia en la gestión de información complementaria, pero no alteran esta realidad fundamental. Y, como en cualquier mercado emergente, es necesario prevenir la proliferación de esquemas fraudulentos que prometan rentabilidades irreales o que comercialicen tokens sin el respaldo jurídico adecuado.

    Implicaciones prácticas para inversores y operadores jurídicos

    Para los operadores jurídicos, la tokenización inmobiliaria puede plantear la necesidad de adaptar contratos, estatutos sociales y estructuras de financiación a un entorno donde los derechos circulan de forma digital y distribuida. Para los inversores, representa una oportunidad de diversificar carteras con entradas de capital más reducidas y un potencial de liquidez superior al de la inversión inmobiliaria tradicional, siempre que comprendan que no están adquiriendo propiedad directa del inmueble sino una posición en fórmulas de participación indirecta vinculadas a la estructura societaria que lo posee. Y para la economía en su conjunto, puede dinamizar un mercado inmobiliario valorado en billones de euros al facilitar la entrada de capital minorista que antes quedaba excluido.

    El futuro de la tokenización inmobiliaria en España

    Estamos ante una evolución que combina derecho, tecnología y finanzas de forma inseparable. Resulta no obstante clave entender que la tokenización no es una moda pasajera, sino una herramienta que, bien utilizada y debidamente regulada, puede transformar la forma en que accedemos a uno de los activos más valorados de nuestra sociedad: el inmueble. Pero esa transformación, al menos en el presente, opera a través de estructuras societarias vehículo y fórmulas de participación indirecta, no mediante la titularidad directa que la terminología comercial a veces sugiere, y ciertamente no implica una revolución inmediata del sistema registral español, cuyas garantías fundamentales permanecen intactas.

    Third country citizens seeking to buy real estate in Greece or holding all shares of a Greek legal entity, may apply for a residence permit in Greece under the conditions described below.

    If the property is situated in the Municipalities of Attica, in Vari – Voula – Vouliagmeni, in Thessaloniki, in Mykonos or in Santorini, the value of the purchase contract shall amount minimum to five hundred thousand euros (€ 500.000). If the property is situated in different – from the abovementioned – areas of Greece, the minimum value of the purchase contract amounts to two hundred fifty thousand euros (€ 250.000).

    Third country citizens seeking to build on a plot, may also apply for a residence permit, if the combined value of the construction contract and that of the purchase contract, amounts to minimum € 500.000 or € 250.000.

    Co-owners of a purchased property may apply for a residence permit if they are spouses. If not, permit can be granted to a co-owner, only if the amount invested by her, amounts at least to € 500.000 or € 250.000.

    All abovementioned thresholds can be met via the purchase of more than one property.

    Residence permits may be also granted to family members of the investor (spouse, children, parents).

    In some areas of Greece, the Greek State has imposed restrictions on purchase contracts. In these areas, restrictions may be lifted only by a decision of the Greek Ministry of Defense.

    As per the administrative process, each applicant shall lawfully entry Greece at least twice. Applicants shall collect and submit, usually with the help of a lawyer holding a PoA, all necessary documentation at the Immigration Department of the competent Decentralized Greek Authority. Applicants are subject to an administrative fee of two thousand euros (€2.000).

    Shortly after filing documents and giving biometric data, applicants receive a temporary residence permit for a year. The duration of a residence permit, if issued, is five (5) years. It may be renewed for another five (5) years if its holder remains owner of the purchased property. The residence permit is revoked if its holder sells her property in Greece.

    After seven (7) years since the issuance of a residence permit, its holder can apply for the Greek citizenship if she meets all other criteria for the Greek citizenship (e.g. sufficient knowledge of the Greek language, history, culture and political system, clear criminal record, economic activity in Greece).

    This is a summary of the approved measures, which unfortunately for both tenants and landlords do not include any public aid or tax relief and just refer to a postponement in the payment of the rent.

    Premises to which they are applied

    Leased premises dedicated to activities different than residential: commercial, professional, industrial, cultural, teaching, amusement, healthcare, etc. They also apply to the lease of a whole industry (i.e. hotels, restaurants, bars, etc., which are the most usual type of businesses object of this deal).

    Types of tenants

    • Individual entrepreneurs or self-employed persons who were registered before Social Security before the declaration of the state of alarm on March 14th, 2020
    • Small and medium companies, as defined by article 257.1 of the Capital Companies Act: those who fulfil during two consecutive fiscal years these figures: assets under € 4 million, turnover under € 8 million and average staff under 50 people

    Types of landlords

    In order to benefit from these measures, the landlord should be a housing public entity or company or a big owner, considering as such the individuals or companies who own more than 10 urban properties (excluding parking places and storage rooms) or a built surface over 1.500 sqm.

    Measures approved

    The payment of the rent is postponed without interest meanwhile the state of alarm is in force, but in any case, for a maximum period of four months. Once the state of alarm is overcome, and in any case in a maximum term of four months, the postponed rents should be paid along a maximum period of two years, or the duration of the lease agreement, should it be less than two years.

    For landlords different to those mentioned above

    The tenant could apply before the landlord for the postponement in the payment of the rent (but the landlord is not obliged to accept it), and the parties can use the guarantee that the tenant should mandatorily have provided at the beginning of any lease agreement (usually equal to two month’s rent, but could be more if agreed by the parties), in full or in part, in order to use it to pay the rent. The tenant will have to provide again the guarantee within one year’s term, or less should the lease agreement have a shorter duration.

    Activities to which it is applied

    Activities which have been suspended according to the Royal Decree that declared the state of alarm, dated march, 14ht, 2020, or according to the orders issued by the authorities delegated by such Royal Decree. This should be proved through a certificated issued by the tax authorities.

    If the activity has not been directly suspended by the Royal Decree, the turnover during the month prior to the postponement should be less than 75% of the average monthly turnover during the same quarter last year. This should be proved through a responsible declaration by the tenant, and the landlord is authorised check the bookkeeping records.

    Term to apply and procedure

    The tenant should apply for these measures before the landlord within one month’s term from the publication of the Royal Decree-law, that is, from April 22nd, 2020, and the landlord (in case belongs to the groups mentioned in point c) is obliged to accept the tenant’s request, except if both parties have already agreed something different. The postponement would be applied to the following month.

    As the state of alarm was declared more than one month ago (March 14th), landlords and tenants have already been reaching some agreements, for example 50% rent reduction during the state of alarm, and 50% rent postponement during the following 6 months. Tenants who do not reach an agreement with the landlord could face an eviction procedure, however court procedures are suspended during the state of alarm. We have also seen some abusive non-payment of rent by tenants.

    When is becomes impossible to reach an agreement with the landlord, tenants have the legal remedy of claiming in Court for the application of the “rebus sic stantibus” principle, which was highly demanded during the 2008 financial crisis but very seldom applied by the Courts. This principle is aimed to re-balance the parties’ obligations when their situation had deeply changed because of unforeseen circumstances beyond their control. This principle is not included in the Spanish Civil Code, but the Supreme Court has accepted its application, in a very restricted way, in some occasions.

    Paula Gaspar Álvarez Novoa

    Áreas de práctica

    • Arbitraje
    • Derecho de Familia
    • Franquicia
    • Derecho Internacional Privado
    • Derecho Inmobiliario
    Contáctanos Paula

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      Real Estate Investment in Spain – International Inheritance Implications

      20 de enero de 2026

      • España
      • Derecho Inmobiliario

      This is the fourth article of a series decidated to purchasing real estate property in Spain: previously, we presented how to structure the purchase of a real estate property and what steps you must undertake to ensure the purchase is efficient and safe (you can find it here), the financial and tax information as well as practical tips related to the purchase process (here) and how to handle international inheritance tax implications (here).

      How to obtain a mortgage loan when Purchasing Property in Spain

      When a buyer in Spain wishes to purchase property using a mortgage loan, the financing process typically begins after selecting a specific property and signing a private purchase agreement, which is usually accompanied by a deposit payment. The entire financing process is strictly regulated under Spanish civil and banking law, offering a high degree of legal security, including foreign and non-resident buyers.

      Once the private purchase contract is signed, the bank initiates an official property valuation. This is a mandatory step for determining the maximum loan amount, the financing conditions and for loan approval.

      Only after the valuation is completed will the bank issue a formal mortgage offer. The entire process, from the initial application to the final offer, can take several weeks, depending on the complexity of the buyer’s financial profile and the documentation required. The final step occurs before a Spanish notary, where two deeds are signed simultaneously:

      • The public deed of sale, and
      • The mortgage deed.

      At this stage, the bank transfers the loan amount directly to the seller, ensuring legal and financial certainty for all parties involved.

      While this structure guarantees legal clarity, it also means that mortgage financing is not secured at the time the private agreement is signed. Therefore, it is strongly recommended to include a mortgage contingency clause in the private purchase contract. This clause makes the completion of the sale conditional upon obtaining financing, thereby protecting the buyer’s deposit in the event of a mortgage denial.

      Key Differences for Foreign Buyers

      Spanish banks do not generally issue binding pre-approvals before a specific property has been chosen. Foreign buyers, particularly non-residents, should also be aware of additional requirements, including:

      • Submission of translated or apostilled foreign documents,
      • More extensive due diligence and KYC (Know Your Customer) procedures, and
      • Generally longer processing times.

      These factors may extend the mortgage timeline and should be accounted for in the overall transaction planning.

      Differences between buying a second-hand apartment/house and buying a new apartment/house directly from the developer

      The main difference is that, in the case of a new home, VAT and AJD (stamp duty) are paid, and in the case of a second-hand home, only ITP (property transfer tax) is paid, as already explained in section III, paragraph 3.

      In addition, in the case of new homes, a series of legal guarantees are established—for 1, 3, and 10 years—for possible construction defects that may arise in the home, for which the developer is liable. On the other hand, in the case of second-hand homes, the seller is liable for hidden defects only for a period of 6 months from delivery.

      If the property is purchased from a natural person, it will generally be a second-hand home, whereas if it is purchased from a legal entity, it will normally be a new build and will be purchased from a developer.

      Therefore, the fundamental differences will be those already mentioned above: different taxation and greater legal guarantees in the case of purchase from legal entities. Additionally, in the case of purchasing the property from a legal entity developer, there are enhanced documentation and reporting obligations, which do not apply in the case of sale by individuals.

      Are there debts associated with the property that the buyer will be liable for?

      The buyer is liable for any debts owed to the Homeowners’ Association for the three years prior to the purchase and for the outstanding portion of the current year’s dues. The buyer is also vicariously liable for any outstanding property tax (IBI) or other local taxes owed by the previous owner.

      To adequately protect their interests, the buyer should, on the one hand, request a certificate of debts from the Homeowners’ Association and, on the other hand, check the status of payments of property tax and other municipal taxes.

      What are the specific provions of Spanish Coastal Law (Ley De Costas)?

      Properties located near the sea may fall under the Spanish Coastal Law (Ley de Costas), which regulates land use in the public maritime-terrestrial zone and its surrounding protected areas. These coastal strips are public domain, and strict limitations apply to ownership, construction, and renovation.

      Even for older, long-standing buildings, it is vital to verify whether the property lies within a protection zone. Depending on the classification of the area, consequences can range from restricted use or denial of renovation permits to expiration of rights of use or, in extreme cases, administrative demolition orders.

      Legal due diligence is essential to determine the status of the plot and identify any concessions or time-limited occupancy rights granted by the authorities.

       

      What rules apply to Country Houses (Fincas Rústicas)?

      Country houses (fincas rústicas) deserve special attention due to their location in rural and often protected areas, which are subject to strict urban planning and environmental regulations.

      Depending on local and regional classifications, the land may be designated exclusively for agriculture, forestry, or conservation, limiting the potential for construction, expansion, or change of use.

      Additionally, many rural properties have existing buildings that may never have been fully or properly legalised. As with coastal properties, buyers should review all applicable planning and environmental restrictions carefully before purchasing. 

      How are squatting cases  (Okupas) regulated under Spanish law?

      In recent years, Spain has experienced a rise in squatting cases, influenced by housing shortages, unaffordable rents, and high costs in urban or tourist areas. While the issue is complex and socio-politically sensitive, this section focuses on practical implications for property owners.

      Importantly, unlawful occupation (okupación) is relatively uncommon in most parts of Spain. The majority of property owners, especially those who secure and monitor their homes properly, are unlikely to be affected.

      Effective deterrents include:

      • Alarm systems and surveillance cameras,
      • Remote monitoring,
      • Local property management services (especially for second homes).

      Spanish law differentiates between:

      • Intrusion into a primary residence (treated as unlawful entry),
      • Occupation of vacant or second homes (classified as usurpation, requiring court action).

      Recent Legal Reforms – “Anti-Squatting Law” (Ley Orgánica 1/2025): To address lengthy eviction timelines, Spain introduced reforms, which include:

      • Within the first 48 hours of occupation:
        Police may evict squatters without a court order if no legal proof of residence is presented. Owners must provide immediate proof of ownership.
      • After 48 hours: Eviction must follow a formal judicial process.
      • Fast-track legal procedures: Eviction claims may now be processed in about 15 working days under accelerated procedures—though real-world implementation may vary by jurisdiction.

      While these special topics may not apply to every transaction, they highlight the importance of thorough due diligence and professional legal advice when buying property in Spain. Understanding the implications of coastal laws, rural zoning, inheritance regulations, and property security helps international buyers make informed, secure, and future-proof investments.

      Trasladarse a España por motivos profesionales suele vivirse como una oportunidad: nuevo proyecto, nuevo entorno y, en muchos casos, mejora en calidad de vida. Sin embargo, la experiencia práctica demuestra que las mayores dificultades no suelen surgir en el ámbito laboral, sino en cuestiones aparentemente accesorias como la vivienda y su encaje jurídico y fiscal.

      Antes de firmar un contrato de alquiler o comprometerse con la compra de un inmueble, es imprescindible entender cuál es la propia situación administrativa y tributaria. Ese análisis previo evita problemas posteriores que, una vez firmado el contrato, pueden resultar costosos o difíciles de resolver.

      Situación administrativa: punto de partida obligatorio

      No todos los ciudadanos extranjeros se encuentran en la misma posición legal.

      Los ciudadanos de la Unión Europea pueden residir y trabajar en España, pero deben obtener un Número de Identificación de Extranjero (NIE), inscribirse en el Registro Central de Extranjeros y empadronarse en el municipio correspondiente.

      En el caso de nacionales de terceros países, la situación es distinta: es necesario contar con visado o autorización de residencia y trabajo, y posteriormente solicitar la Tarjeta de Identidad de Extranjero (TIE).

      Esta regularización no es un simple trámite formal. Sin documentación en regla pueden surgir dificultades prácticas relevantes: apertura de cuentas bancarias, contratación de suministros, acreditación de solvencia ante propietarios o incluso formalización de escrituras notariales.

      Alquiler: aspectos que conviene revisar antes de firmar

      El mercado de arrendamiento en España está regulado por la Ley de Arrendamientos Urbanos. Aunque la firma del contrato no exige residencia previa, en la práctica muchos propietarios solicitan garantías adicionales cuando el inquilino acaba de llegar al país.

      Es importante analizar:

      • Duración pactada.
      • Régimen de actualización de renta.
      • Fianza y garantías adicionales.
      • Cláusulas de desistimiento anticipado.

      Firmar con urgencia, sin comprender el alcance de estas condiciones, puede generar obligaciones económicas que no siempre se ajustan a la situación real del trabajador desplazado.

      Compra de vivienda: posibilidad jurídica y efectos fiscales

      Un extranjero puede adquirir libremente un inmueble en España, incluso sin ser residente. No existe limitación por nacionalidad.

      No obstante, la operación tiene consecuencias fiscales que deben valorarse previamente. En vivienda usada se abona el Impuesto sobre Transmisiones Patrimoniales, cuyo tipo depende de la Comunidad Autónoma. En obra nueva se aplican IVA y Actos Jurídicos Documentados. A ello se añaden los gastos notariales y registrales.

      La formalización requiere escritura pública ante notario e inscripción en el Registro de la Propiedad para garantizar plena seguridad jurídica frente a terceros.

      Residencia fiscal: el elemento determinante

      Uno de los puntos más sensibles es determinar si el trabajador desplazado adquiere la condición de residente fiscal en España.

      Con carácter general, se considera residente quien permanece más de 183 días durante el año natural en territorio español o quien sitúa aquí el núcleo principal de sus intereses económicos. No es una cuestión meramente administrativa; depende de circunstancias objetivas.

      La diferencia es sustancial:

      • El residente fiscal tributa en España por su renta mundial.
      • El no residente tributa únicamente por las rentas obtenidas en España, bajo el Impuesto sobre la Renta de No Residentes.

      En el caso de ser propietario de un inmueble, incluso aunque no se alquile, puede generarse la obligación de declarar una renta imputada si no constituye vivienda habitual.

      Coordinación con el país de origen

      El traslado profesional no elimina automáticamente las obligaciones fiscales en el país de procedencia. España mantiene convenios para evitar la doble imposición con numerosos Estados, pero su aplicación requiere análisis individualizado.

      Una planificación insuficiente puede dar lugar a situaciones de doble tributación, conflictos de residencia fiscal o requerimientos posteriores de las administraciones tributarias implicadas.

      Planificar antes de comprometerse

      La secuencia correcta no comienza con la firma del contrato de alquiler ni con la reserva de una vivienda. Comienza por clarificar la situación migratoria, definir el encaje fiscal y evaluar las implicaciones jurídicas de cada decisión.

      La vivienda no es únicamente una cuestión inmobiliaria. Es una decisión patrimonial con impacto tributario y efectos jurídicos que pueden proyectarse durante años.

      Cuando el traslado implica cruzar fronteras, la improvisación deja de ser una opción razonable. La planificación previa no solo aporta seguridad: evita costes innecesarios y protege la estabilidad del proyecto profesional que motiva el cambio.

      In previous articles, we presented how to structure the purchase of a real estate property and what steps you must undertake to ensure the purchase is efficient and safe (you can find it here), and the financial and tax information as well as practical tips related to the purchase process (here). To complete this overview of the process of purchasing real estate in Spain, let’s consider one of the most important concerns when acquiring property abroad:  inheritance and succession laws, especially for non-resident or foreign owners. This applies both to sellers still settling an estate and buyers planning future succession of their foreign property.

      Applicable Law

      The EU Succession Regulation (No. 650/2012) generally stipulates that the law of the deceased’s last habitual residence governs succession. However, individuals may opt for the law of their nationality, a particularly helpful tool for foreign nationals residing in Spain who prefer the inheritance rules of their home country.

      This choice must be made expressly in a notarized will. Failure to do so may result in unintended legal consequences. The regulation also permits the application of the spouse’s national law in the case of inheritance contracts.

      Inheritance Tax

      Spain does not have a unified national inheritance tax system. Instead, each autonomous region applies its own rates, exemptions, and allowances. Following a 2014 European Court of Justice ruling, non-residents are entitled to benefit from regional tax rules when inheriting Spanish assets.

      Despite this progress, double taxation remains a possibility, as Spain has inheritance tax treaties only with France, Sweden, and Greece.

      Sales of Inherited Property

      In Spain, heirs acquire ownership of inherited property by law. However, for that ownership to be fully protected and enforceable, particularly in the case of real estate, it must be registered in the Land Registry (Registro de la Propiedad).

      A situation in which a seller claims ownership through inheritance but has not yet registered the title is legally problematic. In practice, a serious and properly advised seller would not offer the property for sale until the inheritance registration process is complete or, at the very least, notarially formalised, with registration submitted and pending to be finally registered.

      While a seller may possess valid succession documents, the absence of formal registration means that third parties, including potential buyer, cannot rely on the seller’s title with legal certainty. This poses several legal risks:

      1. Competing heirs or challenges: If another heir later appears and successfully contests the will or inheritance arrangement, the sale could be challenged and annulled in court.
      2. Legal uncertainty for buyers: Although a sale contract might technically be valid, the buyer assumes legal risk by proceeding before the inheritance is fully registered. Courts may later invalidate the transaction in light of new claims or evidence.

      Previously, under the Spanish Mortgage Law, the sale of inherited property could be challenged by a forced heir for up to two years after the decedent’s death, even if the property was sold in good faith. However, this risk was eliminated by the reform of 2021 through Real Decreto-ley 8/2021, which abolished that provision.

      In conclusion, while Spanish law technically allows heirs to sell inherited property before registering ownership, this is strongly discouraged and not considered standard practice. A properly advised seller will:

      • Complete the inheritance process first,
      • Pay applicable inheritance taxes, and
      • Register ownership in the Land Registry before offering the property for sale.

      Buyers should always request a recent Land Registry extract (nota simple) confirming that the seller is the legal, registered owner before signing any contract or making any payment. Failure to follow this guidance may result in legal uncertainty or annulment of the transaction.

      Documentation and Procedure

      To register property acquired through inheritance in Spain, proper documentation must be submitted within the legal timeframe to ensure legal certainty and avoid penalties. Generally, inheritance tax must be settled within six months from the date of death (an extension may be requested during the first months).

      Property transfer as part of inheritance typically requires a notarial deed, especially when multiple heirs are involved. In certain cases, a European Certificate of Succession or private applications may suffice.

      Typical required documents include:

      • International death certificate or national certificate with Hague Apostille;
      • European Certificate of Succession or national inheritance certificate with Hague Apostille;
      • Certificate from the Spanish Register of Wills (Registro General de Actos de Última Voluntad);
      • Property title and Land Registry data;
      • Bank balance certificates (certificado de saldo);
      • Last property tax (IBI) or a bank statement confirming the property’s cadastral data.

      In a previous article, we outlined how to structure the purchase of a real estate property in Spain and the steps buyers should take to ensure the purchase is efficient and safe. If you missed it, you can find it here.

      In this second part, we will cover financial and tax information along with practical tips related to the buying process. You will also learn about the rules that apply to owning and maintaining the property.

      Taxation of individuals and legal entities

      Both individuals and legal entities must bear the acquisition costs; the main difference in taxation is that legal entities can deduct VAT and other transaction-related expenses, while individuals generally have fewer tax advantages and a more limited deduction capacity. In any case, there is no clearly more advantageous regime for one type of taxpayer or the other, and the most favorable option will depend on the specific circumstances of each case.

      Acquisition costs

      Buying a home in Spain involves paying various additional costs on top of the purchase price, which vary depending on the autonomous community, the property’s value, and the buyer’s personal circumstances. These costs can amount to between 8% and 14% of the property’s purchase price and are discussed in sections 3 and 4 below.

      Property Tax/VAT/ITPJAD

      If it is a new home, Value Added Tax (VAT) must be paid, which is generally 10%, and Stamp Duty (AJD- Actos juridicos documentados) which is between 0.50% and 1.5% of the value of the home, depending on the Autonomous Community and the circumstances of the buyer.

      If it is a second-hand home, you will have to pay Property Transfer Tax (ITP – Impuesto transmisiones patrimoniales), which will be 5%-10% of the value of the home, depending on the Autonomous Community and the buyer’s circumstances.

      As for the IBI, it is mentioned in section IV, as it is not an acquisition cost as such.

      Other expenses

      Basically, they will be as follows:

      • Notary fees for the execution of the public deed of sale, which legally correspond to the seller, although it is not uncommon for them to be transferred to the buyer by agreement. For a property worth €300.000,00, they would typically amount to around €2,000; however, they are negotiable.
      • Registration fees for registering the sale in the Property Registry, which are payable by the buyer. For a property worth €300,000, these would amount to around €500.                                                                                          
      • Administrative fees, if the services of an agency are hired to process the payment of taxes and the registration of the buyer’s title in the property registry (which is essential).

      Property In Progress And Tax Obligations

      Once you own the property, you will need to take care of the following expenses and obligations:

      • If the property is part of a building or development with common areas, the owner must pay the homeowners’ association fees, which vary depending on the services and size of the association.
      • Property tax (IBI – Impuesto sobre Bienes Inmuebles), which is levied on the ownership of real estate and whose amount depends on the cadastral value of the property and the tax rate set by each local council.
      • Depending on the municipality, there may be an annual garbage collection fee for urban waste collection.
      • Private utilities, such as water, electricity, gas, or internet.
      • Where applicable, home insurance (mandatory when taking out a mortgage), private maintenance and repairs, or extraordinary works agreed upon by the homeowners’ association.

      Joint Ownership Communities, Maintenance, Technical Building Inspection (Inspección Técnica De Edificios)

      Joint Ownership Communities

      When purchasing property in Spain, you are not only investing in the private space you occupy, you are often also becoming part of a legally regulated community of owners (comunidad de propietarios), which comes with specific financial, administrative, and legal responsibilities. In Spain, most buildings and many houses within residential developments (urbanizaciones) are subject to a legal structure known as a joint ownership community.

      Within this framework, all property owners collectively assume responsibility for the maintenance, conservation, and proper use of common elements. The governance of the community is defined by its statutes and internal rules, which are adopted and amended by the owners’ association through resolutions passed at general meetings of co-owners. These rules establish key obligations, such as:

      • Contributions to shared expenses, which are generally allocated based on each unit’s surface ownership share (coeficiente de participación), although the internal regulations may establish a different method (e.g. equal shares)
      • Permitted uses of communal areas,
      • Maintenance responsibilities,
      • Approval of extraordinary levies (derramas).

      Prospective buyers should carefully review all community documentation before completing a purchase. These internal rules and decisions may significantly affect the intended use of the property, for example, by restricting short-term rentals, limiting certain renovations, or setting usage rules for terraces or shared facilities. Additionally, documentation may reveal unpaid levies, planned renovations, or other financial obligations that could affect the property’s long-term affordability. To avoid unexpected liabilities, it is essential to request a debt certificate from the community, confirming that the current owner is up to date with all community payments.

      Maintenance Responsibilities

      All owners are obliged to contribute to the shared maintenance costs of the building or development. These include regular expenses such as:

      • Cleaning of common areas,
      • Minor repairs,
      • Utility bills for communal services.

      Larger or unplanned expenses may require extraordinary assessments, which are apportioned among the owners based on their respective share (often called a cuota de participación).

      In addition to shared obligations, each owner is responsible for the maintenance of their private property. In the case of detached or semi-detached homes, this responsibility is exclusive. Owners can be held liable for any damage caused to third parties due to poor maintenance or structural issues.

      It is therefore strongly recommended to obtain comprehensive home insurance. Not only does it offer financial protection, but it is often a mandatory requirement for obtaining a mortgage from Spanish financial institutions. Policies should ideally include coverage for major risks such as fire, flooding, and structural damage.

      Technical Building Inspection (Inspección Técnica de Edificios, ITE)

      Spanish regulations require buildings over a certain age – typically 45 years, though this varies by region – to undergo a Technical Building Inspection (Inspección Técnica de Edificios, or ITE).

      This inspection must be carried out by an independent qualified technician and assesses the overall condition of the building. It identifies any deficiencies and proposes necessary improvements. If serious issues are found, the community of owners is required to carry out repairs within a designated timeframe.

      Conclusion

      A full understanding of both collective and individual responsibilities is essential for safeguarding the interests of foreign buyers in the Spanish property market. Awareness of the implications of joint ownership, maintenance costs, and regulatory obligations such as the ITE can help ensure a secure and financially sound investment.

      Summary: How can foreigners purchase a real estate property in Spain? In this article, we aim to provide an overview of the key legal and practical aspects foreign clients should consider before investing in the Spanish housing market. 

      This is the first of a series of three articles: in the second part we present the financial and tax information as well as practical tips related to the purchase process (here) and in the third wwìe deal with international inheritance implications (here).

      How does a property purchase in Spain work?

      Spain offers a transparent and legally secure process for real estate investment. However, it is not without risks, particularly concerning private purchase contracts, which are not subject to a mandatory format and rely heavily on the contractual freedom of the parties involved.

      Although ownership is typically transferred during the notary appointment, prior private purchase contracts, often accompanied by a 10% deposit, are very common in Spain and are fully effective under formal law aspects. In practice, this means that the decision to purchase and the review of all legal aspects and risks must occur before signing the private purchase contract as this document sets out all the binding conditions between the parties. The subsequent notarial deed merely formalizes or executes the terms previously agreed upon. Moreover, it is important to understand that the notary serves solely as a certifying official in Spain. They do not act to protect the buyer or offer legal advice and must remain neutral.

      Therefore, engaging qualified legal support is essential to ensure a safe investment and to fully protect your rights. International buyers should be aware that certain procedural steps are highly recommended to ensure full protection of their ownership rights.

       

      Spain has two complementary real estate registration systems which are characterized below.

      If you would like to get to know more about how you can find information about real estate and get the certificate from the Land Registry we encourage you to look at another guide prepared by Legalmodo which you can find here.

      1. The Land Registry (Registro de la Propiedad) is the official legal registry that confirms ownership from a civil law perspective and lists encumbrances (e.g., mortgages). Registration here is highly recommended as it offers protection against third parties acting in good faith.

      The Land Registry is a specialised body under the Ministry of Justice. Each Land Registry office is run by a Registrador de la Propiedad- a legally qualified public official.

      Legal information about registered property may be obtained by applying for:

      • a “nota simple”- an unofficial extract containing basic property data, useful for informational or preliminary purposes or;
      • a “Certificacion registral”- an official and legally binding certificate confirming ownership and registered rights.

      These documents may be obtained from the relevant Land Registry office or via the electronic portal of the Colegio de Registradores de España.

      1. The Cadastre (Catastro) is an administrative and fiscal registry that describes the property’s physical characteristics, such as location, surface area, layout, and cadastral value, for taxation and urban planning purposes, but does not certify ownership.

      The Cadastre is managed by the General Directorate for the Cadastre (Dirección General del Catastro), which forms part of the Ministry of Finance (Ministerio de Hacienda).

      Cadastral data is publicly accessible and may be obtained either online or in person. The main channels are:

      • The official Cadastre portal: https://www.sedecatastro.gob.es/
      • Local Cadastral Information Points (Puntos de Información Catastral- PICs) and municipal offices

      The following official documents are available:

      • Certificación catastral: a legally binding certificate that confirms the cadastral details of a property.
      • Consulta Descriptiva y Gráfica: a non- certified extract providing a descriptive and graphical overview of the property’s characteristics.

      Real Estate Property purchase process

      The typical purchase process in Spain provides legal certainty and transparency. The main steps are as follows:

      Real Estate Agency contract

      The process often starts with the seller signing a contract with a real estate agency, outlining the agent’s services and commission. While not mandatory, a written contract ensures transparency. Although the seller typically pays the commission, the agency may also enter into a separate or additional agreement with the buyer, particularly in transactions involving property search. It is common for agents to have agreements with both the seller and buyer; however, agents primarily represent the seller and must disclose any dual representation to avoid conflicts of interest. Buyers are advised to seek independent legal advice, as agents do not act as legal representatives.

      Reservation Agreement

      Once a property is identified, the buyer and seller may sign a reservation agreement, usually with a deposit of 1–2% of the purchase price. This agreement temporarily removes the property from the market, allowing time for document review and due diligence.

      The reservation deposit is typically paid to the real estate agency. To ensure legal certainty, the reservation agreement should clearly set out the conditions under which the deposit is refundable. If the transaction is not finalised and the seller or the agency refuses to return the deposit, the buyer may seek legal enforcement through civil proceedings.

      Private Purchase Agreement

      As indicated below, this stage of the purchasing process is very important. This contract will usually have a decisive impact on the final transaction. Therefore it should be drafted with utmost care and with the assistance of an experienced real estate lawyer.

      This contract defines and confirms all agreed terms. It usually involves a 10% deposit. A thorough due diligence is essential at this stage, as the buyer assumes full responsibility for the property. It is often agreed that the deposit is forfeited if the buyer withdraws from the contract and, if the seller withdraws from the contract, they must repay double the deposit.

      As with the reservation agreement, the second deposit is generally paid either directly to the seller or to the real estate agency, depending on the arrangement. In Spain, there is no public escrow system or neutral body responsible for managing such funds. Accordingly, if the transaction does not proceed and the seller or the agency refuses to return the deposit, the buyer may pursue legal remedies through civil proceedings.

      While it is not standard practice, sometimes it is possible to arrange for the deposit to be transferred to a notary or lawyer who may act as an escrow agent under a private agreement between the parties. As it is not common it may be difficult to arrange in practice.

      Public Deed Before a Spanish Notary

      As explained before, together the Título and Modo ensure that ownership is validly and securely transferred. In practice, this usually takes place with the signing of the notarial public deed before the Spanish notary, which formally represents the transfer of possession (Modo). In most cases, the remaining purchase price is also paid at the same time because the seller transfers the ownership upon signing the public deed.

      Land Registry and Cadastre Updates

      After notarisation, the buyer must register the property in the Land Registry to secure legal title against third parties. While this step is not constitutive of ownership, it offers critical protection and is standard practice. Simultaneously, the Cadastral Office updates the property’s ownership details for tax and administrative purposes.

      Conclusion

      Spain offers a transparent and legally secure process for real estate investment. However, the process is not without risks, particularly regarding private purchase agreements, which are not governed by a mandatory format and rely heavily on the parties’ contractual freedom. Therefore, engaging qualified legal support is essential for a safe investment and to ensure full protection of your rights.

      Verification Of Legal Status

      The buyer of a property must have access to the following documentation in order to be fully confident about the sale:

      • Property deed. This document must be provided by the seller, who must present the original at the notary’s office on the day the deed is signed.
      • Updated simple note issued by the Land Registry. This document summarizes the legal status of the property, indicating its ownership, description, and any encumbrances or liens that may exist on it. The law firm advising the buyer can easily obtain this online. It is an essential document for understanding the legal status of the property.
      • Updated cadastral certificate, which describes the physical characteristics of the property, including its size, built-up areas, and indicating measurements and boundaries. It can be consulted via the following link: https://www.sedecatastro.gob.es/ or requested through the law firm; it is very necessary if you are buying land on which to build a house, but not essential if you are buying an existing property.
      • Energy efficiency certificate, which provides information on the property’s energy consumption and CO2 emissions. To obtain it, you must hire an authorized technician, who will inspect the home and issue the certificate.
      • Certificate of occupancy or first occupancy license. This is only necessary in certain cases, including when the property is newly built.
      • If applicable, certificate of debts with the Homeowners’ Association. This must be requested from the president or administrator of the Association and certifies whether or not the seller has any outstanding debts with the Association.
      • Latest property tax (IBI) receipt certifying payment of this tax.
      • Technical Building Inspection Certificate (ITE), certifying compliance with the minimum structural requirements of the property (structure, installations, etc.). This is issued by an approved technician and is only necessary in the case of old buildings, those over 50 years old.
      • If the property is mortgaged, you will need to request the corresponding certificate from the bank certifying full payment or, failing that, the outstanding debt.

      ¿Cómo funciona la tokenización de inmuebles, cuál es el marco regulatorio y qué derechos adquiere realmente el inversor?

      La tokenización inmobiliaria, presente desde hace ya algunos años en España, está dejando de ser una promesa futurista para convertirse en una realidad tangible en el mercado español. Representa algo más que una innovación tecnológica: supone una transformación en la forma en que concebimos la propiedad, la inversión y la liquidez en el sector inmobiliario, uno de los más tradicionales y regulados de nuestra economía.

      ¿Qué es la tokenización inmobiliaria y cómo funciona?

      En esencia, tokenizar un inmueble significa, hoy en día, convertir los derechos económicos asociados a ese activo en unidades digitales que pueden circular en plataformas basadas en blockchain. Cada token representa una fracción de esos derechos económicos, lo que permite a inversores con capitales más modestos acceder a un mercado que tradicionalmente exigía sumas considerables.

      El papel de los contratos inteligentes (smart contracts)

      Los tokens funcionan mediante contratos inteligentes que ejecutan automáticamente la distribución de rentas de alquiler o reventa de esa representación parcial del inmueble, con su revalorización incluida, eliminando intermediarios y aportando transparencia al proceso. Esta automatización no es meramente cosmética: reduce costes operativos, acelera las transacciones y, potencialmente, incrementa la liquidez de activos que históricamente han sido de los menos líquidos del mercado.

      La realidad jurídica: qué se tokeniza realmente en España

      Sin embargo, conviene aclarar desde el inicio una cuestión fundamental que a menudo queda desdibujada en el discurso comercial: en la práctica, en los proyectos de tokenización inmobiliaria en España, lo que se tokeniza no es el inmueble en sí, sino derechos económicos vinculados a un vehículo societario (habitualmente una sociedad de propósito especial o SPV) que ostenta la titularidad del inmueble. La normativa española solo permite tokenizar acciones de sociedades anónimas mediante tecnología de registro distribuido; las participaciones de sociedades limitadas no pueden tokenizarse. Esto significa que si el SPV es una sociedad limitada, no se pueden tokenizar las participaciones sociales propiamente dichas, sino únicamente otros instrumentos como préstamos participativos o derechos de crédito sobre rentas. Solo si el SPV se constituye como sociedad anónima es posible tokenizar directamente las acciones de esa sociedad.

      ¿Qué derechos adquiere realmente el inversor de tokens inmobiliarios?

      Quien adquiere un token, por tanto, no se convierte en copropietario directo del activo inmobiliario. Dependiendo de la estructura elegida, puede ser accionista de una SA tokenizada, propietaria del inmueble, o titular de derechos económicos derivados de préstamos participativos u otras fórmulas de participación indirecta sobre el SPV que posee el inmueble. La diferencia no es trivial: si la sociedad enfrenta problemas de solvencia o quiebra, el valor del token se hunde con ella, sin que el inversor pueda ejercer derechos reales directos sobre el inmueble.

      El derecho español, anclado en siglos de tradición registral, no permite actualmente la transmisión de derechos reales sobre inmuebles mediante la mera transferencia de tokens, exigiendo escritura pública e inscripción registral para que esa transmisión produzca efectos frente a terceros. Esta estructura mediante SPV es, por tanto, una solución de compromiso entre las posibilidades tecnológicas y las exigencias del ordenamiento jurídico vigente.

      Marco regulatorio de la tokenización inmobiliaria en España

      La autorización de la CNMV y la Ley 6/2023 del Mercado de Valores

      El regulador español ha comenzado a sentar las bases jurídicas para que esta tecnología pueda desarrollarse dentro de un marco de seguridad. En 2023, la Comisión Nacional del Mercado de Valores autorizó a Adventurees Capital PFP como la primera plataforma de financiación participativa que emite valores tokenizados, marcando un hito en la convergencia entre crowdfunding y blockchain. Esta autorización no surgió en el vacío: fue acompañada por la aprobación de la Ley 6/2023 del Mercado de Valores, que reconoce expresamente la representación de valores negociables mediante tecnologías de registro distribuido como blockchain, otorgándoles plena validez jurídica.

      El rol del Registro de la Propiedad en la era blockchain

      Paralelamente, el Colegio de Registradores está explorando cómo integrar blockchain en el sistema registral español, aunque conviene precisar el alcance real de estas iniciativas. Los proyectos en marcha se centran fundamentalmente en aplicaciones complementarias como la gestión digitalizada del Libro del Edificio o la mejora de la trazabilidad y consulta de información registral, pero no buscan sustituir los pilares fundamentales del sistema: el otorgamiento de escritura pública ante notario y la inscripción registral, los cuales siguen siendo absolutamente obligatorios para la transmisión de derechos reales sobre inmuebles. Los registradores son claros en su postura institucional: la blockchain puede complementar y agilizar procesos de gestión documental, pero no puede reemplazar el control de legalidad que ejerce el registrador ni la protección de terceros que ofrece el Registro de la Propiedad, elementos esenciales de nuestro sistema jurídico. Esta posición refleja precisamente la limitación actual del modelo: los tokens circulan en la blockchain representando posiciones en SPV o derechos económicos sobre ellos, pero la propiedad real del inmueble permanece anclada en el mundo registral tradicional, bajo titularidad de esa sociedad vehículo, y cualquier transmisión de ese derecho real requiere el procedimiento tradicional con todas sus garantías.

      Regulación europea: ECSPR, MiCA y régimen piloto DLT

      España también se beneficia de un entramado regulatorio europeo que está posicionando a la Unión como líder global en la regulación de activos digitales. El Reglamento Europeo de Proveedores de Servicios de Crowdfunding (ECSPR) armoniza las normas para las plataformas de financiación participativa, permitiendo que una plataforma autorizada en un Estado miembro pueda operar en toda la UE mediante el denominado «pasaporte europeo». El Reglamento MiCA, que entró en plena aplicación el 30 de diciembre de 2024, regula de forma bastante amplia los mercados de criptoactivos, estableciendo obligaciones tanto para emisores como para proveedores de servicios. Y el régimen piloto DLT (Reglamento UE 2022/858) permite que infraestructuras de mercado basadas en tecnología de registro descentralizado operen con ciertas exenciones temporales, creando un entorno controlado de pruebas para evaluar el potencial de estas tecnologías en los mercados financieros.

      El enfoque del regulador español podría describirse como cautelosamente favorable: se fomenta la innovación, pero se exige el cumplimiento riguroso de controles de prevención de blanqueo de capitales, identificación de clientes y obligaciones de divulgación para proteger a los inversores. No es un laissez-faire tecnológico, sino una apuesta por integrar la innovación dentro de un marco de garantías.

      Desafíos jurídicos y riesgos de la tokenización inmobiliaria

      Los riesgos de la estructura mediante SPV

      Los desafíos jurídicos que persisten son relevantes y merecen atención. La estructura mediante SPV, aunque jurídicamente viable, introduce una capa adicional de complejidad y riesgo que debe ser de modo claro comunicada a los inversores. A diferencia de la propiedad directa, donde el inversor tiene derechos reales sobre el inmueble oponibles frente a terceros, en el modelo tokenizado actual el inversor ostenta posiciones en fórmulas de participación indirecta (acciones de SA, préstamos participativos, derechos de crédito) vinculadas a una sociedad propietaria del inmueble, con todas las implicaciones que ello conlleva en materia de responsabilidad societaria, fiscalidad y protección ante insolvencias.

      La desconexión entre el mundo on-chain y off-chain

      También resulta fundamental entender que la conexión entre el mundo «on-chain» (donde circulan los tokens) y «off-chain» (donde se inscribe la propiedad real) no es directa ni automática. La transmisión de un token no implica por sí misma ningún cambio en el Registro de la Propiedad: la titularidad jurídica del inmueble permanece en el SPV independientemente de quién posea los tokens, y solo una escritura pública debidamente inscrita podría cambiar esa titularidad registral. Los proyectos exploratorios del Colegio de Registradores buscan mejorar la eficiencia en la gestión de información complementaria, pero no alteran esta realidad fundamental. Y, como en cualquier mercado emergente, es necesario prevenir la proliferación de esquemas fraudulentos que prometan rentabilidades irreales o que comercialicen tokens sin el respaldo jurídico adecuado.

      Implicaciones prácticas para inversores y operadores jurídicos

      Para los operadores jurídicos, la tokenización inmobiliaria puede plantear la necesidad de adaptar contratos, estatutos sociales y estructuras de financiación a un entorno donde los derechos circulan de forma digital y distribuida. Para los inversores, representa una oportunidad de diversificar carteras con entradas de capital más reducidas y un potencial de liquidez superior al de la inversión inmobiliaria tradicional, siempre que comprendan que no están adquiriendo propiedad directa del inmueble sino una posición en fórmulas de participación indirecta vinculadas a la estructura societaria que lo posee. Y para la economía en su conjunto, puede dinamizar un mercado inmobiliario valorado en billones de euros al facilitar la entrada de capital minorista que antes quedaba excluido.

      El futuro de la tokenización inmobiliaria en España

      Estamos ante una evolución que combina derecho, tecnología y finanzas de forma inseparable. Resulta no obstante clave entender que la tokenización no es una moda pasajera, sino una herramienta que, bien utilizada y debidamente regulada, puede transformar la forma en que accedemos a uno de los activos más valorados de nuestra sociedad: el inmueble. Pero esa transformación, al menos en el presente, opera a través de estructuras societarias vehículo y fórmulas de participación indirecta, no mediante la titularidad directa que la terminología comercial a veces sugiere, y ciertamente no implica una revolución inmediata del sistema registral español, cuyas garantías fundamentales permanecen intactas.

      Third country citizens seeking to buy real estate in Greece or holding all shares of a Greek legal entity, may apply for a residence permit in Greece under the conditions described below.

      If the property is situated in the Municipalities of Attica, in Vari – Voula – Vouliagmeni, in Thessaloniki, in Mykonos or in Santorini, the value of the purchase contract shall amount minimum to five hundred thousand euros (€ 500.000). If the property is situated in different – from the abovementioned – areas of Greece, the minimum value of the purchase contract amounts to two hundred fifty thousand euros (€ 250.000).

      Third country citizens seeking to build on a plot, may also apply for a residence permit, if the combined value of the construction contract and that of the purchase contract, amounts to minimum € 500.000 or € 250.000.

      Co-owners of a purchased property may apply for a residence permit if they are spouses. If not, permit can be granted to a co-owner, only if the amount invested by her, amounts at least to € 500.000 or € 250.000.

      All abovementioned thresholds can be met via the purchase of more than one property.

      Residence permits may be also granted to family members of the investor (spouse, children, parents).

      In some areas of Greece, the Greek State has imposed restrictions on purchase contracts. In these areas, restrictions may be lifted only by a decision of the Greek Ministry of Defense.

      As per the administrative process, each applicant shall lawfully entry Greece at least twice. Applicants shall collect and submit, usually with the help of a lawyer holding a PoA, all necessary documentation at the Immigration Department of the competent Decentralized Greek Authority. Applicants are subject to an administrative fee of two thousand euros (€2.000).

      Shortly after filing documents and giving biometric data, applicants receive a temporary residence permit for a year. The duration of a residence permit, if issued, is five (5) years. It may be renewed for another five (5) years if its holder remains owner of the purchased property. The residence permit is revoked if its holder sells her property in Greece.

      After seven (7) years since the issuance of a residence permit, its holder can apply for the Greek citizenship if she meets all other criteria for the Greek citizenship (e.g. sufficient knowledge of the Greek language, history, culture and political system, clear criminal record, economic activity in Greece).

      This is a summary of the approved measures, which unfortunately for both tenants and landlords do not include any public aid or tax relief and just refer to a postponement in the payment of the rent.

      Premises to which they are applied

      Leased premises dedicated to activities different than residential: commercial, professional, industrial, cultural, teaching, amusement, healthcare, etc. They also apply to the lease of a whole industry (i.e. hotels, restaurants, bars, etc., which are the most usual type of businesses object of this deal).

      Types of tenants

      • Individual entrepreneurs or self-employed persons who were registered before Social Security before the declaration of the state of alarm on March 14th, 2020
      • Small and medium companies, as defined by article 257.1 of the Capital Companies Act: those who fulfil during two consecutive fiscal years these figures: assets under € 4 million, turnover under € 8 million and average staff under 50 people

      Types of landlords

      In order to benefit from these measures, the landlord should be a housing public entity or company or a big owner, considering as such the individuals or companies who own more than 10 urban properties (excluding parking places and storage rooms) or a built surface over 1.500 sqm.

      Measures approved

      The payment of the rent is postponed without interest meanwhile the state of alarm is in force, but in any case, for a maximum period of four months. Once the state of alarm is overcome, and in any case in a maximum term of four months, the postponed rents should be paid along a maximum period of two years, or the duration of the lease agreement, should it be less than two years.

      For landlords different to those mentioned above

      The tenant could apply before the landlord for the postponement in the payment of the rent (but the landlord is not obliged to accept it), and the parties can use the guarantee that the tenant should mandatorily have provided at the beginning of any lease agreement (usually equal to two month’s rent, but could be more if agreed by the parties), in full or in part, in order to use it to pay the rent. The tenant will have to provide again the guarantee within one year’s term, or less should the lease agreement have a shorter duration.

      Activities to which it is applied

      Activities which have been suspended according to the Royal Decree that declared the state of alarm, dated march, 14ht, 2020, or according to the orders issued by the authorities delegated by such Royal Decree. This should be proved through a certificated issued by the tax authorities.

      If the activity has not been directly suspended by the Royal Decree, the turnover during the month prior to the postponement should be less than 75% of the average monthly turnover during the same quarter last year. This should be proved through a responsible declaration by the tenant, and the landlord is authorised check the bookkeeping records.

      Term to apply and procedure

      The tenant should apply for these measures before the landlord within one month’s term from the publication of the Royal Decree-law, that is, from April 22nd, 2020, and the landlord (in case belongs to the groups mentioned in point c) is obliged to accept the tenant’s request, except if both parties have already agreed something different. The postponement would be applied to the following month.

      As the state of alarm was declared more than one month ago (March 14th), landlords and tenants have already been reaching some agreements, for example 50% rent reduction during the state of alarm, and 50% rent postponement during the following 6 months. Tenants who do not reach an agreement with the landlord could face an eviction procedure, however court procedures are suspended during the state of alarm. We have also seen some abusive non-payment of rent by tenants.

      When is becomes impossible to reach an agreement with the landlord, tenants have the legal remedy of claiming in Court for the application of the “rebus sic stantibus” principle, which was highly demanded during the 2008 financial crisis but very seldom applied by the Courts. This principle is aimed to re-balance the parties’ obligations when their situation had deeply changed because of unforeseen circumstances beyond their control. This principle is not included in the Spanish Civil Code, but the Supreme Court has accepted its application, in a very restricted way, in some occasions.

      Javier Gaspar

      Áreas de práctica

      • Arbitraje
      • Contratos de distribución
      • Franquicia
      • Derecho Internacional Privado
      • Deporte
      Contáctanos Javier

      Contacta con Javier





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        Real Estate Investment In Spain – Financial and Tax Information

        13 de diciembre de 2025

        • España
        • Inversiones
        • Derecho Inmobiliario

        This is the fourth article of a series decidated to purchasing real estate property in Spain: previously, we presented how to structure the purchase of a real estate property and what steps you must undertake to ensure the purchase is efficient and safe (you can find it here), the financial and tax information as well as practical tips related to the purchase process (here) and how to handle international inheritance tax implications (here).

        How to obtain a mortgage loan when Purchasing Property in Spain

        When a buyer in Spain wishes to purchase property using a mortgage loan, the financing process typically begins after selecting a specific property and signing a private purchase agreement, which is usually accompanied by a deposit payment. The entire financing process is strictly regulated under Spanish civil and banking law, offering a high degree of legal security, including foreign and non-resident buyers.

        Once the private purchase contract is signed, the bank initiates an official property valuation. This is a mandatory step for determining the maximum loan amount, the financing conditions and for loan approval.

        Only after the valuation is completed will the bank issue a formal mortgage offer. The entire process, from the initial application to the final offer, can take several weeks, depending on the complexity of the buyer’s financial profile and the documentation required. The final step occurs before a Spanish notary, where two deeds are signed simultaneously:

        • The public deed of sale, and
        • The mortgage deed.

        At this stage, the bank transfers the loan amount directly to the seller, ensuring legal and financial certainty for all parties involved.

        While this structure guarantees legal clarity, it also means that mortgage financing is not secured at the time the private agreement is signed. Therefore, it is strongly recommended to include a mortgage contingency clause in the private purchase contract. This clause makes the completion of the sale conditional upon obtaining financing, thereby protecting the buyer’s deposit in the event of a mortgage denial.

        Key Differences for Foreign Buyers

        Spanish banks do not generally issue binding pre-approvals before a specific property has been chosen. Foreign buyers, particularly non-residents, should also be aware of additional requirements, including:

        • Submission of translated or apostilled foreign documents,
        • More extensive due diligence and KYC (Know Your Customer) procedures, and
        • Generally longer processing times.

        These factors may extend the mortgage timeline and should be accounted for in the overall transaction planning.

        Differences between buying a second-hand apartment/house and buying a new apartment/house directly from the developer

        The main difference is that, in the case of a new home, VAT and AJD (stamp duty) are paid, and in the case of a second-hand home, only ITP (property transfer tax) is paid, as already explained in section III, paragraph 3.

        In addition, in the case of new homes, a series of legal guarantees are established—for 1, 3, and 10 years—for possible construction defects that may arise in the home, for which the developer is liable. On the other hand, in the case of second-hand homes, the seller is liable for hidden defects only for a period of 6 months from delivery.

        If the property is purchased from a natural person, it will generally be a second-hand home, whereas if it is purchased from a legal entity, it will normally be a new build and will be purchased from a developer.

        Therefore, the fundamental differences will be those already mentioned above: different taxation and greater legal guarantees in the case of purchase from legal entities. Additionally, in the case of purchasing the property from a legal entity developer, there are enhanced documentation and reporting obligations, which do not apply in the case of sale by individuals.

        Are there debts associated with the property that the buyer will be liable for?

        The buyer is liable for any debts owed to the Homeowners’ Association for the three years prior to the purchase and for the outstanding portion of the current year’s dues. The buyer is also vicariously liable for any outstanding property tax (IBI) or other local taxes owed by the previous owner.

        To adequately protect their interests, the buyer should, on the one hand, request a certificate of debts from the Homeowners’ Association and, on the other hand, check the status of payments of property tax and other municipal taxes.

        What are the specific provions of Spanish Coastal Law (Ley De Costas)?

        Properties located near the sea may fall under the Spanish Coastal Law (Ley de Costas), which regulates land use in the public maritime-terrestrial zone and its surrounding protected areas. These coastal strips are public domain, and strict limitations apply to ownership, construction, and renovation.

        Even for older, long-standing buildings, it is vital to verify whether the property lies within a protection zone. Depending on the classification of the area, consequences can range from restricted use or denial of renovation permits to expiration of rights of use or, in extreme cases, administrative demolition orders.

        Legal due diligence is essential to determine the status of the plot and identify any concessions or time-limited occupancy rights granted by the authorities.

         

        What rules apply to Country Houses (Fincas Rústicas)?

        Country houses (fincas rústicas) deserve special attention due to their location in rural and often protected areas, which are subject to strict urban planning and environmental regulations.

        Depending on local and regional classifications, the land may be designated exclusively for agriculture, forestry, or conservation, limiting the potential for construction, expansion, or change of use.

        Additionally, many rural properties have existing buildings that may never have been fully or properly legalised. As with coastal properties, buyers should review all applicable planning and environmental restrictions carefully before purchasing. 

        How are squatting cases  (Okupas) regulated under Spanish law?

        In recent years, Spain has experienced a rise in squatting cases, influenced by housing shortages, unaffordable rents, and high costs in urban or tourist areas. While the issue is complex and socio-politically sensitive, this section focuses on practical implications for property owners.

        Importantly, unlawful occupation (okupación) is relatively uncommon in most parts of Spain. The majority of property owners, especially those who secure and monitor their homes properly, are unlikely to be affected.

        Effective deterrents include:

        • Alarm systems and surveillance cameras,
        • Remote monitoring,
        • Local property management services (especially for second homes).

        Spanish law differentiates between:

        • Intrusion into a primary residence (treated as unlawful entry),
        • Occupation of vacant or second homes (classified as usurpation, requiring court action).

        Recent Legal Reforms – “Anti-Squatting Law” (Ley Orgánica 1/2025): To address lengthy eviction timelines, Spain introduced reforms, which include:

        • Within the first 48 hours of occupation:
          Police may evict squatters without a court order if no legal proof of residence is presented. Owners must provide immediate proof of ownership.
        • After 48 hours: Eviction must follow a formal judicial process.
        • Fast-track legal procedures: Eviction claims may now be processed in about 15 working days under accelerated procedures—though real-world implementation may vary by jurisdiction.

        While these special topics may not apply to every transaction, they highlight the importance of thorough due diligence and professional legal advice when buying property in Spain. Understanding the implications of coastal laws, rural zoning, inheritance regulations, and property security helps international buyers make informed, secure, and future-proof investments.

        Trasladarse a España por motivos profesionales suele vivirse como una oportunidad: nuevo proyecto, nuevo entorno y, en muchos casos, mejora en calidad de vida. Sin embargo, la experiencia práctica demuestra que las mayores dificultades no suelen surgir en el ámbito laboral, sino en cuestiones aparentemente accesorias como la vivienda y su encaje jurídico y fiscal.

        Antes de firmar un contrato de alquiler o comprometerse con la compra de un inmueble, es imprescindible entender cuál es la propia situación administrativa y tributaria. Ese análisis previo evita problemas posteriores que, una vez firmado el contrato, pueden resultar costosos o difíciles de resolver.

        Situación administrativa: punto de partida obligatorio

        No todos los ciudadanos extranjeros se encuentran en la misma posición legal.

        Los ciudadanos de la Unión Europea pueden residir y trabajar en España, pero deben obtener un Número de Identificación de Extranjero (NIE), inscribirse en el Registro Central de Extranjeros y empadronarse en el municipio correspondiente.

        En el caso de nacionales de terceros países, la situación es distinta: es necesario contar con visado o autorización de residencia y trabajo, y posteriormente solicitar la Tarjeta de Identidad de Extranjero (TIE).

        Esta regularización no es un simple trámite formal. Sin documentación en regla pueden surgir dificultades prácticas relevantes: apertura de cuentas bancarias, contratación de suministros, acreditación de solvencia ante propietarios o incluso formalización de escrituras notariales.

        Alquiler: aspectos que conviene revisar antes de firmar

        El mercado de arrendamiento en España está regulado por la Ley de Arrendamientos Urbanos. Aunque la firma del contrato no exige residencia previa, en la práctica muchos propietarios solicitan garantías adicionales cuando el inquilino acaba de llegar al país.

        Es importante analizar:

        • Duración pactada.
        • Régimen de actualización de renta.
        • Fianza y garantías adicionales.
        • Cláusulas de desistimiento anticipado.

        Firmar con urgencia, sin comprender el alcance de estas condiciones, puede generar obligaciones económicas que no siempre se ajustan a la situación real del trabajador desplazado.

        Compra de vivienda: posibilidad jurídica y efectos fiscales

        Un extranjero puede adquirir libremente un inmueble en España, incluso sin ser residente. No existe limitación por nacionalidad.

        No obstante, la operación tiene consecuencias fiscales que deben valorarse previamente. En vivienda usada se abona el Impuesto sobre Transmisiones Patrimoniales, cuyo tipo depende de la Comunidad Autónoma. En obra nueva se aplican IVA y Actos Jurídicos Documentados. A ello se añaden los gastos notariales y registrales.

        La formalización requiere escritura pública ante notario e inscripción en el Registro de la Propiedad para garantizar plena seguridad jurídica frente a terceros.

        Residencia fiscal: el elemento determinante

        Uno de los puntos más sensibles es determinar si el trabajador desplazado adquiere la condición de residente fiscal en España.

        Con carácter general, se considera residente quien permanece más de 183 días durante el año natural en territorio español o quien sitúa aquí el núcleo principal de sus intereses económicos. No es una cuestión meramente administrativa; depende de circunstancias objetivas.

        La diferencia es sustancial:

        • El residente fiscal tributa en España por su renta mundial.
        • El no residente tributa únicamente por las rentas obtenidas en España, bajo el Impuesto sobre la Renta de No Residentes.

        En el caso de ser propietario de un inmueble, incluso aunque no se alquile, puede generarse la obligación de declarar una renta imputada si no constituye vivienda habitual.

        Coordinación con el país de origen

        El traslado profesional no elimina automáticamente las obligaciones fiscales en el país de procedencia. España mantiene convenios para evitar la doble imposición con numerosos Estados, pero su aplicación requiere análisis individualizado.

        Una planificación insuficiente puede dar lugar a situaciones de doble tributación, conflictos de residencia fiscal o requerimientos posteriores de las administraciones tributarias implicadas.

        Planificar antes de comprometerse

        La secuencia correcta no comienza con la firma del contrato de alquiler ni con la reserva de una vivienda. Comienza por clarificar la situación migratoria, definir el encaje fiscal y evaluar las implicaciones jurídicas de cada decisión.

        La vivienda no es únicamente una cuestión inmobiliaria. Es una decisión patrimonial con impacto tributario y efectos jurídicos que pueden proyectarse durante años.

        Cuando el traslado implica cruzar fronteras, la improvisación deja de ser una opción razonable. La planificación previa no solo aporta seguridad: evita costes innecesarios y protege la estabilidad del proyecto profesional que motiva el cambio.

        In previous articles, we presented how to structure the purchase of a real estate property and what steps you must undertake to ensure the purchase is efficient and safe (you can find it here), and the financial and tax information as well as practical tips related to the purchase process (here). To complete this overview of the process of purchasing real estate in Spain, let’s consider one of the most important concerns when acquiring property abroad:  inheritance and succession laws, especially for non-resident or foreign owners. This applies both to sellers still settling an estate and buyers planning future succession of their foreign property.

        Applicable Law

        The EU Succession Regulation (No. 650/2012) generally stipulates that the law of the deceased’s last habitual residence governs succession. However, individuals may opt for the law of their nationality, a particularly helpful tool for foreign nationals residing in Spain who prefer the inheritance rules of their home country.

        This choice must be made expressly in a notarized will. Failure to do so may result in unintended legal consequences. The regulation also permits the application of the spouse’s national law in the case of inheritance contracts.

        Inheritance Tax

        Spain does not have a unified national inheritance tax system. Instead, each autonomous region applies its own rates, exemptions, and allowances. Following a 2014 European Court of Justice ruling, non-residents are entitled to benefit from regional tax rules when inheriting Spanish assets.

        Despite this progress, double taxation remains a possibility, as Spain has inheritance tax treaties only with France, Sweden, and Greece.

        Sales of Inherited Property

        In Spain, heirs acquire ownership of inherited property by law. However, for that ownership to be fully protected and enforceable, particularly in the case of real estate, it must be registered in the Land Registry (Registro de la Propiedad).

        A situation in which a seller claims ownership through inheritance but has not yet registered the title is legally problematic. In practice, a serious and properly advised seller would not offer the property for sale until the inheritance registration process is complete or, at the very least, notarially formalised, with registration submitted and pending to be finally registered.

        While a seller may possess valid succession documents, the absence of formal registration means that third parties, including potential buyer, cannot rely on the seller’s title with legal certainty. This poses several legal risks:

        1. Competing heirs or challenges: If another heir later appears and successfully contests the will or inheritance arrangement, the sale could be challenged and annulled in court.
        2. Legal uncertainty for buyers: Although a sale contract might technically be valid, the buyer assumes legal risk by proceeding before the inheritance is fully registered. Courts may later invalidate the transaction in light of new claims or evidence.

        Previously, under the Spanish Mortgage Law, the sale of inherited property could be challenged by a forced heir for up to two years after the decedent’s death, even if the property was sold in good faith. However, this risk was eliminated by the reform of 2021 through Real Decreto-ley 8/2021, which abolished that provision.

        In conclusion, while Spanish law technically allows heirs to sell inherited property before registering ownership, this is strongly discouraged and not considered standard practice. A properly advised seller will:

        • Complete the inheritance process first,
        • Pay applicable inheritance taxes, and
        • Register ownership in the Land Registry before offering the property for sale.

        Buyers should always request a recent Land Registry extract (nota simple) confirming that the seller is the legal, registered owner before signing any contract or making any payment. Failure to follow this guidance may result in legal uncertainty or annulment of the transaction.

        Documentation and Procedure

        To register property acquired through inheritance in Spain, proper documentation must be submitted within the legal timeframe to ensure legal certainty and avoid penalties. Generally, inheritance tax must be settled within six months from the date of death (an extension may be requested during the first months).

        Property transfer as part of inheritance typically requires a notarial deed, especially when multiple heirs are involved. In certain cases, a European Certificate of Succession or private applications may suffice.

        Typical required documents include:

        • International death certificate or national certificate with Hague Apostille;
        • European Certificate of Succession or national inheritance certificate with Hague Apostille;
        • Certificate from the Spanish Register of Wills (Registro General de Actos de Última Voluntad);
        • Property title and Land Registry data;
        • Bank balance certificates (certificado de saldo);
        • Last property tax (IBI) or a bank statement confirming the property’s cadastral data.

        In a previous article, we outlined how to structure the purchase of a real estate property in Spain and the steps buyers should take to ensure the purchase is efficient and safe. If you missed it, you can find it here.

        In this second part, we will cover financial and tax information along with practical tips related to the buying process. You will also learn about the rules that apply to owning and maintaining the property.

        Taxation of individuals and legal entities

        Both individuals and legal entities must bear the acquisition costs; the main difference in taxation is that legal entities can deduct VAT and other transaction-related expenses, while individuals generally have fewer tax advantages and a more limited deduction capacity. In any case, there is no clearly more advantageous regime for one type of taxpayer or the other, and the most favorable option will depend on the specific circumstances of each case.

        Acquisition costs

        Buying a home in Spain involves paying various additional costs on top of the purchase price, which vary depending on the autonomous community, the property’s value, and the buyer’s personal circumstances. These costs can amount to between 8% and 14% of the property’s purchase price and are discussed in sections 3 and 4 below.

        Property Tax/VAT/ITPJAD

        If it is a new home, Value Added Tax (VAT) must be paid, which is generally 10%, and Stamp Duty (AJD- Actos juridicos documentados) which is between 0.50% and 1.5% of the value of the home, depending on the Autonomous Community and the circumstances of the buyer.

        If it is a second-hand home, you will have to pay Property Transfer Tax (ITP – Impuesto transmisiones patrimoniales), which will be 5%-10% of the value of the home, depending on the Autonomous Community and the buyer’s circumstances.

        As for the IBI, it is mentioned in section IV, as it is not an acquisition cost as such.

        Other expenses

        Basically, they will be as follows:

        • Notary fees for the execution of the public deed of sale, which legally correspond to the seller, although it is not uncommon for them to be transferred to the buyer by agreement. For a property worth €300.000,00, they would typically amount to around €2,000; however, they are negotiable.
        • Registration fees for registering the sale in the Property Registry, which are payable by the buyer. For a property worth €300,000, these would amount to around €500.                                                                                          
        • Administrative fees, if the services of an agency are hired to process the payment of taxes and the registration of the buyer’s title in the property registry (which is essential).

        Property In Progress And Tax Obligations

        Once you own the property, you will need to take care of the following expenses and obligations:

        • If the property is part of a building or development with common areas, the owner must pay the homeowners’ association fees, which vary depending on the services and size of the association.
        • Property tax (IBI – Impuesto sobre Bienes Inmuebles), which is levied on the ownership of real estate and whose amount depends on the cadastral value of the property and the tax rate set by each local council.
        • Depending on the municipality, there may be an annual garbage collection fee for urban waste collection.
        • Private utilities, such as water, electricity, gas, or internet.
        • Where applicable, home insurance (mandatory when taking out a mortgage), private maintenance and repairs, or extraordinary works agreed upon by the homeowners’ association.

        Joint Ownership Communities, Maintenance, Technical Building Inspection (Inspección Técnica De Edificios)

        Joint Ownership Communities

        When purchasing property in Spain, you are not only investing in the private space you occupy, you are often also becoming part of a legally regulated community of owners (comunidad de propietarios), which comes with specific financial, administrative, and legal responsibilities. In Spain, most buildings and many houses within residential developments (urbanizaciones) are subject to a legal structure known as a joint ownership community.

        Within this framework, all property owners collectively assume responsibility for the maintenance, conservation, and proper use of common elements. The governance of the community is defined by its statutes and internal rules, which are adopted and amended by the owners’ association through resolutions passed at general meetings of co-owners. These rules establish key obligations, such as:

        • Contributions to shared expenses, which are generally allocated based on each unit’s surface ownership share (coeficiente de participación), although the internal regulations may establish a different method (e.g. equal shares)
        • Permitted uses of communal areas,
        • Maintenance responsibilities,
        • Approval of extraordinary levies (derramas).

        Prospective buyers should carefully review all community documentation before completing a purchase. These internal rules and decisions may significantly affect the intended use of the property, for example, by restricting short-term rentals, limiting certain renovations, or setting usage rules for terraces or shared facilities. Additionally, documentation may reveal unpaid levies, planned renovations, or other financial obligations that could affect the property’s long-term affordability. To avoid unexpected liabilities, it is essential to request a debt certificate from the community, confirming that the current owner is up to date with all community payments.

        Maintenance Responsibilities

        All owners are obliged to contribute to the shared maintenance costs of the building or development. These include regular expenses such as:

        • Cleaning of common areas,
        • Minor repairs,
        • Utility bills for communal services.

        Larger or unplanned expenses may require extraordinary assessments, which are apportioned among the owners based on their respective share (often called a cuota de participación).

        In addition to shared obligations, each owner is responsible for the maintenance of their private property. In the case of detached or semi-detached homes, this responsibility is exclusive. Owners can be held liable for any damage caused to third parties due to poor maintenance or structural issues.

        It is therefore strongly recommended to obtain comprehensive home insurance. Not only does it offer financial protection, but it is often a mandatory requirement for obtaining a mortgage from Spanish financial institutions. Policies should ideally include coverage for major risks such as fire, flooding, and structural damage.

        Technical Building Inspection (Inspección Técnica de Edificios, ITE)

        Spanish regulations require buildings over a certain age – typically 45 years, though this varies by region – to undergo a Technical Building Inspection (Inspección Técnica de Edificios, or ITE).

        This inspection must be carried out by an independent qualified technician and assesses the overall condition of the building. It identifies any deficiencies and proposes necessary improvements. If serious issues are found, the community of owners is required to carry out repairs within a designated timeframe.

        Conclusion

        A full understanding of both collective and individual responsibilities is essential for safeguarding the interests of foreign buyers in the Spanish property market. Awareness of the implications of joint ownership, maintenance costs, and regulatory obligations such as the ITE can help ensure a secure and financially sound investment.

        Summary: How can foreigners purchase a real estate property in Spain? In this article, we aim to provide an overview of the key legal and practical aspects foreign clients should consider before investing in the Spanish housing market. 

        This is the first of a series of three articles: in the second part we present the financial and tax information as well as practical tips related to the purchase process (here) and in the third wwìe deal with international inheritance implications (here).

        How does a property purchase in Spain work?

        Spain offers a transparent and legally secure process for real estate investment. However, it is not without risks, particularly concerning private purchase contracts, which are not subject to a mandatory format and rely heavily on the contractual freedom of the parties involved.

        Although ownership is typically transferred during the notary appointment, prior private purchase contracts, often accompanied by a 10% deposit, are very common in Spain and are fully effective under formal law aspects. In practice, this means that the decision to purchase and the review of all legal aspects and risks must occur before signing the private purchase contract as this document sets out all the binding conditions between the parties. The subsequent notarial deed merely formalizes or executes the terms previously agreed upon. Moreover, it is important to understand that the notary serves solely as a certifying official in Spain. They do not act to protect the buyer or offer legal advice and must remain neutral.

        Therefore, engaging qualified legal support is essential to ensure a safe investment and to fully protect your rights. International buyers should be aware that certain procedural steps are highly recommended to ensure full protection of their ownership rights.

         

        Spain has two complementary real estate registration systems which are characterized below.

        If you would like to get to know more about how you can find information about real estate and get the certificate from the Land Registry we encourage you to look at another guide prepared by Legalmodo which you can find here.

        1. The Land Registry (Registro de la Propiedad) is the official legal registry that confirms ownership from a civil law perspective and lists encumbrances (e.g., mortgages). Registration here is highly recommended as it offers protection against third parties acting in good faith.

        The Land Registry is a specialised body under the Ministry of Justice. Each Land Registry office is run by a Registrador de la Propiedad- a legally qualified public official.

        Legal information about registered property may be obtained by applying for:

        • a “nota simple”- an unofficial extract containing basic property data, useful for informational or preliminary purposes or;
        • a “Certificacion registral”- an official and legally binding certificate confirming ownership and registered rights.

        These documents may be obtained from the relevant Land Registry office or via the electronic portal of the Colegio de Registradores de España.

        1. The Cadastre (Catastro) is an administrative and fiscal registry that describes the property’s physical characteristics, such as location, surface area, layout, and cadastral value, for taxation and urban planning purposes, but does not certify ownership.

        The Cadastre is managed by the General Directorate for the Cadastre (Dirección General del Catastro), which forms part of the Ministry of Finance (Ministerio de Hacienda).

        Cadastral data is publicly accessible and may be obtained either online or in person. The main channels are:

        • The official Cadastre portal: https://www.sedecatastro.gob.es/
        • Local Cadastral Information Points (Puntos de Información Catastral- PICs) and municipal offices

        The following official documents are available:

        • Certificación catastral: a legally binding certificate that confirms the cadastral details of a property.
        • Consulta Descriptiva y Gráfica: a non- certified extract providing a descriptive and graphical overview of the property’s characteristics.

        Real Estate Property purchase process

        The typical purchase process in Spain provides legal certainty and transparency. The main steps are as follows:

        Real Estate Agency contract

        The process often starts with the seller signing a contract with a real estate agency, outlining the agent’s services and commission. While not mandatory, a written contract ensures transparency. Although the seller typically pays the commission, the agency may also enter into a separate or additional agreement with the buyer, particularly in transactions involving property search. It is common for agents to have agreements with both the seller and buyer; however, agents primarily represent the seller and must disclose any dual representation to avoid conflicts of interest. Buyers are advised to seek independent legal advice, as agents do not act as legal representatives.

        Reservation Agreement

        Once a property is identified, the buyer and seller may sign a reservation agreement, usually with a deposit of 1–2% of the purchase price. This agreement temporarily removes the property from the market, allowing time for document review and due diligence.

        The reservation deposit is typically paid to the real estate agency. To ensure legal certainty, the reservation agreement should clearly set out the conditions under which the deposit is refundable. If the transaction is not finalised and the seller or the agency refuses to return the deposit, the buyer may seek legal enforcement through civil proceedings.

        Private Purchase Agreement

        As indicated below, this stage of the purchasing process is very important. This contract will usually have a decisive impact on the final transaction. Therefore it should be drafted with utmost care and with the assistance of an experienced real estate lawyer.

        This contract defines and confirms all agreed terms. It usually involves a 10% deposit. A thorough due diligence is essential at this stage, as the buyer assumes full responsibility for the property. It is often agreed that the deposit is forfeited if the buyer withdraws from the contract and, if the seller withdraws from the contract, they must repay double the deposit.

        As with the reservation agreement, the second deposit is generally paid either directly to the seller or to the real estate agency, depending on the arrangement. In Spain, there is no public escrow system or neutral body responsible for managing such funds. Accordingly, if the transaction does not proceed and the seller or the agency refuses to return the deposit, the buyer may pursue legal remedies through civil proceedings.

        While it is not standard practice, sometimes it is possible to arrange for the deposit to be transferred to a notary or lawyer who may act as an escrow agent under a private agreement between the parties. As it is not common it may be difficult to arrange in practice.

        Public Deed Before a Spanish Notary

        As explained before, together the Título and Modo ensure that ownership is validly and securely transferred. In practice, this usually takes place with the signing of the notarial public deed before the Spanish notary, which formally represents the transfer of possession (Modo). In most cases, the remaining purchase price is also paid at the same time because the seller transfers the ownership upon signing the public deed.

        Land Registry and Cadastre Updates

        After notarisation, the buyer must register the property in the Land Registry to secure legal title against third parties. While this step is not constitutive of ownership, it offers critical protection and is standard practice. Simultaneously, the Cadastral Office updates the property’s ownership details for tax and administrative purposes.

        Conclusion

        Spain offers a transparent and legally secure process for real estate investment. However, the process is not without risks, particularly regarding private purchase agreements, which are not governed by a mandatory format and rely heavily on the parties’ contractual freedom. Therefore, engaging qualified legal support is essential for a safe investment and to ensure full protection of your rights.

        Verification Of Legal Status

        The buyer of a property must have access to the following documentation in order to be fully confident about the sale:

        • Property deed. This document must be provided by the seller, who must present the original at the notary’s office on the day the deed is signed.
        • Updated simple note issued by the Land Registry. This document summarizes the legal status of the property, indicating its ownership, description, and any encumbrances or liens that may exist on it. The law firm advising the buyer can easily obtain this online. It is an essential document for understanding the legal status of the property.
        • Updated cadastral certificate, which describes the physical characteristics of the property, including its size, built-up areas, and indicating measurements and boundaries. It can be consulted via the following link: https://www.sedecatastro.gob.es/ or requested through the law firm; it is very necessary if you are buying land on which to build a house, but not essential if you are buying an existing property.
        • Energy efficiency certificate, which provides information on the property’s energy consumption and CO2 emissions. To obtain it, you must hire an authorized technician, who will inspect the home and issue the certificate.
        • Certificate of occupancy or first occupancy license. This is only necessary in certain cases, including when the property is newly built.
        • If applicable, certificate of debts with the Homeowners’ Association. This must be requested from the president or administrator of the Association and certifies whether or not the seller has any outstanding debts with the Association.
        • Latest property tax (IBI) receipt certifying payment of this tax.
        • Technical Building Inspection Certificate (ITE), certifying compliance with the minimum structural requirements of the property (structure, installations, etc.). This is issued by an approved technician and is only necessary in the case of old buildings, those over 50 years old.
        • If the property is mortgaged, you will need to request the corresponding certificate from the bank certifying full payment or, failing that, the outstanding debt.

        ¿Cómo funciona la tokenización de inmuebles, cuál es el marco regulatorio y qué derechos adquiere realmente el inversor?

        La tokenización inmobiliaria, presente desde hace ya algunos años en España, está dejando de ser una promesa futurista para convertirse en una realidad tangible en el mercado español. Representa algo más que una innovación tecnológica: supone una transformación en la forma en que concebimos la propiedad, la inversión y la liquidez en el sector inmobiliario, uno de los más tradicionales y regulados de nuestra economía.

        ¿Qué es la tokenización inmobiliaria y cómo funciona?

        En esencia, tokenizar un inmueble significa, hoy en día, convertir los derechos económicos asociados a ese activo en unidades digitales que pueden circular en plataformas basadas en blockchain. Cada token representa una fracción de esos derechos económicos, lo que permite a inversores con capitales más modestos acceder a un mercado que tradicionalmente exigía sumas considerables.

        El papel de los contratos inteligentes (smart contracts)

        Los tokens funcionan mediante contratos inteligentes que ejecutan automáticamente la distribución de rentas de alquiler o reventa de esa representación parcial del inmueble, con su revalorización incluida, eliminando intermediarios y aportando transparencia al proceso. Esta automatización no es meramente cosmética: reduce costes operativos, acelera las transacciones y, potencialmente, incrementa la liquidez de activos que históricamente han sido de los menos líquidos del mercado.

        La realidad jurídica: qué se tokeniza realmente en España

        Sin embargo, conviene aclarar desde el inicio una cuestión fundamental que a menudo queda desdibujada en el discurso comercial: en la práctica, en los proyectos de tokenización inmobiliaria en España, lo que se tokeniza no es el inmueble en sí, sino derechos económicos vinculados a un vehículo societario (habitualmente una sociedad de propósito especial o SPV) que ostenta la titularidad del inmueble. La normativa española solo permite tokenizar acciones de sociedades anónimas mediante tecnología de registro distribuido; las participaciones de sociedades limitadas no pueden tokenizarse. Esto significa que si el SPV es una sociedad limitada, no se pueden tokenizar las participaciones sociales propiamente dichas, sino únicamente otros instrumentos como préstamos participativos o derechos de crédito sobre rentas. Solo si el SPV se constituye como sociedad anónima es posible tokenizar directamente las acciones de esa sociedad.

        ¿Qué derechos adquiere realmente el inversor de tokens inmobiliarios?

        Quien adquiere un token, por tanto, no se convierte en copropietario directo del activo inmobiliario. Dependiendo de la estructura elegida, puede ser accionista de una SA tokenizada, propietaria del inmueble, o titular de derechos económicos derivados de préstamos participativos u otras fórmulas de participación indirecta sobre el SPV que posee el inmueble. La diferencia no es trivial: si la sociedad enfrenta problemas de solvencia o quiebra, el valor del token se hunde con ella, sin que el inversor pueda ejercer derechos reales directos sobre el inmueble.

        El derecho español, anclado en siglos de tradición registral, no permite actualmente la transmisión de derechos reales sobre inmuebles mediante la mera transferencia de tokens, exigiendo escritura pública e inscripción registral para que esa transmisión produzca efectos frente a terceros. Esta estructura mediante SPV es, por tanto, una solución de compromiso entre las posibilidades tecnológicas y las exigencias del ordenamiento jurídico vigente.

        Marco regulatorio de la tokenización inmobiliaria en España

        La autorización de la CNMV y la Ley 6/2023 del Mercado de Valores

        El regulador español ha comenzado a sentar las bases jurídicas para que esta tecnología pueda desarrollarse dentro de un marco de seguridad. En 2023, la Comisión Nacional del Mercado de Valores autorizó a Adventurees Capital PFP como la primera plataforma de financiación participativa que emite valores tokenizados, marcando un hito en la convergencia entre crowdfunding y blockchain. Esta autorización no surgió en el vacío: fue acompañada por la aprobación de la Ley 6/2023 del Mercado de Valores, que reconoce expresamente la representación de valores negociables mediante tecnologías de registro distribuido como blockchain, otorgándoles plena validez jurídica.

        El rol del Registro de la Propiedad en la era blockchain

        Paralelamente, el Colegio de Registradores está explorando cómo integrar blockchain en el sistema registral español, aunque conviene precisar el alcance real de estas iniciativas. Los proyectos en marcha se centran fundamentalmente en aplicaciones complementarias como la gestión digitalizada del Libro del Edificio o la mejora de la trazabilidad y consulta de información registral, pero no buscan sustituir los pilares fundamentales del sistema: el otorgamiento de escritura pública ante notario y la inscripción registral, los cuales siguen siendo absolutamente obligatorios para la transmisión de derechos reales sobre inmuebles. Los registradores son claros en su postura institucional: la blockchain puede complementar y agilizar procesos de gestión documental, pero no puede reemplazar el control de legalidad que ejerce el registrador ni la protección de terceros que ofrece el Registro de la Propiedad, elementos esenciales de nuestro sistema jurídico. Esta posición refleja precisamente la limitación actual del modelo: los tokens circulan en la blockchain representando posiciones en SPV o derechos económicos sobre ellos, pero la propiedad real del inmueble permanece anclada en el mundo registral tradicional, bajo titularidad de esa sociedad vehículo, y cualquier transmisión de ese derecho real requiere el procedimiento tradicional con todas sus garantías.

        Regulación europea: ECSPR, MiCA y régimen piloto DLT

        España también se beneficia de un entramado regulatorio europeo que está posicionando a la Unión como líder global en la regulación de activos digitales. El Reglamento Europeo de Proveedores de Servicios de Crowdfunding (ECSPR) armoniza las normas para las plataformas de financiación participativa, permitiendo que una plataforma autorizada en un Estado miembro pueda operar en toda la UE mediante el denominado «pasaporte europeo». El Reglamento MiCA, que entró en plena aplicación el 30 de diciembre de 2024, regula de forma bastante amplia los mercados de criptoactivos, estableciendo obligaciones tanto para emisores como para proveedores de servicios. Y el régimen piloto DLT (Reglamento UE 2022/858) permite que infraestructuras de mercado basadas en tecnología de registro descentralizado operen con ciertas exenciones temporales, creando un entorno controlado de pruebas para evaluar el potencial de estas tecnologías en los mercados financieros.

        El enfoque del regulador español podría describirse como cautelosamente favorable: se fomenta la innovación, pero se exige el cumplimiento riguroso de controles de prevención de blanqueo de capitales, identificación de clientes y obligaciones de divulgación para proteger a los inversores. No es un laissez-faire tecnológico, sino una apuesta por integrar la innovación dentro de un marco de garantías.

        Desafíos jurídicos y riesgos de la tokenización inmobiliaria

        Los riesgos de la estructura mediante SPV

        Los desafíos jurídicos que persisten son relevantes y merecen atención. La estructura mediante SPV, aunque jurídicamente viable, introduce una capa adicional de complejidad y riesgo que debe ser de modo claro comunicada a los inversores. A diferencia de la propiedad directa, donde el inversor tiene derechos reales sobre el inmueble oponibles frente a terceros, en el modelo tokenizado actual el inversor ostenta posiciones en fórmulas de participación indirecta (acciones de SA, préstamos participativos, derechos de crédito) vinculadas a una sociedad propietaria del inmueble, con todas las implicaciones que ello conlleva en materia de responsabilidad societaria, fiscalidad y protección ante insolvencias.

        La desconexión entre el mundo on-chain y off-chain

        También resulta fundamental entender que la conexión entre el mundo «on-chain» (donde circulan los tokens) y «off-chain» (donde se inscribe la propiedad real) no es directa ni automática. La transmisión de un token no implica por sí misma ningún cambio en el Registro de la Propiedad: la titularidad jurídica del inmueble permanece en el SPV independientemente de quién posea los tokens, y solo una escritura pública debidamente inscrita podría cambiar esa titularidad registral. Los proyectos exploratorios del Colegio de Registradores buscan mejorar la eficiencia en la gestión de información complementaria, pero no alteran esta realidad fundamental. Y, como en cualquier mercado emergente, es necesario prevenir la proliferación de esquemas fraudulentos que prometan rentabilidades irreales o que comercialicen tokens sin el respaldo jurídico adecuado.

        Implicaciones prácticas para inversores y operadores jurídicos

        Para los operadores jurídicos, la tokenización inmobiliaria puede plantear la necesidad de adaptar contratos, estatutos sociales y estructuras de financiación a un entorno donde los derechos circulan de forma digital y distribuida. Para los inversores, representa una oportunidad de diversificar carteras con entradas de capital más reducidas y un potencial de liquidez superior al de la inversión inmobiliaria tradicional, siempre que comprendan que no están adquiriendo propiedad directa del inmueble sino una posición en fórmulas de participación indirecta vinculadas a la estructura societaria que lo posee. Y para la economía en su conjunto, puede dinamizar un mercado inmobiliario valorado en billones de euros al facilitar la entrada de capital minorista que antes quedaba excluido.

        El futuro de la tokenización inmobiliaria en España

        Estamos ante una evolución que combina derecho, tecnología y finanzas de forma inseparable. Resulta no obstante clave entender que la tokenización no es una moda pasajera, sino una herramienta que, bien utilizada y debidamente regulada, puede transformar la forma en que accedemos a uno de los activos más valorados de nuestra sociedad: el inmueble. Pero esa transformación, al menos en el presente, opera a través de estructuras societarias vehículo y fórmulas de participación indirecta, no mediante la titularidad directa que la terminología comercial a veces sugiere, y ciertamente no implica una revolución inmediata del sistema registral español, cuyas garantías fundamentales permanecen intactas.

        Third country citizens seeking to buy real estate in Greece or holding all shares of a Greek legal entity, may apply for a residence permit in Greece under the conditions described below.

        If the property is situated in the Municipalities of Attica, in Vari – Voula – Vouliagmeni, in Thessaloniki, in Mykonos or in Santorini, the value of the purchase contract shall amount minimum to five hundred thousand euros (€ 500.000). If the property is situated in different – from the abovementioned – areas of Greece, the minimum value of the purchase contract amounts to two hundred fifty thousand euros (€ 250.000).

        Third country citizens seeking to build on a plot, may also apply for a residence permit, if the combined value of the construction contract and that of the purchase contract, amounts to minimum € 500.000 or € 250.000.

        Co-owners of a purchased property may apply for a residence permit if they are spouses. If not, permit can be granted to a co-owner, only if the amount invested by her, amounts at least to € 500.000 or € 250.000.

        All abovementioned thresholds can be met via the purchase of more than one property.

        Residence permits may be also granted to family members of the investor (spouse, children, parents).

        In some areas of Greece, the Greek State has imposed restrictions on purchase contracts. In these areas, restrictions may be lifted only by a decision of the Greek Ministry of Defense.

        As per the administrative process, each applicant shall lawfully entry Greece at least twice. Applicants shall collect and submit, usually with the help of a lawyer holding a PoA, all necessary documentation at the Immigration Department of the competent Decentralized Greek Authority. Applicants are subject to an administrative fee of two thousand euros (€2.000).

        Shortly after filing documents and giving biometric data, applicants receive a temporary residence permit for a year. The duration of a residence permit, if issued, is five (5) years. It may be renewed for another five (5) years if its holder remains owner of the purchased property. The residence permit is revoked if its holder sells her property in Greece.

        After seven (7) years since the issuance of a residence permit, its holder can apply for the Greek citizenship if she meets all other criteria for the Greek citizenship (e.g. sufficient knowledge of the Greek language, history, culture and political system, clear criminal record, economic activity in Greece).

        This is a summary of the approved measures, which unfortunately for both tenants and landlords do not include any public aid or tax relief and just refer to a postponement in the payment of the rent.

        Premises to which they are applied

        Leased premises dedicated to activities different than residential: commercial, professional, industrial, cultural, teaching, amusement, healthcare, etc. They also apply to the lease of a whole industry (i.e. hotels, restaurants, bars, etc., which are the most usual type of businesses object of this deal).

        Types of tenants

        • Individual entrepreneurs or self-employed persons who were registered before Social Security before the declaration of the state of alarm on March 14th, 2020
        • Small and medium companies, as defined by article 257.1 of the Capital Companies Act: those who fulfil during two consecutive fiscal years these figures: assets under € 4 million, turnover under € 8 million and average staff under 50 people

        Types of landlords

        In order to benefit from these measures, the landlord should be a housing public entity or company or a big owner, considering as such the individuals or companies who own more than 10 urban properties (excluding parking places and storage rooms) or a built surface over 1.500 sqm.

        Measures approved

        The payment of the rent is postponed without interest meanwhile the state of alarm is in force, but in any case, for a maximum period of four months. Once the state of alarm is overcome, and in any case in a maximum term of four months, the postponed rents should be paid along a maximum period of two years, or the duration of the lease agreement, should it be less than two years.

        For landlords different to those mentioned above

        The tenant could apply before the landlord for the postponement in the payment of the rent (but the landlord is not obliged to accept it), and the parties can use the guarantee that the tenant should mandatorily have provided at the beginning of any lease agreement (usually equal to two month’s rent, but could be more if agreed by the parties), in full or in part, in order to use it to pay the rent. The tenant will have to provide again the guarantee within one year’s term, or less should the lease agreement have a shorter duration.

        Activities to which it is applied

        Activities which have been suspended according to the Royal Decree that declared the state of alarm, dated march, 14ht, 2020, or according to the orders issued by the authorities delegated by such Royal Decree. This should be proved through a certificated issued by the tax authorities.

        If the activity has not been directly suspended by the Royal Decree, the turnover during the month prior to the postponement should be less than 75% of the average monthly turnover during the same quarter last year. This should be proved through a responsible declaration by the tenant, and the landlord is authorised check the bookkeeping records.

        Term to apply and procedure

        The tenant should apply for these measures before the landlord within one month’s term from the publication of the Royal Decree-law, that is, from April 22nd, 2020, and the landlord (in case belongs to the groups mentioned in point c) is obliged to accept the tenant’s request, except if both parties have already agreed something different. The postponement would be applied to the following month.

        As the state of alarm was declared more than one month ago (March 14th), landlords and tenants have already been reaching some agreements, for example 50% rent reduction during the state of alarm, and 50% rent postponement during the following 6 months. Tenants who do not reach an agreement with the landlord could face an eviction procedure, however court procedures are suspended during the state of alarm. We have also seen some abusive non-payment of rent by tenants.

        When is becomes impossible to reach an agreement with the landlord, tenants have the legal remedy of claiming in Court for the application of the “rebus sic stantibus” principle, which was highly demanded during the 2008 financial crisis but very seldom applied by the Courts. This principle is aimed to re-balance the parties’ obligations when their situation had deeply changed because of unforeseen circumstances beyond their control. This principle is not included in the Spanish Civil Code, but the Supreme Court has accepted its application, in a very restricted way, in some occasions.

        Javier Gaspar

        Áreas de práctica

        • Arbitraje
        • Contratos de distribución
        • Franquicia
        • Derecho Internacional Privado
        • Deporte
        Contáctanos Javier

        Contacta con Javier





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          Real Estate Investment in Spain

          24 de noviembre de 2025

          • España
          • Derecho Inmobiliario

          This is the fourth article of a series decidated to purchasing real estate property in Spain: previously, we presented how to structure the purchase of a real estate property and what steps you must undertake to ensure the purchase is efficient and safe (you can find it here), the financial and tax information as well as practical tips related to the purchase process (here) and how to handle international inheritance tax implications (here).

          How to obtain a mortgage loan when Purchasing Property in Spain

          When a buyer in Spain wishes to purchase property using a mortgage loan, the financing process typically begins after selecting a specific property and signing a private purchase agreement, which is usually accompanied by a deposit payment. The entire financing process is strictly regulated under Spanish civil and banking law, offering a high degree of legal security, including foreign and non-resident buyers.

          Once the private purchase contract is signed, the bank initiates an official property valuation. This is a mandatory step for determining the maximum loan amount, the financing conditions and for loan approval.

          Only after the valuation is completed will the bank issue a formal mortgage offer. The entire process, from the initial application to the final offer, can take several weeks, depending on the complexity of the buyer’s financial profile and the documentation required. The final step occurs before a Spanish notary, where two deeds are signed simultaneously:

          • The public deed of sale, and
          • The mortgage deed.

          At this stage, the bank transfers the loan amount directly to the seller, ensuring legal and financial certainty for all parties involved.

          While this structure guarantees legal clarity, it also means that mortgage financing is not secured at the time the private agreement is signed. Therefore, it is strongly recommended to include a mortgage contingency clause in the private purchase contract. This clause makes the completion of the sale conditional upon obtaining financing, thereby protecting the buyer’s deposit in the event of a mortgage denial.

          Key Differences for Foreign Buyers

          Spanish banks do not generally issue binding pre-approvals before a specific property has been chosen. Foreign buyers, particularly non-residents, should also be aware of additional requirements, including:

          • Submission of translated or apostilled foreign documents,
          • More extensive due diligence and KYC (Know Your Customer) procedures, and
          • Generally longer processing times.

          These factors may extend the mortgage timeline and should be accounted for in the overall transaction planning.

          Differences between buying a second-hand apartment/house and buying a new apartment/house directly from the developer

          The main difference is that, in the case of a new home, VAT and AJD (stamp duty) are paid, and in the case of a second-hand home, only ITP (property transfer tax) is paid, as already explained in section III, paragraph 3.

          In addition, in the case of new homes, a series of legal guarantees are established—for 1, 3, and 10 years—for possible construction defects that may arise in the home, for which the developer is liable. On the other hand, in the case of second-hand homes, the seller is liable for hidden defects only for a period of 6 months from delivery.

          If the property is purchased from a natural person, it will generally be a second-hand home, whereas if it is purchased from a legal entity, it will normally be a new build and will be purchased from a developer.

          Therefore, the fundamental differences will be those already mentioned above: different taxation and greater legal guarantees in the case of purchase from legal entities. Additionally, in the case of purchasing the property from a legal entity developer, there are enhanced documentation and reporting obligations, which do not apply in the case of sale by individuals.

          Are there debts associated with the property that the buyer will be liable for?

          The buyer is liable for any debts owed to the Homeowners’ Association for the three years prior to the purchase and for the outstanding portion of the current year’s dues. The buyer is also vicariously liable for any outstanding property tax (IBI) or other local taxes owed by the previous owner.

          To adequately protect their interests, the buyer should, on the one hand, request a certificate of debts from the Homeowners’ Association and, on the other hand, check the status of payments of property tax and other municipal taxes.

          What are the specific provions of Spanish Coastal Law (Ley De Costas)?

          Properties located near the sea may fall under the Spanish Coastal Law (Ley de Costas), which regulates land use in the public maritime-terrestrial zone and its surrounding protected areas. These coastal strips are public domain, and strict limitations apply to ownership, construction, and renovation.

          Even for older, long-standing buildings, it is vital to verify whether the property lies within a protection zone. Depending on the classification of the area, consequences can range from restricted use or denial of renovation permits to expiration of rights of use or, in extreme cases, administrative demolition orders.

          Legal due diligence is essential to determine the status of the plot and identify any concessions or time-limited occupancy rights granted by the authorities.

           

          What rules apply to Country Houses (Fincas Rústicas)?

          Country houses (fincas rústicas) deserve special attention due to their location in rural and often protected areas, which are subject to strict urban planning and environmental regulations.

          Depending on local and regional classifications, the land may be designated exclusively for agriculture, forestry, or conservation, limiting the potential for construction, expansion, or change of use.

          Additionally, many rural properties have existing buildings that may never have been fully or properly legalised. As with coastal properties, buyers should review all applicable planning and environmental restrictions carefully before purchasing. 

          How are squatting cases  (Okupas) regulated under Spanish law?

          In recent years, Spain has experienced a rise in squatting cases, influenced by housing shortages, unaffordable rents, and high costs in urban or tourist areas. While the issue is complex and socio-politically sensitive, this section focuses on practical implications for property owners.

          Importantly, unlawful occupation (okupación) is relatively uncommon in most parts of Spain. The majority of property owners, especially those who secure and monitor their homes properly, are unlikely to be affected.

          Effective deterrents include:

          • Alarm systems and surveillance cameras,
          • Remote monitoring,
          • Local property management services (especially for second homes).

          Spanish law differentiates between:

          • Intrusion into a primary residence (treated as unlawful entry),
          • Occupation of vacant or second homes (classified as usurpation, requiring court action).

          Recent Legal Reforms – “Anti-Squatting Law” (Ley Orgánica 1/2025): To address lengthy eviction timelines, Spain introduced reforms, which include:

          • Within the first 48 hours of occupation:
            Police may evict squatters without a court order if no legal proof of residence is presented. Owners must provide immediate proof of ownership.
          • After 48 hours: Eviction must follow a formal judicial process.
          • Fast-track legal procedures: Eviction claims may now be processed in about 15 working days under accelerated procedures—though real-world implementation may vary by jurisdiction.

          While these special topics may not apply to every transaction, they highlight the importance of thorough due diligence and professional legal advice when buying property in Spain. Understanding the implications of coastal laws, rural zoning, inheritance regulations, and property security helps international buyers make informed, secure, and future-proof investments.

          Trasladarse a España por motivos profesionales suele vivirse como una oportunidad: nuevo proyecto, nuevo entorno y, en muchos casos, mejora en calidad de vida. Sin embargo, la experiencia práctica demuestra que las mayores dificultades no suelen surgir en el ámbito laboral, sino en cuestiones aparentemente accesorias como la vivienda y su encaje jurídico y fiscal.

          Antes de firmar un contrato de alquiler o comprometerse con la compra de un inmueble, es imprescindible entender cuál es la propia situación administrativa y tributaria. Ese análisis previo evita problemas posteriores que, una vez firmado el contrato, pueden resultar costosos o difíciles de resolver.

          Situación administrativa: punto de partida obligatorio

          No todos los ciudadanos extranjeros se encuentran en la misma posición legal.

          Los ciudadanos de la Unión Europea pueden residir y trabajar en España, pero deben obtener un Número de Identificación de Extranjero (NIE), inscribirse en el Registro Central de Extranjeros y empadronarse en el municipio correspondiente.

          En el caso de nacionales de terceros países, la situación es distinta: es necesario contar con visado o autorización de residencia y trabajo, y posteriormente solicitar la Tarjeta de Identidad de Extranjero (TIE).

          Esta regularización no es un simple trámite formal. Sin documentación en regla pueden surgir dificultades prácticas relevantes: apertura de cuentas bancarias, contratación de suministros, acreditación de solvencia ante propietarios o incluso formalización de escrituras notariales.

          Alquiler: aspectos que conviene revisar antes de firmar

          El mercado de arrendamiento en España está regulado por la Ley de Arrendamientos Urbanos. Aunque la firma del contrato no exige residencia previa, en la práctica muchos propietarios solicitan garantías adicionales cuando el inquilino acaba de llegar al país.

          Es importante analizar:

          • Duración pactada.
          • Régimen de actualización de renta.
          • Fianza y garantías adicionales.
          • Cláusulas de desistimiento anticipado.

          Firmar con urgencia, sin comprender el alcance de estas condiciones, puede generar obligaciones económicas que no siempre se ajustan a la situación real del trabajador desplazado.

          Compra de vivienda: posibilidad jurídica y efectos fiscales

          Un extranjero puede adquirir libremente un inmueble en España, incluso sin ser residente. No existe limitación por nacionalidad.

          No obstante, la operación tiene consecuencias fiscales que deben valorarse previamente. En vivienda usada se abona el Impuesto sobre Transmisiones Patrimoniales, cuyo tipo depende de la Comunidad Autónoma. En obra nueva se aplican IVA y Actos Jurídicos Documentados. A ello se añaden los gastos notariales y registrales.

          La formalización requiere escritura pública ante notario e inscripción en el Registro de la Propiedad para garantizar plena seguridad jurídica frente a terceros.

          Residencia fiscal: el elemento determinante

          Uno de los puntos más sensibles es determinar si el trabajador desplazado adquiere la condición de residente fiscal en España.

          Con carácter general, se considera residente quien permanece más de 183 días durante el año natural en territorio español o quien sitúa aquí el núcleo principal de sus intereses económicos. No es una cuestión meramente administrativa; depende de circunstancias objetivas.

          La diferencia es sustancial:

          • El residente fiscal tributa en España por su renta mundial.
          • El no residente tributa únicamente por las rentas obtenidas en España, bajo el Impuesto sobre la Renta de No Residentes.

          En el caso de ser propietario de un inmueble, incluso aunque no se alquile, puede generarse la obligación de declarar una renta imputada si no constituye vivienda habitual.

          Coordinación con el país de origen

          El traslado profesional no elimina automáticamente las obligaciones fiscales en el país de procedencia. España mantiene convenios para evitar la doble imposición con numerosos Estados, pero su aplicación requiere análisis individualizado.

          Una planificación insuficiente puede dar lugar a situaciones de doble tributación, conflictos de residencia fiscal o requerimientos posteriores de las administraciones tributarias implicadas.

          Planificar antes de comprometerse

          La secuencia correcta no comienza con la firma del contrato de alquiler ni con la reserva de una vivienda. Comienza por clarificar la situación migratoria, definir el encaje fiscal y evaluar las implicaciones jurídicas de cada decisión.

          La vivienda no es únicamente una cuestión inmobiliaria. Es una decisión patrimonial con impacto tributario y efectos jurídicos que pueden proyectarse durante años.

          Cuando el traslado implica cruzar fronteras, la improvisación deja de ser una opción razonable. La planificación previa no solo aporta seguridad: evita costes innecesarios y protege la estabilidad del proyecto profesional que motiva el cambio.

          In previous articles, we presented how to structure the purchase of a real estate property and what steps you must undertake to ensure the purchase is efficient and safe (you can find it here), and the financial and tax information as well as practical tips related to the purchase process (here). To complete this overview of the process of purchasing real estate in Spain, let’s consider one of the most important concerns when acquiring property abroad:  inheritance and succession laws, especially for non-resident or foreign owners. This applies both to sellers still settling an estate and buyers planning future succession of their foreign property.

          Applicable Law

          The EU Succession Regulation (No. 650/2012) generally stipulates that the law of the deceased’s last habitual residence governs succession. However, individuals may opt for the law of their nationality, a particularly helpful tool for foreign nationals residing in Spain who prefer the inheritance rules of their home country.

          This choice must be made expressly in a notarized will. Failure to do so may result in unintended legal consequences. The regulation also permits the application of the spouse’s national law in the case of inheritance contracts.

          Inheritance Tax

          Spain does not have a unified national inheritance tax system. Instead, each autonomous region applies its own rates, exemptions, and allowances. Following a 2014 European Court of Justice ruling, non-residents are entitled to benefit from regional tax rules when inheriting Spanish assets.

          Despite this progress, double taxation remains a possibility, as Spain has inheritance tax treaties only with France, Sweden, and Greece.

          Sales of Inherited Property

          In Spain, heirs acquire ownership of inherited property by law. However, for that ownership to be fully protected and enforceable, particularly in the case of real estate, it must be registered in the Land Registry (Registro de la Propiedad).

          A situation in which a seller claims ownership through inheritance but has not yet registered the title is legally problematic. In practice, a serious and properly advised seller would not offer the property for sale until the inheritance registration process is complete or, at the very least, notarially formalised, with registration submitted and pending to be finally registered.

          While a seller may possess valid succession documents, the absence of formal registration means that third parties, including potential buyer, cannot rely on the seller’s title with legal certainty. This poses several legal risks:

          1. Competing heirs or challenges: If another heir later appears and successfully contests the will or inheritance arrangement, the sale could be challenged and annulled in court.
          2. Legal uncertainty for buyers: Although a sale contract might technically be valid, the buyer assumes legal risk by proceeding before the inheritance is fully registered. Courts may later invalidate the transaction in light of new claims or evidence.

          Previously, under the Spanish Mortgage Law, the sale of inherited property could be challenged by a forced heir for up to two years after the decedent’s death, even if the property was sold in good faith. However, this risk was eliminated by the reform of 2021 through Real Decreto-ley 8/2021, which abolished that provision.

          In conclusion, while Spanish law technically allows heirs to sell inherited property before registering ownership, this is strongly discouraged and not considered standard practice. A properly advised seller will:

          • Complete the inheritance process first,
          • Pay applicable inheritance taxes, and
          • Register ownership in the Land Registry before offering the property for sale.

          Buyers should always request a recent Land Registry extract (nota simple) confirming that the seller is the legal, registered owner before signing any contract or making any payment. Failure to follow this guidance may result in legal uncertainty or annulment of the transaction.

          Documentation and Procedure

          To register property acquired through inheritance in Spain, proper documentation must be submitted within the legal timeframe to ensure legal certainty and avoid penalties. Generally, inheritance tax must be settled within six months from the date of death (an extension may be requested during the first months).

          Property transfer as part of inheritance typically requires a notarial deed, especially when multiple heirs are involved. In certain cases, a European Certificate of Succession or private applications may suffice.

          Typical required documents include:

          • International death certificate or national certificate with Hague Apostille;
          • European Certificate of Succession or national inheritance certificate with Hague Apostille;
          • Certificate from the Spanish Register of Wills (Registro General de Actos de Última Voluntad);
          • Property title and Land Registry data;
          • Bank balance certificates (certificado de saldo);
          • Last property tax (IBI) or a bank statement confirming the property’s cadastral data.

          In a previous article, we outlined how to structure the purchase of a real estate property in Spain and the steps buyers should take to ensure the purchase is efficient and safe. If you missed it, you can find it here.

          In this second part, we will cover financial and tax information along with practical tips related to the buying process. You will also learn about the rules that apply to owning and maintaining the property.

          Taxation of individuals and legal entities

          Both individuals and legal entities must bear the acquisition costs; the main difference in taxation is that legal entities can deduct VAT and other transaction-related expenses, while individuals generally have fewer tax advantages and a more limited deduction capacity. In any case, there is no clearly more advantageous regime for one type of taxpayer or the other, and the most favorable option will depend on the specific circumstances of each case.

          Acquisition costs

          Buying a home in Spain involves paying various additional costs on top of the purchase price, which vary depending on the autonomous community, the property’s value, and the buyer’s personal circumstances. These costs can amount to between 8% and 14% of the property’s purchase price and are discussed in sections 3 and 4 below.

          Property Tax/VAT/ITPJAD

          If it is a new home, Value Added Tax (VAT) must be paid, which is generally 10%, and Stamp Duty (AJD- Actos juridicos documentados) which is between 0.50% and 1.5% of the value of the home, depending on the Autonomous Community and the circumstances of the buyer.

          If it is a second-hand home, you will have to pay Property Transfer Tax (ITP – Impuesto transmisiones patrimoniales), which will be 5%-10% of the value of the home, depending on the Autonomous Community and the buyer’s circumstances.

          As for the IBI, it is mentioned in section IV, as it is not an acquisition cost as such.

          Other expenses

          Basically, they will be as follows:

          • Notary fees for the execution of the public deed of sale, which legally correspond to the seller, although it is not uncommon for them to be transferred to the buyer by agreement. For a property worth €300.000,00, they would typically amount to around €2,000; however, they are negotiable.
          • Registration fees for registering the sale in the Property Registry, which are payable by the buyer. For a property worth €300,000, these would amount to around €500.                                                                                          
          • Administrative fees, if the services of an agency are hired to process the payment of taxes and the registration of the buyer’s title in the property registry (which is essential).

          Property In Progress And Tax Obligations

          Once you own the property, you will need to take care of the following expenses and obligations:

          • If the property is part of a building or development with common areas, the owner must pay the homeowners’ association fees, which vary depending on the services and size of the association.
          • Property tax (IBI – Impuesto sobre Bienes Inmuebles), which is levied on the ownership of real estate and whose amount depends on the cadastral value of the property and the tax rate set by each local council.
          • Depending on the municipality, there may be an annual garbage collection fee for urban waste collection.
          • Private utilities, such as water, electricity, gas, or internet.
          • Where applicable, home insurance (mandatory when taking out a mortgage), private maintenance and repairs, or extraordinary works agreed upon by the homeowners’ association.

          Joint Ownership Communities, Maintenance, Technical Building Inspection (Inspección Técnica De Edificios)

          Joint Ownership Communities

          When purchasing property in Spain, you are not only investing in the private space you occupy, you are often also becoming part of a legally regulated community of owners (comunidad de propietarios), which comes with specific financial, administrative, and legal responsibilities. In Spain, most buildings and many houses within residential developments (urbanizaciones) are subject to a legal structure known as a joint ownership community.

          Within this framework, all property owners collectively assume responsibility for the maintenance, conservation, and proper use of common elements. The governance of the community is defined by its statutes and internal rules, which are adopted and amended by the owners’ association through resolutions passed at general meetings of co-owners. These rules establish key obligations, such as:

          • Contributions to shared expenses, which are generally allocated based on each unit’s surface ownership share (coeficiente de participación), although the internal regulations may establish a different method (e.g. equal shares)
          • Permitted uses of communal areas,
          • Maintenance responsibilities,
          • Approval of extraordinary levies (derramas).

          Prospective buyers should carefully review all community documentation before completing a purchase. These internal rules and decisions may significantly affect the intended use of the property, for example, by restricting short-term rentals, limiting certain renovations, or setting usage rules for terraces or shared facilities. Additionally, documentation may reveal unpaid levies, planned renovations, or other financial obligations that could affect the property’s long-term affordability. To avoid unexpected liabilities, it is essential to request a debt certificate from the community, confirming that the current owner is up to date with all community payments.

          Maintenance Responsibilities

          All owners are obliged to contribute to the shared maintenance costs of the building or development. These include regular expenses such as:

          • Cleaning of common areas,
          • Minor repairs,
          • Utility bills for communal services.

          Larger or unplanned expenses may require extraordinary assessments, which are apportioned among the owners based on their respective share (often called a cuota de participación).

          In addition to shared obligations, each owner is responsible for the maintenance of their private property. In the case of detached or semi-detached homes, this responsibility is exclusive. Owners can be held liable for any damage caused to third parties due to poor maintenance or structural issues.

          It is therefore strongly recommended to obtain comprehensive home insurance. Not only does it offer financial protection, but it is often a mandatory requirement for obtaining a mortgage from Spanish financial institutions. Policies should ideally include coverage for major risks such as fire, flooding, and structural damage.

          Technical Building Inspection (Inspección Técnica de Edificios, ITE)

          Spanish regulations require buildings over a certain age – typically 45 years, though this varies by region – to undergo a Technical Building Inspection (Inspección Técnica de Edificios, or ITE).

          This inspection must be carried out by an independent qualified technician and assesses the overall condition of the building. It identifies any deficiencies and proposes necessary improvements. If serious issues are found, the community of owners is required to carry out repairs within a designated timeframe.

          Conclusion

          A full understanding of both collective and individual responsibilities is essential for safeguarding the interests of foreign buyers in the Spanish property market. Awareness of the implications of joint ownership, maintenance costs, and regulatory obligations such as the ITE can help ensure a secure and financially sound investment.

          Summary: How can foreigners purchase a real estate property in Spain? In this article, we aim to provide an overview of the key legal and practical aspects foreign clients should consider before investing in the Spanish housing market. 

          This is the first of a series of three articles: in the second part we present the financial and tax information as well as practical tips related to the purchase process (here) and in the third wwìe deal with international inheritance implications (here).

          How does a property purchase in Spain work?

          Spain offers a transparent and legally secure process for real estate investment. However, it is not without risks, particularly concerning private purchase contracts, which are not subject to a mandatory format and rely heavily on the contractual freedom of the parties involved.

          Although ownership is typically transferred during the notary appointment, prior private purchase contracts, often accompanied by a 10% deposit, are very common in Spain and are fully effective under formal law aspects. In practice, this means that the decision to purchase and the review of all legal aspects and risks must occur before signing the private purchase contract as this document sets out all the binding conditions between the parties. The subsequent notarial deed merely formalizes or executes the terms previously agreed upon. Moreover, it is important to understand that the notary serves solely as a certifying official in Spain. They do not act to protect the buyer or offer legal advice and must remain neutral.

          Therefore, engaging qualified legal support is essential to ensure a safe investment and to fully protect your rights. International buyers should be aware that certain procedural steps are highly recommended to ensure full protection of their ownership rights.

           

          Spain has two complementary real estate registration systems which are characterized below.

          If you would like to get to know more about how you can find information about real estate and get the certificate from the Land Registry we encourage you to look at another guide prepared by Legalmodo which you can find here.

          1. The Land Registry (Registro de la Propiedad) is the official legal registry that confirms ownership from a civil law perspective and lists encumbrances (e.g., mortgages). Registration here is highly recommended as it offers protection against third parties acting in good faith.

          The Land Registry is a specialised body under the Ministry of Justice. Each Land Registry office is run by a Registrador de la Propiedad- a legally qualified public official.

          Legal information about registered property may be obtained by applying for:

          • a “nota simple”- an unofficial extract containing basic property data, useful for informational or preliminary purposes or;
          • a “Certificacion registral”- an official and legally binding certificate confirming ownership and registered rights.

          These documents may be obtained from the relevant Land Registry office or via the electronic portal of the Colegio de Registradores de España.

          1. The Cadastre (Catastro) is an administrative and fiscal registry that describes the property’s physical characteristics, such as location, surface area, layout, and cadastral value, for taxation and urban planning purposes, but does not certify ownership.

          The Cadastre is managed by the General Directorate for the Cadastre (Dirección General del Catastro), which forms part of the Ministry of Finance (Ministerio de Hacienda).

          Cadastral data is publicly accessible and may be obtained either online or in person. The main channels are:

          • The official Cadastre portal: https://www.sedecatastro.gob.es/
          • Local Cadastral Information Points (Puntos de Información Catastral- PICs) and municipal offices

          The following official documents are available:

          • Certificación catastral: a legally binding certificate that confirms the cadastral details of a property.
          • Consulta Descriptiva y Gráfica: a non- certified extract providing a descriptive and graphical overview of the property’s characteristics.

          Real Estate Property purchase process

          The typical purchase process in Spain provides legal certainty and transparency. The main steps are as follows:

          Real Estate Agency contract

          The process often starts with the seller signing a contract with a real estate agency, outlining the agent’s services and commission. While not mandatory, a written contract ensures transparency. Although the seller typically pays the commission, the agency may also enter into a separate or additional agreement with the buyer, particularly in transactions involving property search. It is common for agents to have agreements with both the seller and buyer; however, agents primarily represent the seller and must disclose any dual representation to avoid conflicts of interest. Buyers are advised to seek independent legal advice, as agents do not act as legal representatives.

          Reservation Agreement

          Once a property is identified, the buyer and seller may sign a reservation agreement, usually with a deposit of 1–2% of the purchase price. This agreement temporarily removes the property from the market, allowing time for document review and due diligence.

          The reservation deposit is typically paid to the real estate agency. To ensure legal certainty, the reservation agreement should clearly set out the conditions under which the deposit is refundable. If the transaction is not finalised and the seller or the agency refuses to return the deposit, the buyer may seek legal enforcement through civil proceedings.

          Private Purchase Agreement

          As indicated below, this stage of the purchasing process is very important. This contract will usually have a decisive impact on the final transaction. Therefore it should be drafted with utmost care and with the assistance of an experienced real estate lawyer.

          This contract defines and confirms all agreed terms. It usually involves a 10% deposit. A thorough due diligence is essential at this stage, as the buyer assumes full responsibility for the property. It is often agreed that the deposit is forfeited if the buyer withdraws from the contract and, if the seller withdraws from the contract, they must repay double the deposit.

          As with the reservation agreement, the second deposit is generally paid either directly to the seller or to the real estate agency, depending on the arrangement. In Spain, there is no public escrow system or neutral body responsible for managing such funds. Accordingly, if the transaction does not proceed and the seller or the agency refuses to return the deposit, the buyer may pursue legal remedies through civil proceedings.

          While it is not standard practice, sometimes it is possible to arrange for the deposit to be transferred to a notary or lawyer who may act as an escrow agent under a private agreement between the parties. As it is not common it may be difficult to arrange in practice.

          Public Deed Before a Spanish Notary

          As explained before, together the Título and Modo ensure that ownership is validly and securely transferred. In practice, this usually takes place with the signing of the notarial public deed before the Spanish notary, which formally represents the transfer of possession (Modo). In most cases, the remaining purchase price is also paid at the same time because the seller transfers the ownership upon signing the public deed.

          Land Registry and Cadastre Updates

          After notarisation, the buyer must register the property in the Land Registry to secure legal title against third parties. While this step is not constitutive of ownership, it offers critical protection and is standard practice. Simultaneously, the Cadastral Office updates the property’s ownership details for tax and administrative purposes.

          Conclusion

          Spain offers a transparent and legally secure process for real estate investment. However, the process is not without risks, particularly regarding private purchase agreements, which are not governed by a mandatory format and rely heavily on the parties’ contractual freedom. Therefore, engaging qualified legal support is essential for a safe investment and to ensure full protection of your rights.

          Verification Of Legal Status

          The buyer of a property must have access to the following documentation in order to be fully confident about the sale:

          • Property deed. This document must be provided by the seller, who must present the original at the notary’s office on the day the deed is signed.
          • Updated simple note issued by the Land Registry. This document summarizes the legal status of the property, indicating its ownership, description, and any encumbrances or liens that may exist on it. The law firm advising the buyer can easily obtain this online. It is an essential document for understanding the legal status of the property.
          • Updated cadastral certificate, which describes the physical characteristics of the property, including its size, built-up areas, and indicating measurements and boundaries. It can be consulted via the following link: https://www.sedecatastro.gob.es/ or requested through the law firm; it is very necessary if you are buying land on which to build a house, but not essential if you are buying an existing property.
          • Energy efficiency certificate, which provides information on the property’s energy consumption and CO2 emissions. To obtain it, you must hire an authorized technician, who will inspect the home and issue the certificate.
          • Certificate of occupancy or first occupancy license. This is only necessary in certain cases, including when the property is newly built.
          • If applicable, certificate of debts with the Homeowners’ Association. This must be requested from the president or administrator of the Association and certifies whether or not the seller has any outstanding debts with the Association.
          • Latest property tax (IBI) receipt certifying payment of this tax.
          • Technical Building Inspection Certificate (ITE), certifying compliance with the minimum structural requirements of the property (structure, installations, etc.). This is issued by an approved technician and is only necessary in the case of old buildings, those over 50 years old.
          • If the property is mortgaged, you will need to request the corresponding certificate from the bank certifying full payment or, failing that, the outstanding debt.

          ¿Cómo funciona la tokenización de inmuebles, cuál es el marco regulatorio y qué derechos adquiere realmente el inversor?

          La tokenización inmobiliaria, presente desde hace ya algunos años en España, está dejando de ser una promesa futurista para convertirse en una realidad tangible en el mercado español. Representa algo más que una innovación tecnológica: supone una transformación en la forma en que concebimos la propiedad, la inversión y la liquidez en el sector inmobiliario, uno de los más tradicionales y regulados de nuestra economía.

          ¿Qué es la tokenización inmobiliaria y cómo funciona?

          En esencia, tokenizar un inmueble significa, hoy en día, convertir los derechos económicos asociados a ese activo en unidades digitales que pueden circular en plataformas basadas en blockchain. Cada token representa una fracción de esos derechos económicos, lo que permite a inversores con capitales más modestos acceder a un mercado que tradicionalmente exigía sumas considerables.

          El papel de los contratos inteligentes (smart contracts)

          Los tokens funcionan mediante contratos inteligentes que ejecutan automáticamente la distribución de rentas de alquiler o reventa de esa representación parcial del inmueble, con su revalorización incluida, eliminando intermediarios y aportando transparencia al proceso. Esta automatización no es meramente cosmética: reduce costes operativos, acelera las transacciones y, potencialmente, incrementa la liquidez de activos que históricamente han sido de los menos líquidos del mercado.

          La realidad jurídica: qué se tokeniza realmente en España

          Sin embargo, conviene aclarar desde el inicio una cuestión fundamental que a menudo queda desdibujada en el discurso comercial: en la práctica, en los proyectos de tokenización inmobiliaria en España, lo que se tokeniza no es el inmueble en sí, sino derechos económicos vinculados a un vehículo societario (habitualmente una sociedad de propósito especial o SPV) que ostenta la titularidad del inmueble. La normativa española solo permite tokenizar acciones de sociedades anónimas mediante tecnología de registro distribuido; las participaciones de sociedades limitadas no pueden tokenizarse. Esto significa que si el SPV es una sociedad limitada, no se pueden tokenizar las participaciones sociales propiamente dichas, sino únicamente otros instrumentos como préstamos participativos o derechos de crédito sobre rentas. Solo si el SPV se constituye como sociedad anónima es posible tokenizar directamente las acciones de esa sociedad.

          ¿Qué derechos adquiere realmente el inversor de tokens inmobiliarios?

          Quien adquiere un token, por tanto, no se convierte en copropietario directo del activo inmobiliario. Dependiendo de la estructura elegida, puede ser accionista de una SA tokenizada, propietaria del inmueble, o titular de derechos económicos derivados de préstamos participativos u otras fórmulas de participación indirecta sobre el SPV que posee el inmueble. La diferencia no es trivial: si la sociedad enfrenta problemas de solvencia o quiebra, el valor del token se hunde con ella, sin que el inversor pueda ejercer derechos reales directos sobre el inmueble.

          El derecho español, anclado en siglos de tradición registral, no permite actualmente la transmisión de derechos reales sobre inmuebles mediante la mera transferencia de tokens, exigiendo escritura pública e inscripción registral para que esa transmisión produzca efectos frente a terceros. Esta estructura mediante SPV es, por tanto, una solución de compromiso entre las posibilidades tecnológicas y las exigencias del ordenamiento jurídico vigente.

          Marco regulatorio de la tokenización inmobiliaria en España

          La autorización de la CNMV y la Ley 6/2023 del Mercado de Valores

          El regulador español ha comenzado a sentar las bases jurídicas para que esta tecnología pueda desarrollarse dentro de un marco de seguridad. En 2023, la Comisión Nacional del Mercado de Valores autorizó a Adventurees Capital PFP como la primera plataforma de financiación participativa que emite valores tokenizados, marcando un hito en la convergencia entre crowdfunding y blockchain. Esta autorización no surgió en el vacío: fue acompañada por la aprobación de la Ley 6/2023 del Mercado de Valores, que reconoce expresamente la representación de valores negociables mediante tecnologías de registro distribuido como blockchain, otorgándoles plena validez jurídica.

          El rol del Registro de la Propiedad en la era blockchain

          Paralelamente, el Colegio de Registradores está explorando cómo integrar blockchain en el sistema registral español, aunque conviene precisar el alcance real de estas iniciativas. Los proyectos en marcha se centran fundamentalmente en aplicaciones complementarias como la gestión digitalizada del Libro del Edificio o la mejora de la trazabilidad y consulta de información registral, pero no buscan sustituir los pilares fundamentales del sistema: el otorgamiento de escritura pública ante notario y la inscripción registral, los cuales siguen siendo absolutamente obligatorios para la transmisión de derechos reales sobre inmuebles. Los registradores son claros en su postura institucional: la blockchain puede complementar y agilizar procesos de gestión documental, pero no puede reemplazar el control de legalidad que ejerce el registrador ni la protección de terceros que ofrece el Registro de la Propiedad, elementos esenciales de nuestro sistema jurídico. Esta posición refleja precisamente la limitación actual del modelo: los tokens circulan en la blockchain representando posiciones en SPV o derechos económicos sobre ellos, pero la propiedad real del inmueble permanece anclada en el mundo registral tradicional, bajo titularidad de esa sociedad vehículo, y cualquier transmisión de ese derecho real requiere el procedimiento tradicional con todas sus garantías.

          Regulación europea: ECSPR, MiCA y régimen piloto DLT

          España también se beneficia de un entramado regulatorio europeo que está posicionando a la Unión como líder global en la regulación de activos digitales. El Reglamento Europeo de Proveedores de Servicios de Crowdfunding (ECSPR) armoniza las normas para las plataformas de financiación participativa, permitiendo que una plataforma autorizada en un Estado miembro pueda operar en toda la UE mediante el denominado «pasaporte europeo». El Reglamento MiCA, que entró en plena aplicación el 30 de diciembre de 2024, regula de forma bastante amplia los mercados de criptoactivos, estableciendo obligaciones tanto para emisores como para proveedores de servicios. Y el régimen piloto DLT (Reglamento UE 2022/858) permite que infraestructuras de mercado basadas en tecnología de registro descentralizado operen con ciertas exenciones temporales, creando un entorno controlado de pruebas para evaluar el potencial de estas tecnologías en los mercados financieros.

          El enfoque del regulador español podría describirse como cautelosamente favorable: se fomenta la innovación, pero se exige el cumplimiento riguroso de controles de prevención de blanqueo de capitales, identificación de clientes y obligaciones de divulgación para proteger a los inversores. No es un laissez-faire tecnológico, sino una apuesta por integrar la innovación dentro de un marco de garantías.

          Desafíos jurídicos y riesgos de la tokenización inmobiliaria

          Los riesgos de la estructura mediante SPV

          Los desafíos jurídicos que persisten son relevantes y merecen atención. La estructura mediante SPV, aunque jurídicamente viable, introduce una capa adicional de complejidad y riesgo que debe ser de modo claro comunicada a los inversores. A diferencia de la propiedad directa, donde el inversor tiene derechos reales sobre el inmueble oponibles frente a terceros, en el modelo tokenizado actual el inversor ostenta posiciones en fórmulas de participación indirecta (acciones de SA, préstamos participativos, derechos de crédito) vinculadas a una sociedad propietaria del inmueble, con todas las implicaciones que ello conlleva en materia de responsabilidad societaria, fiscalidad y protección ante insolvencias.

          La desconexión entre el mundo on-chain y off-chain

          También resulta fundamental entender que la conexión entre el mundo «on-chain» (donde circulan los tokens) y «off-chain» (donde se inscribe la propiedad real) no es directa ni automática. La transmisión de un token no implica por sí misma ningún cambio en el Registro de la Propiedad: la titularidad jurídica del inmueble permanece en el SPV independientemente de quién posea los tokens, y solo una escritura pública debidamente inscrita podría cambiar esa titularidad registral. Los proyectos exploratorios del Colegio de Registradores buscan mejorar la eficiencia en la gestión de información complementaria, pero no alteran esta realidad fundamental. Y, como en cualquier mercado emergente, es necesario prevenir la proliferación de esquemas fraudulentos que prometan rentabilidades irreales o que comercialicen tokens sin el respaldo jurídico adecuado.

          Implicaciones prácticas para inversores y operadores jurídicos

          Para los operadores jurídicos, la tokenización inmobiliaria puede plantear la necesidad de adaptar contratos, estatutos sociales y estructuras de financiación a un entorno donde los derechos circulan de forma digital y distribuida. Para los inversores, representa una oportunidad de diversificar carteras con entradas de capital más reducidas y un potencial de liquidez superior al de la inversión inmobiliaria tradicional, siempre que comprendan que no están adquiriendo propiedad directa del inmueble sino una posición en fórmulas de participación indirecta vinculadas a la estructura societaria que lo posee. Y para la economía en su conjunto, puede dinamizar un mercado inmobiliario valorado en billones de euros al facilitar la entrada de capital minorista que antes quedaba excluido.

          El futuro de la tokenización inmobiliaria en España

          Estamos ante una evolución que combina derecho, tecnología y finanzas de forma inseparable. Resulta no obstante clave entender que la tokenización no es una moda pasajera, sino una herramienta que, bien utilizada y debidamente regulada, puede transformar la forma en que accedemos a uno de los activos más valorados de nuestra sociedad: el inmueble. Pero esa transformación, al menos en el presente, opera a través de estructuras societarias vehículo y fórmulas de participación indirecta, no mediante la titularidad directa que la terminología comercial a veces sugiere, y ciertamente no implica una revolución inmediata del sistema registral español, cuyas garantías fundamentales permanecen intactas.

          Third country citizens seeking to buy real estate in Greece or holding all shares of a Greek legal entity, may apply for a residence permit in Greece under the conditions described below.

          If the property is situated in the Municipalities of Attica, in Vari – Voula – Vouliagmeni, in Thessaloniki, in Mykonos or in Santorini, the value of the purchase contract shall amount minimum to five hundred thousand euros (€ 500.000). If the property is situated in different – from the abovementioned – areas of Greece, the minimum value of the purchase contract amounts to two hundred fifty thousand euros (€ 250.000).

          Third country citizens seeking to build on a plot, may also apply for a residence permit, if the combined value of the construction contract and that of the purchase contract, amounts to minimum € 500.000 or € 250.000.

          Co-owners of a purchased property may apply for a residence permit if they are spouses. If not, permit can be granted to a co-owner, only if the amount invested by her, amounts at least to € 500.000 or € 250.000.

          All abovementioned thresholds can be met via the purchase of more than one property.

          Residence permits may be also granted to family members of the investor (spouse, children, parents).

          In some areas of Greece, the Greek State has imposed restrictions on purchase contracts. In these areas, restrictions may be lifted only by a decision of the Greek Ministry of Defense.

          As per the administrative process, each applicant shall lawfully entry Greece at least twice. Applicants shall collect and submit, usually with the help of a lawyer holding a PoA, all necessary documentation at the Immigration Department of the competent Decentralized Greek Authority. Applicants are subject to an administrative fee of two thousand euros (€2.000).

          Shortly after filing documents and giving biometric data, applicants receive a temporary residence permit for a year. The duration of a residence permit, if issued, is five (5) years. It may be renewed for another five (5) years if its holder remains owner of the purchased property. The residence permit is revoked if its holder sells her property in Greece.

          After seven (7) years since the issuance of a residence permit, its holder can apply for the Greek citizenship if she meets all other criteria for the Greek citizenship (e.g. sufficient knowledge of the Greek language, history, culture and political system, clear criminal record, economic activity in Greece).

          This is a summary of the approved measures, which unfortunately for both tenants and landlords do not include any public aid or tax relief and just refer to a postponement in the payment of the rent.

          Premises to which they are applied

          Leased premises dedicated to activities different than residential: commercial, professional, industrial, cultural, teaching, amusement, healthcare, etc. They also apply to the lease of a whole industry (i.e. hotels, restaurants, bars, etc., which are the most usual type of businesses object of this deal).

          Types of tenants

          • Individual entrepreneurs or self-employed persons who were registered before Social Security before the declaration of the state of alarm on March 14th, 2020
          • Small and medium companies, as defined by article 257.1 of the Capital Companies Act: those who fulfil during two consecutive fiscal years these figures: assets under € 4 million, turnover under € 8 million and average staff under 50 people

          Types of landlords

          In order to benefit from these measures, the landlord should be a housing public entity or company or a big owner, considering as such the individuals or companies who own more than 10 urban properties (excluding parking places and storage rooms) or a built surface over 1.500 sqm.

          Measures approved

          The payment of the rent is postponed without interest meanwhile the state of alarm is in force, but in any case, for a maximum period of four months. Once the state of alarm is overcome, and in any case in a maximum term of four months, the postponed rents should be paid along a maximum period of two years, or the duration of the lease agreement, should it be less than two years.

          For landlords different to those mentioned above

          The tenant could apply before the landlord for the postponement in the payment of the rent (but the landlord is not obliged to accept it), and the parties can use the guarantee that the tenant should mandatorily have provided at the beginning of any lease agreement (usually equal to two month’s rent, but could be more if agreed by the parties), in full or in part, in order to use it to pay the rent. The tenant will have to provide again the guarantee within one year’s term, or less should the lease agreement have a shorter duration.

          Activities to which it is applied

          Activities which have been suspended according to the Royal Decree that declared the state of alarm, dated march, 14ht, 2020, or according to the orders issued by the authorities delegated by such Royal Decree. This should be proved through a certificated issued by the tax authorities.

          If the activity has not been directly suspended by the Royal Decree, the turnover during the month prior to the postponement should be less than 75% of the average monthly turnover during the same quarter last year. This should be proved through a responsible declaration by the tenant, and the landlord is authorised check the bookkeeping records.

          Term to apply and procedure

          The tenant should apply for these measures before the landlord within one month’s term from the publication of the Royal Decree-law, that is, from April 22nd, 2020, and the landlord (in case belongs to the groups mentioned in point c) is obliged to accept the tenant’s request, except if both parties have already agreed something different. The postponement would be applied to the following month.

          As the state of alarm was declared more than one month ago (March 14th), landlords and tenants have already been reaching some agreements, for example 50% rent reduction during the state of alarm, and 50% rent postponement during the following 6 months. Tenants who do not reach an agreement with the landlord could face an eviction procedure, however court procedures are suspended during the state of alarm. We have also seen some abusive non-payment of rent by tenants.

          When is becomes impossible to reach an agreement with the landlord, tenants have the legal remedy of claiming in Court for the application of the “rebus sic stantibus” principle, which was highly demanded during the 2008 financial crisis but very seldom applied by the Courts. This principle is aimed to re-balance the parties’ obligations when their situation had deeply changed because of unforeseen circumstances beyond their control. This principle is not included in the Spanish Civil Code, but the Supreme Court has accepted its application, in a very restricted way, in some occasions.

          Nils Döhler

          Áreas de práctica

          • Sucesiones
          • Títulos e instrumentos financieros
          • Fusiones y adquisiciones
          • Licitaciones y construcciones
          • Derecho Inmobiliario
          Contáctanos Nils

          Contacta con Nils





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            Tokenización Inmobiliaria en España

            3 de noviembre de 2025

            • España
            • Contratos
            • Derecho Inmobiliario

            This is the fourth article of a series decidated to purchasing real estate property in Spain: previously, we presented how to structure the purchase of a real estate property and what steps you must undertake to ensure the purchase is efficient and safe (you can find it here), the financial and tax information as well as practical tips related to the purchase process (here) and how to handle international inheritance tax implications (here).

            How to obtain a mortgage loan when Purchasing Property in Spain

            When a buyer in Spain wishes to purchase property using a mortgage loan, the financing process typically begins after selecting a specific property and signing a private purchase agreement, which is usually accompanied by a deposit payment. The entire financing process is strictly regulated under Spanish civil and banking law, offering a high degree of legal security, including foreign and non-resident buyers.

            Once the private purchase contract is signed, the bank initiates an official property valuation. This is a mandatory step for determining the maximum loan amount, the financing conditions and for loan approval.

            Only after the valuation is completed will the bank issue a formal mortgage offer. The entire process, from the initial application to the final offer, can take several weeks, depending on the complexity of the buyer’s financial profile and the documentation required. The final step occurs before a Spanish notary, where two deeds are signed simultaneously:

            • The public deed of sale, and
            • The mortgage deed.

            At this stage, the bank transfers the loan amount directly to the seller, ensuring legal and financial certainty for all parties involved.

            While this structure guarantees legal clarity, it also means that mortgage financing is not secured at the time the private agreement is signed. Therefore, it is strongly recommended to include a mortgage contingency clause in the private purchase contract. This clause makes the completion of the sale conditional upon obtaining financing, thereby protecting the buyer’s deposit in the event of a mortgage denial.

            Key Differences for Foreign Buyers

            Spanish banks do not generally issue binding pre-approvals before a specific property has been chosen. Foreign buyers, particularly non-residents, should also be aware of additional requirements, including:

            • Submission of translated or apostilled foreign documents,
            • More extensive due diligence and KYC (Know Your Customer) procedures, and
            • Generally longer processing times.

            These factors may extend the mortgage timeline and should be accounted for in the overall transaction planning.

            Differences between buying a second-hand apartment/house and buying a new apartment/house directly from the developer

            The main difference is that, in the case of a new home, VAT and AJD (stamp duty) are paid, and in the case of a second-hand home, only ITP (property transfer tax) is paid, as already explained in section III, paragraph 3.

            In addition, in the case of new homes, a series of legal guarantees are established—for 1, 3, and 10 years—for possible construction defects that may arise in the home, for which the developer is liable. On the other hand, in the case of second-hand homes, the seller is liable for hidden defects only for a period of 6 months from delivery.

            If the property is purchased from a natural person, it will generally be a second-hand home, whereas if it is purchased from a legal entity, it will normally be a new build and will be purchased from a developer.

            Therefore, the fundamental differences will be those already mentioned above: different taxation and greater legal guarantees in the case of purchase from legal entities. Additionally, in the case of purchasing the property from a legal entity developer, there are enhanced documentation and reporting obligations, which do not apply in the case of sale by individuals.

            Are there debts associated with the property that the buyer will be liable for?

            The buyer is liable for any debts owed to the Homeowners’ Association for the three years prior to the purchase and for the outstanding portion of the current year’s dues. The buyer is also vicariously liable for any outstanding property tax (IBI) or other local taxes owed by the previous owner.

            To adequately protect their interests, the buyer should, on the one hand, request a certificate of debts from the Homeowners’ Association and, on the other hand, check the status of payments of property tax and other municipal taxes.

            What are the specific provions of Spanish Coastal Law (Ley De Costas)?

            Properties located near the sea may fall under the Spanish Coastal Law (Ley de Costas), which regulates land use in the public maritime-terrestrial zone and its surrounding protected areas. These coastal strips are public domain, and strict limitations apply to ownership, construction, and renovation.

            Even for older, long-standing buildings, it is vital to verify whether the property lies within a protection zone. Depending on the classification of the area, consequences can range from restricted use or denial of renovation permits to expiration of rights of use or, in extreme cases, administrative demolition orders.

            Legal due diligence is essential to determine the status of the plot and identify any concessions or time-limited occupancy rights granted by the authorities.

             

            What rules apply to Country Houses (Fincas Rústicas)?

            Country houses (fincas rústicas) deserve special attention due to their location in rural and often protected areas, which are subject to strict urban planning and environmental regulations.

            Depending on local and regional classifications, the land may be designated exclusively for agriculture, forestry, or conservation, limiting the potential for construction, expansion, or change of use.

            Additionally, many rural properties have existing buildings that may never have been fully or properly legalised. As with coastal properties, buyers should review all applicable planning and environmental restrictions carefully before purchasing. 

            How are squatting cases  (Okupas) regulated under Spanish law?

            In recent years, Spain has experienced a rise in squatting cases, influenced by housing shortages, unaffordable rents, and high costs in urban or tourist areas. While the issue is complex and socio-politically sensitive, this section focuses on practical implications for property owners.

            Importantly, unlawful occupation (okupación) is relatively uncommon in most parts of Spain. The majority of property owners, especially those who secure and monitor their homes properly, are unlikely to be affected.

            Effective deterrents include:

            • Alarm systems and surveillance cameras,
            • Remote monitoring,
            • Local property management services (especially for second homes).

            Spanish law differentiates between:

            • Intrusion into a primary residence (treated as unlawful entry),
            • Occupation of vacant or second homes (classified as usurpation, requiring court action).

            Recent Legal Reforms – “Anti-Squatting Law” (Ley Orgánica 1/2025): To address lengthy eviction timelines, Spain introduced reforms, which include:

            • Within the first 48 hours of occupation:
              Police may evict squatters without a court order if no legal proof of residence is presented. Owners must provide immediate proof of ownership.
            • After 48 hours: Eviction must follow a formal judicial process.
            • Fast-track legal procedures: Eviction claims may now be processed in about 15 working days under accelerated procedures—though real-world implementation may vary by jurisdiction.

            While these special topics may not apply to every transaction, they highlight the importance of thorough due diligence and professional legal advice when buying property in Spain. Understanding the implications of coastal laws, rural zoning, inheritance regulations, and property security helps international buyers make informed, secure, and future-proof investments.

            Trasladarse a España por motivos profesionales suele vivirse como una oportunidad: nuevo proyecto, nuevo entorno y, en muchos casos, mejora en calidad de vida. Sin embargo, la experiencia práctica demuestra que las mayores dificultades no suelen surgir en el ámbito laboral, sino en cuestiones aparentemente accesorias como la vivienda y su encaje jurídico y fiscal.

            Antes de firmar un contrato de alquiler o comprometerse con la compra de un inmueble, es imprescindible entender cuál es la propia situación administrativa y tributaria. Ese análisis previo evita problemas posteriores que, una vez firmado el contrato, pueden resultar costosos o difíciles de resolver.

            Situación administrativa: punto de partida obligatorio

            No todos los ciudadanos extranjeros se encuentran en la misma posición legal.

            Los ciudadanos de la Unión Europea pueden residir y trabajar en España, pero deben obtener un Número de Identificación de Extranjero (NIE), inscribirse en el Registro Central de Extranjeros y empadronarse en el municipio correspondiente.

            En el caso de nacionales de terceros países, la situación es distinta: es necesario contar con visado o autorización de residencia y trabajo, y posteriormente solicitar la Tarjeta de Identidad de Extranjero (TIE).

            Esta regularización no es un simple trámite formal. Sin documentación en regla pueden surgir dificultades prácticas relevantes: apertura de cuentas bancarias, contratación de suministros, acreditación de solvencia ante propietarios o incluso formalización de escrituras notariales.

            Alquiler: aspectos que conviene revisar antes de firmar

            El mercado de arrendamiento en España está regulado por la Ley de Arrendamientos Urbanos. Aunque la firma del contrato no exige residencia previa, en la práctica muchos propietarios solicitan garantías adicionales cuando el inquilino acaba de llegar al país.

            Es importante analizar:

            • Duración pactada.
            • Régimen de actualización de renta.
            • Fianza y garantías adicionales.
            • Cláusulas de desistimiento anticipado.

            Firmar con urgencia, sin comprender el alcance de estas condiciones, puede generar obligaciones económicas que no siempre se ajustan a la situación real del trabajador desplazado.

            Compra de vivienda: posibilidad jurídica y efectos fiscales

            Un extranjero puede adquirir libremente un inmueble en España, incluso sin ser residente. No existe limitación por nacionalidad.

            No obstante, la operación tiene consecuencias fiscales que deben valorarse previamente. En vivienda usada se abona el Impuesto sobre Transmisiones Patrimoniales, cuyo tipo depende de la Comunidad Autónoma. En obra nueva se aplican IVA y Actos Jurídicos Documentados. A ello se añaden los gastos notariales y registrales.

            La formalización requiere escritura pública ante notario e inscripción en el Registro de la Propiedad para garantizar plena seguridad jurídica frente a terceros.

            Residencia fiscal: el elemento determinante

            Uno de los puntos más sensibles es determinar si el trabajador desplazado adquiere la condición de residente fiscal en España.

            Con carácter general, se considera residente quien permanece más de 183 días durante el año natural en territorio español o quien sitúa aquí el núcleo principal de sus intereses económicos. No es una cuestión meramente administrativa; depende de circunstancias objetivas.

            La diferencia es sustancial:

            • El residente fiscal tributa en España por su renta mundial.
            • El no residente tributa únicamente por las rentas obtenidas en España, bajo el Impuesto sobre la Renta de No Residentes.

            En el caso de ser propietario de un inmueble, incluso aunque no se alquile, puede generarse la obligación de declarar una renta imputada si no constituye vivienda habitual.

            Coordinación con el país de origen

            El traslado profesional no elimina automáticamente las obligaciones fiscales en el país de procedencia. España mantiene convenios para evitar la doble imposición con numerosos Estados, pero su aplicación requiere análisis individualizado.

            Una planificación insuficiente puede dar lugar a situaciones de doble tributación, conflictos de residencia fiscal o requerimientos posteriores de las administraciones tributarias implicadas.

            Planificar antes de comprometerse

            La secuencia correcta no comienza con la firma del contrato de alquiler ni con la reserva de una vivienda. Comienza por clarificar la situación migratoria, definir el encaje fiscal y evaluar las implicaciones jurídicas de cada decisión.

            La vivienda no es únicamente una cuestión inmobiliaria. Es una decisión patrimonial con impacto tributario y efectos jurídicos que pueden proyectarse durante años.

            Cuando el traslado implica cruzar fronteras, la improvisación deja de ser una opción razonable. La planificación previa no solo aporta seguridad: evita costes innecesarios y protege la estabilidad del proyecto profesional que motiva el cambio.

            In previous articles, we presented how to structure the purchase of a real estate property and what steps you must undertake to ensure the purchase is efficient and safe (you can find it here), and the financial and tax information as well as practical tips related to the purchase process (here). To complete this overview of the process of purchasing real estate in Spain, let’s consider one of the most important concerns when acquiring property abroad:  inheritance and succession laws, especially for non-resident or foreign owners. This applies both to sellers still settling an estate and buyers planning future succession of their foreign property.

            Applicable Law

            The EU Succession Regulation (No. 650/2012) generally stipulates that the law of the deceased’s last habitual residence governs succession. However, individuals may opt for the law of their nationality, a particularly helpful tool for foreign nationals residing in Spain who prefer the inheritance rules of their home country.

            This choice must be made expressly in a notarized will. Failure to do so may result in unintended legal consequences. The regulation also permits the application of the spouse’s national law in the case of inheritance contracts.

            Inheritance Tax

            Spain does not have a unified national inheritance tax system. Instead, each autonomous region applies its own rates, exemptions, and allowances. Following a 2014 European Court of Justice ruling, non-residents are entitled to benefit from regional tax rules when inheriting Spanish assets.

            Despite this progress, double taxation remains a possibility, as Spain has inheritance tax treaties only with France, Sweden, and Greece.

            Sales of Inherited Property

            In Spain, heirs acquire ownership of inherited property by law. However, for that ownership to be fully protected and enforceable, particularly in the case of real estate, it must be registered in the Land Registry (Registro de la Propiedad).

            A situation in which a seller claims ownership through inheritance but has not yet registered the title is legally problematic. In practice, a serious and properly advised seller would not offer the property for sale until the inheritance registration process is complete or, at the very least, notarially formalised, with registration submitted and pending to be finally registered.

            While a seller may possess valid succession documents, the absence of formal registration means that third parties, including potential buyer, cannot rely on the seller’s title with legal certainty. This poses several legal risks:

            1. Competing heirs or challenges: If another heir later appears and successfully contests the will or inheritance arrangement, the sale could be challenged and annulled in court.
            2. Legal uncertainty for buyers: Although a sale contract might technically be valid, the buyer assumes legal risk by proceeding before the inheritance is fully registered. Courts may later invalidate the transaction in light of new claims or evidence.

            Previously, under the Spanish Mortgage Law, the sale of inherited property could be challenged by a forced heir for up to two years after the decedent’s death, even if the property was sold in good faith. However, this risk was eliminated by the reform of 2021 through Real Decreto-ley 8/2021, which abolished that provision.

            In conclusion, while Spanish law technically allows heirs to sell inherited property before registering ownership, this is strongly discouraged and not considered standard practice. A properly advised seller will:

            • Complete the inheritance process first,
            • Pay applicable inheritance taxes, and
            • Register ownership in the Land Registry before offering the property for sale.

            Buyers should always request a recent Land Registry extract (nota simple) confirming that the seller is the legal, registered owner before signing any contract or making any payment. Failure to follow this guidance may result in legal uncertainty or annulment of the transaction.

            Documentation and Procedure

            To register property acquired through inheritance in Spain, proper documentation must be submitted within the legal timeframe to ensure legal certainty and avoid penalties. Generally, inheritance tax must be settled within six months from the date of death (an extension may be requested during the first months).

            Property transfer as part of inheritance typically requires a notarial deed, especially when multiple heirs are involved. In certain cases, a European Certificate of Succession or private applications may suffice.

            Typical required documents include:

            • International death certificate or national certificate with Hague Apostille;
            • European Certificate of Succession or national inheritance certificate with Hague Apostille;
            • Certificate from the Spanish Register of Wills (Registro General de Actos de Última Voluntad);
            • Property title and Land Registry data;
            • Bank balance certificates (certificado de saldo);
            • Last property tax (IBI) or a bank statement confirming the property’s cadastral data.

            In a previous article, we outlined how to structure the purchase of a real estate property in Spain and the steps buyers should take to ensure the purchase is efficient and safe. If you missed it, you can find it here.

            In this second part, we will cover financial and tax information along with practical tips related to the buying process. You will also learn about the rules that apply to owning and maintaining the property.

            Taxation of individuals and legal entities

            Both individuals and legal entities must bear the acquisition costs; the main difference in taxation is that legal entities can deduct VAT and other transaction-related expenses, while individuals generally have fewer tax advantages and a more limited deduction capacity. In any case, there is no clearly more advantageous regime for one type of taxpayer or the other, and the most favorable option will depend on the specific circumstances of each case.

            Acquisition costs

            Buying a home in Spain involves paying various additional costs on top of the purchase price, which vary depending on the autonomous community, the property’s value, and the buyer’s personal circumstances. These costs can amount to between 8% and 14% of the property’s purchase price and are discussed in sections 3 and 4 below.

            Property Tax/VAT/ITPJAD

            If it is a new home, Value Added Tax (VAT) must be paid, which is generally 10%, and Stamp Duty (AJD- Actos juridicos documentados) which is between 0.50% and 1.5% of the value of the home, depending on the Autonomous Community and the circumstances of the buyer.

            If it is a second-hand home, you will have to pay Property Transfer Tax (ITP – Impuesto transmisiones patrimoniales), which will be 5%-10% of the value of the home, depending on the Autonomous Community and the buyer’s circumstances.

            As for the IBI, it is mentioned in section IV, as it is not an acquisition cost as such.

            Other expenses

            Basically, they will be as follows:

            • Notary fees for the execution of the public deed of sale, which legally correspond to the seller, although it is not uncommon for them to be transferred to the buyer by agreement. For a property worth €300.000,00, they would typically amount to around €2,000; however, they are negotiable.
            • Registration fees for registering the sale in the Property Registry, which are payable by the buyer. For a property worth €300,000, these would amount to around €500.                                                                                          
            • Administrative fees, if the services of an agency are hired to process the payment of taxes and the registration of the buyer’s title in the property registry (which is essential).

            Property In Progress And Tax Obligations

            Once you own the property, you will need to take care of the following expenses and obligations:

            • If the property is part of a building or development with common areas, the owner must pay the homeowners’ association fees, which vary depending on the services and size of the association.
            • Property tax (IBI – Impuesto sobre Bienes Inmuebles), which is levied on the ownership of real estate and whose amount depends on the cadastral value of the property and the tax rate set by each local council.
            • Depending on the municipality, there may be an annual garbage collection fee for urban waste collection.
            • Private utilities, such as water, electricity, gas, or internet.
            • Where applicable, home insurance (mandatory when taking out a mortgage), private maintenance and repairs, or extraordinary works agreed upon by the homeowners’ association.

            Joint Ownership Communities, Maintenance, Technical Building Inspection (Inspección Técnica De Edificios)

            Joint Ownership Communities

            When purchasing property in Spain, you are not only investing in the private space you occupy, you are often also becoming part of a legally regulated community of owners (comunidad de propietarios), which comes with specific financial, administrative, and legal responsibilities. In Spain, most buildings and many houses within residential developments (urbanizaciones) are subject to a legal structure known as a joint ownership community.

            Within this framework, all property owners collectively assume responsibility for the maintenance, conservation, and proper use of common elements. The governance of the community is defined by its statutes and internal rules, which are adopted and amended by the owners’ association through resolutions passed at general meetings of co-owners. These rules establish key obligations, such as:

            • Contributions to shared expenses, which are generally allocated based on each unit’s surface ownership share (coeficiente de participación), although the internal regulations may establish a different method (e.g. equal shares)
            • Permitted uses of communal areas,
            • Maintenance responsibilities,
            • Approval of extraordinary levies (derramas).

            Prospective buyers should carefully review all community documentation before completing a purchase. These internal rules and decisions may significantly affect the intended use of the property, for example, by restricting short-term rentals, limiting certain renovations, or setting usage rules for terraces or shared facilities. Additionally, documentation may reveal unpaid levies, planned renovations, or other financial obligations that could affect the property’s long-term affordability. To avoid unexpected liabilities, it is essential to request a debt certificate from the community, confirming that the current owner is up to date with all community payments.

            Maintenance Responsibilities

            All owners are obliged to contribute to the shared maintenance costs of the building or development. These include regular expenses such as:

            • Cleaning of common areas,
            • Minor repairs,
            • Utility bills for communal services.

            Larger or unplanned expenses may require extraordinary assessments, which are apportioned among the owners based on their respective share (often called a cuota de participación).

            In addition to shared obligations, each owner is responsible for the maintenance of their private property. In the case of detached or semi-detached homes, this responsibility is exclusive. Owners can be held liable for any damage caused to third parties due to poor maintenance or structural issues.

            It is therefore strongly recommended to obtain comprehensive home insurance. Not only does it offer financial protection, but it is often a mandatory requirement for obtaining a mortgage from Spanish financial institutions. Policies should ideally include coverage for major risks such as fire, flooding, and structural damage.

            Technical Building Inspection (Inspección Técnica de Edificios, ITE)

            Spanish regulations require buildings over a certain age – typically 45 years, though this varies by region – to undergo a Technical Building Inspection (Inspección Técnica de Edificios, or ITE).

            This inspection must be carried out by an independent qualified technician and assesses the overall condition of the building. It identifies any deficiencies and proposes necessary improvements. If serious issues are found, the community of owners is required to carry out repairs within a designated timeframe.

            Conclusion

            A full understanding of both collective and individual responsibilities is essential for safeguarding the interests of foreign buyers in the Spanish property market. Awareness of the implications of joint ownership, maintenance costs, and regulatory obligations such as the ITE can help ensure a secure and financially sound investment.

            Summary: How can foreigners purchase a real estate property in Spain? In this article, we aim to provide an overview of the key legal and practical aspects foreign clients should consider before investing in the Spanish housing market. 

            This is the first of a series of three articles: in the second part we present the financial and tax information as well as practical tips related to the purchase process (here) and in the third wwìe deal with international inheritance implications (here).

            How does a property purchase in Spain work?

            Spain offers a transparent and legally secure process for real estate investment. However, it is not without risks, particularly concerning private purchase contracts, which are not subject to a mandatory format and rely heavily on the contractual freedom of the parties involved.

            Although ownership is typically transferred during the notary appointment, prior private purchase contracts, often accompanied by a 10% deposit, are very common in Spain and are fully effective under formal law aspects. In practice, this means that the decision to purchase and the review of all legal aspects and risks must occur before signing the private purchase contract as this document sets out all the binding conditions between the parties. The subsequent notarial deed merely formalizes or executes the terms previously agreed upon. Moreover, it is important to understand that the notary serves solely as a certifying official in Spain. They do not act to protect the buyer or offer legal advice and must remain neutral.

            Therefore, engaging qualified legal support is essential to ensure a safe investment and to fully protect your rights. International buyers should be aware that certain procedural steps are highly recommended to ensure full protection of their ownership rights.

             

            Spain has two complementary real estate registration systems which are characterized below.

            If you would like to get to know more about how you can find information about real estate and get the certificate from the Land Registry we encourage you to look at another guide prepared by Legalmodo which you can find here.

            1. The Land Registry (Registro de la Propiedad) is the official legal registry that confirms ownership from a civil law perspective and lists encumbrances (e.g., mortgages). Registration here is highly recommended as it offers protection against third parties acting in good faith.

            The Land Registry is a specialised body under the Ministry of Justice. Each Land Registry office is run by a Registrador de la Propiedad- a legally qualified public official.

            Legal information about registered property may be obtained by applying for:

            • a “nota simple”- an unofficial extract containing basic property data, useful for informational or preliminary purposes or;
            • a “Certificacion registral”- an official and legally binding certificate confirming ownership and registered rights.

            These documents may be obtained from the relevant Land Registry office or via the electronic portal of the Colegio de Registradores de España.

            1. The Cadastre (Catastro) is an administrative and fiscal registry that describes the property’s physical characteristics, such as location, surface area, layout, and cadastral value, for taxation and urban planning purposes, but does not certify ownership.

            The Cadastre is managed by the General Directorate for the Cadastre (Dirección General del Catastro), which forms part of the Ministry of Finance (Ministerio de Hacienda).

            Cadastral data is publicly accessible and may be obtained either online or in person. The main channels are:

            • The official Cadastre portal: https://www.sedecatastro.gob.es/
            • Local Cadastral Information Points (Puntos de Información Catastral- PICs) and municipal offices

            The following official documents are available:

            • Certificación catastral: a legally binding certificate that confirms the cadastral details of a property.
            • Consulta Descriptiva y Gráfica: a non- certified extract providing a descriptive and graphical overview of the property’s characteristics.

            Real Estate Property purchase process

            The typical purchase process in Spain provides legal certainty and transparency. The main steps are as follows:

            Real Estate Agency contract

            The process often starts with the seller signing a contract with a real estate agency, outlining the agent’s services and commission. While not mandatory, a written contract ensures transparency. Although the seller typically pays the commission, the agency may also enter into a separate or additional agreement with the buyer, particularly in transactions involving property search. It is common for agents to have agreements with both the seller and buyer; however, agents primarily represent the seller and must disclose any dual representation to avoid conflicts of interest. Buyers are advised to seek independent legal advice, as agents do not act as legal representatives.

            Reservation Agreement

            Once a property is identified, the buyer and seller may sign a reservation agreement, usually with a deposit of 1–2% of the purchase price. This agreement temporarily removes the property from the market, allowing time for document review and due diligence.

            The reservation deposit is typically paid to the real estate agency. To ensure legal certainty, the reservation agreement should clearly set out the conditions under which the deposit is refundable. If the transaction is not finalised and the seller or the agency refuses to return the deposit, the buyer may seek legal enforcement through civil proceedings.

            Private Purchase Agreement

            As indicated below, this stage of the purchasing process is very important. This contract will usually have a decisive impact on the final transaction. Therefore it should be drafted with utmost care and with the assistance of an experienced real estate lawyer.

            This contract defines and confirms all agreed terms. It usually involves a 10% deposit. A thorough due diligence is essential at this stage, as the buyer assumes full responsibility for the property. It is often agreed that the deposit is forfeited if the buyer withdraws from the contract and, if the seller withdraws from the contract, they must repay double the deposit.

            As with the reservation agreement, the second deposit is generally paid either directly to the seller or to the real estate agency, depending on the arrangement. In Spain, there is no public escrow system or neutral body responsible for managing such funds. Accordingly, if the transaction does not proceed and the seller or the agency refuses to return the deposit, the buyer may pursue legal remedies through civil proceedings.

            While it is not standard practice, sometimes it is possible to arrange for the deposit to be transferred to a notary or lawyer who may act as an escrow agent under a private agreement between the parties. As it is not common it may be difficult to arrange in practice.

            Public Deed Before a Spanish Notary

            As explained before, together the Título and Modo ensure that ownership is validly and securely transferred. In practice, this usually takes place with the signing of the notarial public deed before the Spanish notary, which formally represents the transfer of possession (Modo). In most cases, the remaining purchase price is also paid at the same time because the seller transfers the ownership upon signing the public deed.

            Land Registry and Cadastre Updates

            After notarisation, the buyer must register the property in the Land Registry to secure legal title against third parties. While this step is not constitutive of ownership, it offers critical protection and is standard practice. Simultaneously, the Cadastral Office updates the property’s ownership details for tax and administrative purposes.

            Conclusion

            Spain offers a transparent and legally secure process for real estate investment. However, the process is not without risks, particularly regarding private purchase agreements, which are not governed by a mandatory format and rely heavily on the parties’ contractual freedom. Therefore, engaging qualified legal support is essential for a safe investment and to ensure full protection of your rights.

            Verification Of Legal Status

            The buyer of a property must have access to the following documentation in order to be fully confident about the sale:

            • Property deed. This document must be provided by the seller, who must present the original at the notary’s office on the day the deed is signed.
            • Updated simple note issued by the Land Registry. This document summarizes the legal status of the property, indicating its ownership, description, and any encumbrances or liens that may exist on it. The law firm advising the buyer can easily obtain this online. It is an essential document for understanding the legal status of the property.
            • Updated cadastral certificate, which describes the physical characteristics of the property, including its size, built-up areas, and indicating measurements and boundaries. It can be consulted via the following link: https://www.sedecatastro.gob.es/ or requested through the law firm; it is very necessary if you are buying land on which to build a house, but not essential if you are buying an existing property.
            • Energy efficiency certificate, which provides information on the property’s energy consumption and CO2 emissions. To obtain it, you must hire an authorized technician, who will inspect the home and issue the certificate.
            • Certificate of occupancy or first occupancy license. This is only necessary in certain cases, including when the property is newly built.
            • If applicable, certificate of debts with the Homeowners’ Association. This must be requested from the president or administrator of the Association and certifies whether or not the seller has any outstanding debts with the Association.
            • Latest property tax (IBI) receipt certifying payment of this tax.
            • Technical Building Inspection Certificate (ITE), certifying compliance with the minimum structural requirements of the property (structure, installations, etc.). This is issued by an approved technician and is only necessary in the case of old buildings, those over 50 years old.
            • If the property is mortgaged, you will need to request the corresponding certificate from the bank certifying full payment or, failing that, the outstanding debt.

            ¿Cómo funciona la tokenización de inmuebles, cuál es el marco regulatorio y qué derechos adquiere realmente el inversor?

            La tokenización inmobiliaria, presente desde hace ya algunos años en España, está dejando de ser una promesa futurista para convertirse en una realidad tangible en el mercado español. Representa algo más que una innovación tecnológica: supone una transformación en la forma en que concebimos la propiedad, la inversión y la liquidez en el sector inmobiliario, uno de los más tradicionales y regulados de nuestra economía.

            ¿Qué es la tokenización inmobiliaria y cómo funciona?

            En esencia, tokenizar un inmueble significa, hoy en día, convertir los derechos económicos asociados a ese activo en unidades digitales que pueden circular en plataformas basadas en blockchain. Cada token representa una fracción de esos derechos económicos, lo que permite a inversores con capitales más modestos acceder a un mercado que tradicionalmente exigía sumas considerables.

            El papel de los contratos inteligentes (smart contracts)

            Los tokens funcionan mediante contratos inteligentes que ejecutan automáticamente la distribución de rentas de alquiler o reventa de esa representación parcial del inmueble, con su revalorización incluida, eliminando intermediarios y aportando transparencia al proceso. Esta automatización no es meramente cosmética: reduce costes operativos, acelera las transacciones y, potencialmente, incrementa la liquidez de activos que históricamente han sido de los menos líquidos del mercado.

            La realidad jurídica: qué se tokeniza realmente en España

            Sin embargo, conviene aclarar desde el inicio una cuestión fundamental que a menudo queda desdibujada en el discurso comercial: en la práctica, en los proyectos de tokenización inmobiliaria en España, lo que se tokeniza no es el inmueble en sí, sino derechos económicos vinculados a un vehículo societario (habitualmente una sociedad de propósito especial o SPV) que ostenta la titularidad del inmueble. La normativa española solo permite tokenizar acciones de sociedades anónimas mediante tecnología de registro distribuido; las participaciones de sociedades limitadas no pueden tokenizarse. Esto significa que si el SPV es una sociedad limitada, no se pueden tokenizar las participaciones sociales propiamente dichas, sino únicamente otros instrumentos como préstamos participativos o derechos de crédito sobre rentas. Solo si el SPV se constituye como sociedad anónima es posible tokenizar directamente las acciones de esa sociedad.

            ¿Qué derechos adquiere realmente el inversor de tokens inmobiliarios?

            Quien adquiere un token, por tanto, no se convierte en copropietario directo del activo inmobiliario. Dependiendo de la estructura elegida, puede ser accionista de una SA tokenizada, propietaria del inmueble, o titular de derechos económicos derivados de préstamos participativos u otras fórmulas de participación indirecta sobre el SPV que posee el inmueble. La diferencia no es trivial: si la sociedad enfrenta problemas de solvencia o quiebra, el valor del token se hunde con ella, sin que el inversor pueda ejercer derechos reales directos sobre el inmueble.

            El derecho español, anclado en siglos de tradición registral, no permite actualmente la transmisión de derechos reales sobre inmuebles mediante la mera transferencia de tokens, exigiendo escritura pública e inscripción registral para que esa transmisión produzca efectos frente a terceros. Esta estructura mediante SPV es, por tanto, una solución de compromiso entre las posibilidades tecnológicas y las exigencias del ordenamiento jurídico vigente.

            Marco regulatorio de la tokenización inmobiliaria en España

            La autorización de la CNMV y la Ley 6/2023 del Mercado de Valores

            El regulador español ha comenzado a sentar las bases jurídicas para que esta tecnología pueda desarrollarse dentro de un marco de seguridad. En 2023, la Comisión Nacional del Mercado de Valores autorizó a Adventurees Capital PFP como la primera plataforma de financiación participativa que emite valores tokenizados, marcando un hito en la convergencia entre crowdfunding y blockchain. Esta autorización no surgió en el vacío: fue acompañada por la aprobación de la Ley 6/2023 del Mercado de Valores, que reconoce expresamente la representación de valores negociables mediante tecnologías de registro distribuido como blockchain, otorgándoles plena validez jurídica.

            El rol del Registro de la Propiedad en la era blockchain

            Paralelamente, el Colegio de Registradores está explorando cómo integrar blockchain en el sistema registral español, aunque conviene precisar el alcance real de estas iniciativas. Los proyectos en marcha se centran fundamentalmente en aplicaciones complementarias como la gestión digitalizada del Libro del Edificio o la mejora de la trazabilidad y consulta de información registral, pero no buscan sustituir los pilares fundamentales del sistema: el otorgamiento de escritura pública ante notario y la inscripción registral, los cuales siguen siendo absolutamente obligatorios para la transmisión de derechos reales sobre inmuebles. Los registradores son claros en su postura institucional: la blockchain puede complementar y agilizar procesos de gestión documental, pero no puede reemplazar el control de legalidad que ejerce el registrador ni la protección de terceros que ofrece el Registro de la Propiedad, elementos esenciales de nuestro sistema jurídico. Esta posición refleja precisamente la limitación actual del modelo: los tokens circulan en la blockchain representando posiciones en SPV o derechos económicos sobre ellos, pero la propiedad real del inmueble permanece anclada en el mundo registral tradicional, bajo titularidad de esa sociedad vehículo, y cualquier transmisión de ese derecho real requiere el procedimiento tradicional con todas sus garantías.

            Regulación europea: ECSPR, MiCA y régimen piloto DLT

            España también se beneficia de un entramado regulatorio europeo que está posicionando a la Unión como líder global en la regulación de activos digitales. El Reglamento Europeo de Proveedores de Servicios de Crowdfunding (ECSPR) armoniza las normas para las plataformas de financiación participativa, permitiendo que una plataforma autorizada en un Estado miembro pueda operar en toda la UE mediante el denominado «pasaporte europeo». El Reglamento MiCA, que entró en plena aplicación el 30 de diciembre de 2024, regula de forma bastante amplia los mercados de criptoactivos, estableciendo obligaciones tanto para emisores como para proveedores de servicios. Y el régimen piloto DLT (Reglamento UE 2022/858) permite que infraestructuras de mercado basadas en tecnología de registro descentralizado operen con ciertas exenciones temporales, creando un entorno controlado de pruebas para evaluar el potencial de estas tecnologías en los mercados financieros.

            El enfoque del regulador español podría describirse como cautelosamente favorable: se fomenta la innovación, pero se exige el cumplimiento riguroso de controles de prevención de blanqueo de capitales, identificación de clientes y obligaciones de divulgación para proteger a los inversores. No es un laissez-faire tecnológico, sino una apuesta por integrar la innovación dentro de un marco de garantías.

            Desafíos jurídicos y riesgos de la tokenización inmobiliaria

            Los riesgos de la estructura mediante SPV

            Los desafíos jurídicos que persisten son relevantes y merecen atención. La estructura mediante SPV, aunque jurídicamente viable, introduce una capa adicional de complejidad y riesgo que debe ser de modo claro comunicada a los inversores. A diferencia de la propiedad directa, donde el inversor tiene derechos reales sobre el inmueble oponibles frente a terceros, en el modelo tokenizado actual el inversor ostenta posiciones en fórmulas de participación indirecta (acciones de SA, préstamos participativos, derechos de crédito) vinculadas a una sociedad propietaria del inmueble, con todas las implicaciones que ello conlleva en materia de responsabilidad societaria, fiscalidad y protección ante insolvencias.

            La desconexión entre el mundo on-chain y off-chain

            También resulta fundamental entender que la conexión entre el mundo «on-chain» (donde circulan los tokens) y «off-chain» (donde se inscribe la propiedad real) no es directa ni automática. La transmisión de un token no implica por sí misma ningún cambio en el Registro de la Propiedad: la titularidad jurídica del inmueble permanece en el SPV independientemente de quién posea los tokens, y solo una escritura pública debidamente inscrita podría cambiar esa titularidad registral. Los proyectos exploratorios del Colegio de Registradores buscan mejorar la eficiencia en la gestión de información complementaria, pero no alteran esta realidad fundamental. Y, como en cualquier mercado emergente, es necesario prevenir la proliferación de esquemas fraudulentos que prometan rentabilidades irreales o que comercialicen tokens sin el respaldo jurídico adecuado.

            Implicaciones prácticas para inversores y operadores jurídicos

            Para los operadores jurídicos, la tokenización inmobiliaria puede plantear la necesidad de adaptar contratos, estatutos sociales y estructuras de financiación a un entorno donde los derechos circulan de forma digital y distribuida. Para los inversores, representa una oportunidad de diversificar carteras con entradas de capital más reducidas y un potencial de liquidez superior al de la inversión inmobiliaria tradicional, siempre que comprendan que no están adquiriendo propiedad directa del inmueble sino una posición en fórmulas de participación indirecta vinculadas a la estructura societaria que lo posee. Y para la economía en su conjunto, puede dinamizar un mercado inmobiliario valorado en billones de euros al facilitar la entrada de capital minorista que antes quedaba excluido.

            El futuro de la tokenización inmobiliaria en España

            Estamos ante una evolución que combina derecho, tecnología y finanzas de forma inseparable. Resulta no obstante clave entender que la tokenización no es una moda pasajera, sino una herramienta que, bien utilizada y debidamente regulada, puede transformar la forma en que accedemos a uno de los activos más valorados de nuestra sociedad: el inmueble. Pero esa transformación, al menos en el presente, opera a través de estructuras societarias vehículo y fórmulas de participación indirecta, no mediante la titularidad directa que la terminología comercial a veces sugiere, y ciertamente no implica una revolución inmediata del sistema registral español, cuyas garantías fundamentales permanecen intactas.

            Third country citizens seeking to buy real estate in Greece or holding all shares of a Greek legal entity, may apply for a residence permit in Greece under the conditions described below.

            If the property is situated in the Municipalities of Attica, in Vari – Voula – Vouliagmeni, in Thessaloniki, in Mykonos or in Santorini, the value of the purchase contract shall amount minimum to five hundred thousand euros (€ 500.000). If the property is situated in different – from the abovementioned – areas of Greece, the minimum value of the purchase contract amounts to two hundred fifty thousand euros (€ 250.000).

            Third country citizens seeking to build on a plot, may also apply for a residence permit, if the combined value of the construction contract and that of the purchase contract, amounts to minimum € 500.000 or € 250.000.

            Co-owners of a purchased property may apply for a residence permit if they are spouses. If not, permit can be granted to a co-owner, only if the amount invested by her, amounts at least to € 500.000 or € 250.000.

            All abovementioned thresholds can be met via the purchase of more than one property.

            Residence permits may be also granted to family members of the investor (spouse, children, parents).

            In some areas of Greece, the Greek State has imposed restrictions on purchase contracts. In these areas, restrictions may be lifted only by a decision of the Greek Ministry of Defense.

            As per the administrative process, each applicant shall lawfully entry Greece at least twice. Applicants shall collect and submit, usually with the help of a lawyer holding a PoA, all necessary documentation at the Immigration Department of the competent Decentralized Greek Authority. Applicants are subject to an administrative fee of two thousand euros (€2.000).

            Shortly after filing documents and giving biometric data, applicants receive a temporary residence permit for a year. The duration of a residence permit, if issued, is five (5) years. It may be renewed for another five (5) years if its holder remains owner of the purchased property. The residence permit is revoked if its holder sells her property in Greece.

            After seven (7) years since the issuance of a residence permit, its holder can apply for the Greek citizenship if she meets all other criteria for the Greek citizenship (e.g. sufficient knowledge of the Greek language, history, culture and political system, clear criminal record, economic activity in Greece).

            This is a summary of the approved measures, which unfortunately for both tenants and landlords do not include any public aid or tax relief and just refer to a postponement in the payment of the rent.

            Premises to which they are applied

            Leased premises dedicated to activities different than residential: commercial, professional, industrial, cultural, teaching, amusement, healthcare, etc. They also apply to the lease of a whole industry (i.e. hotels, restaurants, bars, etc., which are the most usual type of businesses object of this deal).

            Types of tenants

            • Individual entrepreneurs or self-employed persons who were registered before Social Security before the declaration of the state of alarm on March 14th, 2020
            • Small and medium companies, as defined by article 257.1 of the Capital Companies Act: those who fulfil during two consecutive fiscal years these figures: assets under € 4 million, turnover under € 8 million and average staff under 50 people

            Types of landlords

            In order to benefit from these measures, the landlord should be a housing public entity or company or a big owner, considering as such the individuals or companies who own more than 10 urban properties (excluding parking places and storage rooms) or a built surface over 1.500 sqm.

            Measures approved

            The payment of the rent is postponed without interest meanwhile the state of alarm is in force, but in any case, for a maximum period of four months. Once the state of alarm is overcome, and in any case in a maximum term of four months, the postponed rents should be paid along a maximum period of two years, or the duration of the lease agreement, should it be less than two years.

            For landlords different to those mentioned above

            The tenant could apply before the landlord for the postponement in the payment of the rent (but the landlord is not obliged to accept it), and the parties can use the guarantee that the tenant should mandatorily have provided at the beginning of any lease agreement (usually equal to two month’s rent, but could be more if agreed by the parties), in full or in part, in order to use it to pay the rent. The tenant will have to provide again the guarantee within one year’s term, or less should the lease agreement have a shorter duration.

            Activities to which it is applied

            Activities which have been suspended according to the Royal Decree that declared the state of alarm, dated march, 14ht, 2020, or according to the orders issued by the authorities delegated by such Royal Decree. This should be proved through a certificated issued by the tax authorities.

            If the activity has not been directly suspended by the Royal Decree, the turnover during the month prior to the postponement should be less than 75% of the average monthly turnover during the same quarter last year. This should be proved through a responsible declaration by the tenant, and the landlord is authorised check the bookkeeping records.

            Term to apply and procedure

            The tenant should apply for these measures before the landlord within one month’s term from the publication of the Royal Decree-law, that is, from April 22nd, 2020, and the landlord (in case belongs to the groups mentioned in point c) is obliged to accept the tenant’s request, except if both parties have already agreed something different. The postponement would be applied to the following month.

            As the state of alarm was declared more than one month ago (March 14th), landlords and tenants have already been reaching some agreements, for example 50% rent reduction during the state of alarm, and 50% rent postponement during the following 6 months. Tenants who do not reach an agreement with the landlord could face an eviction procedure, however court procedures are suspended during the state of alarm. We have also seen some abusive non-payment of rent by tenants.

            When is becomes impossible to reach an agreement with the landlord, tenants have the legal remedy of claiming in Court for the application of the “rebus sic stantibus” principle, which was highly demanded during the 2008 financial crisis but very seldom applied by the Courts. This principle is aimed to re-balance the parties’ obligations when their situation had deeply changed because of unforeseen circumstances beyond their control. This principle is not included in the Spanish Civil Code, but the Supreme Court has accepted its application, in a very restricted way, in some occasions.

            Angel Iglesias Molero

            Áreas de práctica

            • Inteligencia artificial
            • Contratos
            • Derecho Societario
            • Inversiones
            • Start-up
            Contáctanos Angel

            Contacta con Angel





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              Investing in Real Estate in Greece | Golden Visa residence permit

              11 de diciembre de 2023

              • Derecho Inmobiliario

              This is the fourth article of a series decidated to purchasing real estate property in Spain: previously, we presented how to structure the purchase of a real estate property and what steps you must undertake to ensure the purchase is efficient and safe (you can find it here), the financial and tax information as well as practical tips related to the purchase process (here) and how to handle international inheritance tax implications (here).

              How to obtain a mortgage loan when Purchasing Property in Spain

              When a buyer in Spain wishes to purchase property using a mortgage loan, the financing process typically begins after selecting a specific property and signing a private purchase agreement, which is usually accompanied by a deposit payment. The entire financing process is strictly regulated under Spanish civil and banking law, offering a high degree of legal security, including foreign and non-resident buyers.

              Once the private purchase contract is signed, the bank initiates an official property valuation. This is a mandatory step for determining the maximum loan amount, the financing conditions and for loan approval.

              Only after the valuation is completed will the bank issue a formal mortgage offer. The entire process, from the initial application to the final offer, can take several weeks, depending on the complexity of the buyer’s financial profile and the documentation required. The final step occurs before a Spanish notary, where two deeds are signed simultaneously:

              • The public deed of sale, and
              • The mortgage deed.

              At this stage, the bank transfers the loan amount directly to the seller, ensuring legal and financial certainty for all parties involved.

              While this structure guarantees legal clarity, it also means that mortgage financing is not secured at the time the private agreement is signed. Therefore, it is strongly recommended to include a mortgage contingency clause in the private purchase contract. This clause makes the completion of the sale conditional upon obtaining financing, thereby protecting the buyer’s deposit in the event of a mortgage denial.

              Key Differences for Foreign Buyers

              Spanish banks do not generally issue binding pre-approvals before a specific property has been chosen. Foreign buyers, particularly non-residents, should also be aware of additional requirements, including:

              • Submission of translated or apostilled foreign documents,
              • More extensive due diligence and KYC (Know Your Customer) procedures, and
              • Generally longer processing times.

              These factors may extend the mortgage timeline and should be accounted for in the overall transaction planning.

              Differences between buying a second-hand apartment/house and buying a new apartment/house directly from the developer

              The main difference is that, in the case of a new home, VAT and AJD (stamp duty) are paid, and in the case of a second-hand home, only ITP (property transfer tax) is paid, as already explained in section III, paragraph 3.

              In addition, in the case of new homes, a series of legal guarantees are established—for 1, 3, and 10 years—for possible construction defects that may arise in the home, for which the developer is liable. On the other hand, in the case of second-hand homes, the seller is liable for hidden defects only for a period of 6 months from delivery.

              If the property is purchased from a natural person, it will generally be a second-hand home, whereas if it is purchased from a legal entity, it will normally be a new build and will be purchased from a developer.

              Therefore, the fundamental differences will be those already mentioned above: different taxation and greater legal guarantees in the case of purchase from legal entities. Additionally, in the case of purchasing the property from a legal entity developer, there are enhanced documentation and reporting obligations, which do not apply in the case of sale by individuals.

              Are there debts associated with the property that the buyer will be liable for?

              The buyer is liable for any debts owed to the Homeowners’ Association for the three years prior to the purchase and for the outstanding portion of the current year’s dues. The buyer is also vicariously liable for any outstanding property tax (IBI) or other local taxes owed by the previous owner.

              To adequately protect their interests, the buyer should, on the one hand, request a certificate of debts from the Homeowners’ Association and, on the other hand, check the status of payments of property tax and other municipal taxes.

              What are the specific provions of Spanish Coastal Law (Ley De Costas)?

              Properties located near the sea may fall under the Spanish Coastal Law (Ley de Costas), which regulates land use in the public maritime-terrestrial zone and its surrounding protected areas. These coastal strips are public domain, and strict limitations apply to ownership, construction, and renovation.

              Even for older, long-standing buildings, it is vital to verify whether the property lies within a protection zone. Depending on the classification of the area, consequences can range from restricted use or denial of renovation permits to expiration of rights of use or, in extreme cases, administrative demolition orders.

              Legal due diligence is essential to determine the status of the plot and identify any concessions or time-limited occupancy rights granted by the authorities.

               

              What rules apply to Country Houses (Fincas Rústicas)?

              Country houses (fincas rústicas) deserve special attention due to their location in rural and often protected areas, which are subject to strict urban planning and environmental regulations.

              Depending on local and regional classifications, the land may be designated exclusively for agriculture, forestry, or conservation, limiting the potential for construction, expansion, or change of use.

              Additionally, many rural properties have existing buildings that may never have been fully or properly legalised. As with coastal properties, buyers should review all applicable planning and environmental restrictions carefully before purchasing. 

              How are squatting cases  (Okupas) regulated under Spanish law?

              In recent years, Spain has experienced a rise in squatting cases, influenced by housing shortages, unaffordable rents, and high costs in urban or tourist areas. While the issue is complex and socio-politically sensitive, this section focuses on practical implications for property owners.

              Importantly, unlawful occupation (okupación) is relatively uncommon in most parts of Spain. The majority of property owners, especially those who secure and monitor their homes properly, are unlikely to be affected.

              Effective deterrents include:

              • Alarm systems and surveillance cameras,
              • Remote monitoring,
              • Local property management services (especially for second homes).

              Spanish law differentiates between:

              • Intrusion into a primary residence (treated as unlawful entry),
              • Occupation of vacant or second homes (classified as usurpation, requiring court action).

              Recent Legal Reforms – “Anti-Squatting Law” (Ley Orgánica 1/2025): To address lengthy eviction timelines, Spain introduced reforms, which include:

              • Within the first 48 hours of occupation:
                Police may evict squatters without a court order if no legal proof of residence is presented. Owners must provide immediate proof of ownership.
              • After 48 hours: Eviction must follow a formal judicial process.
              • Fast-track legal procedures: Eviction claims may now be processed in about 15 working days under accelerated procedures—though real-world implementation may vary by jurisdiction.

              While these special topics may not apply to every transaction, they highlight the importance of thorough due diligence and professional legal advice when buying property in Spain. Understanding the implications of coastal laws, rural zoning, inheritance regulations, and property security helps international buyers make informed, secure, and future-proof investments.

              Trasladarse a España por motivos profesionales suele vivirse como una oportunidad: nuevo proyecto, nuevo entorno y, en muchos casos, mejora en calidad de vida. Sin embargo, la experiencia práctica demuestra que las mayores dificultades no suelen surgir en el ámbito laboral, sino en cuestiones aparentemente accesorias como la vivienda y su encaje jurídico y fiscal.

              Antes de firmar un contrato de alquiler o comprometerse con la compra de un inmueble, es imprescindible entender cuál es la propia situación administrativa y tributaria. Ese análisis previo evita problemas posteriores que, una vez firmado el contrato, pueden resultar costosos o difíciles de resolver.

              Situación administrativa: punto de partida obligatorio

              No todos los ciudadanos extranjeros se encuentran en la misma posición legal.

              Los ciudadanos de la Unión Europea pueden residir y trabajar en España, pero deben obtener un Número de Identificación de Extranjero (NIE), inscribirse en el Registro Central de Extranjeros y empadronarse en el municipio correspondiente.

              En el caso de nacionales de terceros países, la situación es distinta: es necesario contar con visado o autorización de residencia y trabajo, y posteriormente solicitar la Tarjeta de Identidad de Extranjero (TIE).

              Esta regularización no es un simple trámite formal. Sin documentación en regla pueden surgir dificultades prácticas relevantes: apertura de cuentas bancarias, contratación de suministros, acreditación de solvencia ante propietarios o incluso formalización de escrituras notariales.

              Alquiler: aspectos que conviene revisar antes de firmar

              El mercado de arrendamiento en España está regulado por la Ley de Arrendamientos Urbanos. Aunque la firma del contrato no exige residencia previa, en la práctica muchos propietarios solicitan garantías adicionales cuando el inquilino acaba de llegar al país.

              Es importante analizar:

              • Duración pactada.
              • Régimen de actualización de renta.
              • Fianza y garantías adicionales.
              • Cláusulas de desistimiento anticipado.

              Firmar con urgencia, sin comprender el alcance de estas condiciones, puede generar obligaciones económicas que no siempre se ajustan a la situación real del trabajador desplazado.

              Compra de vivienda: posibilidad jurídica y efectos fiscales

              Un extranjero puede adquirir libremente un inmueble en España, incluso sin ser residente. No existe limitación por nacionalidad.

              No obstante, la operación tiene consecuencias fiscales que deben valorarse previamente. En vivienda usada se abona el Impuesto sobre Transmisiones Patrimoniales, cuyo tipo depende de la Comunidad Autónoma. En obra nueva se aplican IVA y Actos Jurídicos Documentados. A ello se añaden los gastos notariales y registrales.

              La formalización requiere escritura pública ante notario e inscripción en el Registro de la Propiedad para garantizar plena seguridad jurídica frente a terceros.

              Residencia fiscal: el elemento determinante

              Uno de los puntos más sensibles es determinar si el trabajador desplazado adquiere la condición de residente fiscal en España.

              Con carácter general, se considera residente quien permanece más de 183 días durante el año natural en territorio español o quien sitúa aquí el núcleo principal de sus intereses económicos. No es una cuestión meramente administrativa; depende de circunstancias objetivas.

              La diferencia es sustancial:

              • El residente fiscal tributa en España por su renta mundial.
              • El no residente tributa únicamente por las rentas obtenidas en España, bajo el Impuesto sobre la Renta de No Residentes.

              En el caso de ser propietario de un inmueble, incluso aunque no se alquile, puede generarse la obligación de declarar una renta imputada si no constituye vivienda habitual.

              Coordinación con el país de origen

              El traslado profesional no elimina automáticamente las obligaciones fiscales en el país de procedencia. España mantiene convenios para evitar la doble imposición con numerosos Estados, pero su aplicación requiere análisis individualizado.

              Una planificación insuficiente puede dar lugar a situaciones de doble tributación, conflictos de residencia fiscal o requerimientos posteriores de las administraciones tributarias implicadas.

              Planificar antes de comprometerse

              La secuencia correcta no comienza con la firma del contrato de alquiler ni con la reserva de una vivienda. Comienza por clarificar la situación migratoria, definir el encaje fiscal y evaluar las implicaciones jurídicas de cada decisión.

              La vivienda no es únicamente una cuestión inmobiliaria. Es una decisión patrimonial con impacto tributario y efectos jurídicos que pueden proyectarse durante años.

              Cuando el traslado implica cruzar fronteras, la improvisación deja de ser una opción razonable. La planificación previa no solo aporta seguridad: evita costes innecesarios y protege la estabilidad del proyecto profesional que motiva el cambio.

              In previous articles, we presented how to structure the purchase of a real estate property and what steps you must undertake to ensure the purchase is efficient and safe (you can find it here), and the financial and tax information as well as practical tips related to the purchase process (here). To complete this overview of the process of purchasing real estate in Spain, let’s consider one of the most important concerns when acquiring property abroad:  inheritance and succession laws, especially for non-resident or foreign owners. This applies both to sellers still settling an estate and buyers planning future succession of their foreign property.

              Applicable Law

              The EU Succession Regulation (No. 650/2012) generally stipulates that the law of the deceased’s last habitual residence governs succession. However, individuals may opt for the law of their nationality, a particularly helpful tool for foreign nationals residing in Spain who prefer the inheritance rules of their home country.

              This choice must be made expressly in a notarized will. Failure to do so may result in unintended legal consequences. The regulation also permits the application of the spouse’s national law in the case of inheritance contracts.

              Inheritance Tax

              Spain does not have a unified national inheritance tax system. Instead, each autonomous region applies its own rates, exemptions, and allowances. Following a 2014 European Court of Justice ruling, non-residents are entitled to benefit from regional tax rules when inheriting Spanish assets.

              Despite this progress, double taxation remains a possibility, as Spain has inheritance tax treaties only with France, Sweden, and Greece.

              Sales of Inherited Property

              In Spain, heirs acquire ownership of inherited property by law. However, for that ownership to be fully protected and enforceable, particularly in the case of real estate, it must be registered in the Land Registry (Registro de la Propiedad).

              A situation in which a seller claims ownership through inheritance but has not yet registered the title is legally problematic. In practice, a serious and properly advised seller would not offer the property for sale until the inheritance registration process is complete or, at the very least, notarially formalised, with registration submitted and pending to be finally registered.

              While a seller may possess valid succession documents, the absence of formal registration means that third parties, including potential buyer, cannot rely on the seller’s title with legal certainty. This poses several legal risks:

              1. Competing heirs or challenges: If another heir later appears and successfully contests the will or inheritance arrangement, the sale could be challenged and annulled in court.
              2. Legal uncertainty for buyers: Although a sale contract might technically be valid, the buyer assumes legal risk by proceeding before the inheritance is fully registered. Courts may later invalidate the transaction in light of new claims or evidence.

              Previously, under the Spanish Mortgage Law, the sale of inherited property could be challenged by a forced heir for up to two years after the decedent’s death, even if the property was sold in good faith. However, this risk was eliminated by the reform of 2021 through Real Decreto-ley 8/2021, which abolished that provision.

              In conclusion, while Spanish law technically allows heirs to sell inherited property before registering ownership, this is strongly discouraged and not considered standard practice. A properly advised seller will:

              • Complete the inheritance process first,
              • Pay applicable inheritance taxes, and
              • Register ownership in the Land Registry before offering the property for sale.

              Buyers should always request a recent Land Registry extract (nota simple) confirming that the seller is the legal, registered owner before signing any contract or making any payment. Failure to follow this guidance may result in legal uncertainty or annulment of the transaction.

              Documentation and Procedure

              To register property acquired through inheritance in Spain, proper documentation must be submitted within the legal timeframe to ensure legal certainty and avoid penalties. Generally, inheritance tax must be settled within six months from the date of death (an extension may be requested during the first months).

              Property transfer as part of inheritance typically requires a notarial deed, especially when multiple heirs are involved. In certain cases, a European Certificate of Succession or private applications may suffice.

              Typical required documents include:

              • International death certificate or national certificate with Hague Apostille;
              • European Certificate of Succession or national inheritance certificate with Hague Apostille;
              • Certificate from the Spanish Register of Wills (Registro General de Actos de Última Voluntad);
              • Property title and Land Registry data;
              • Bank balance certificates (certificado de saldo);
              • Last property tax (IBI) or a bank statement confirming the property’s cadastral data.

              In a previous article, we outlined how to structure the purchase of a real estate property in Spain and the steps buyers should take to ensure the purchase is efficient and safe. If you missed it, you can find it here.

              In this second part, we will cover financial and tax information along with practical tips related to the buying process. You will also learn about the rules that apply to owning and maintaining the property.

              Taxation of individuals and legal entities

              Both individuals and legal entities must bear the acquisition costs; the main difference in taxation is that legal entities can deduct VAT and other transaction-related expenses, while individuals generally have fewer tax advantages and a more limited deduction capacity. In any case, there is no clearly more advantageous regime for one type of taxpayer or the other, and the most favorable option will depend on the specific circumstances of each case.

              Acquisition costs

              Buying a home in Spain involves paying various additional costs on top of the purchase price, which vary depending on the autonomous community, the property’s value, and the buyer’s personal circumstances. These costs can amount to between 8% and 14% of the property’s purchase price and are discussed in sections 3 and 4 below.

              Property Tax/VAT/ITPJAD

              If it is a new home, Value Added Tax (VAT) must be paid, which is generally 10%, and Stamp Duty (AJD- Actos juridicos documentados) which is between 0.50% and 1.5% of the value of the home, depending on the Autonomous Community and the circumstances of the buyer.

              If it is a second-hand home, you will have to pay Property Transfer Tax (ITP – Impuesto transmisiones patrimoniales), which will be 5%-10% of the value of the home, depending on the Autonomous Community and the buyer’s circumstances.

              As for the IBI, it is mentioned in section IV, as it is not an acquisition cost as such.

              Other expenses

              Basically, they will be as follows:

              • Notary fees for the execution of the public deed of sale, which legally correspond to the seller, although it is not uncommon for them to be transferred to the buyer by agreement. For a property worth €300.000,00, they would typically amount to around €2,000; however, they are negotiable.
              • Registration fees for registering the sale in the Property Registry, which are payable by the buyer. For a property worth €300,000, these would amount to around €500.                                                                                          
              • Administrative fees, if the services of an agency are hired to process the payment of taxes and the registration of the buyer’s title in the property registry (which is essential).

              Property In Progress And Tax Obligations

              Once you own the property, you will need to take care of the following expenses and obligations:

              • If the property is part of a building or development with common areas, the owner must pay the homeowners’ association fees, which vary depending on the services and size of the association.
              • Property tax (IBI – Impuesto sobre Bienes Inmuebles), which is levied on the ownership of real estate and whose amount depends on the cadastral value of the property and the tax rate set by each local council.
              • Depending on the municipality, there may be an annual garbage collection fee for urban waste collection.
              • Private utilities, such as water, electricity, gas, or internet.
              • Where applicable, home insurance (mandatory when taking out a mortgage), private maintenance and repairs, or extraordinary works agreed upon by the homeowners’ association.

              Joint Ownership Communities, Maintenance, Technical Building Inspection (Inspección Técnica De Edificios)

              Joint Ownership Communities

              When purchasing property in Spain, you are not only investing in the private space you occupy, you are often also becoming part of a legally regulated community of owners (comunidad de propietarios), which comes with specific financial, administrative, and legal responsibilities. In Spain, most buildings and many houses within residential developments (urbanizaciones) are subject to a legal structure known as a joint ownership community.

              Within this framework, all property owners collectively assume responsibility for the maintenance, conservation, and proper use of common elements. The governance of the community is defined by its statutes and internal rules, which are adopted and amended by the owners’ association through resolutions passed at general meetings of co-owners. These rules establish key obligations, such as:

              • Contributions to shared expenses, which are generally allocated based on each unit’s surface ownership share (coeficiente de participación), although the internal regulations may establish a different method (e.g. equal shares)
              • Permitted uses of communal areas,
              • Maintenance responsibilities,
              • Approval of extraordinary levies (derramas).

              Prospective buyers should carefully review all community documentation before completing a purchase. These internal rules and decisions may significantly affect the intended use of the property, for example, by restricting short-term rentals, limiting certain renovations, or setting usage rules for terraces or shared facilities. Additionally, documentation may reveal unpaid levies, planned renovations, or other financial obligations that could affect the property’s long-term affordability. To avoid unexpected liabilities, it is essential to request a debt certificate from the community, confirming that the current owner is up to date with all community payments.

              Maintenance Responsibilities

              All owners are obliged to contribute to the shared maintenance costs of the building or development. These include regular expenses such as:

              • Cleaning of common areas,
              • Minor repairs,
              • Utility bills for communal services.

              Larger or unplanned expenses may require extraordinary assessments, which are apportioned among the owners based on their respective share (often called a cuota de participación).

              In addition to shared obligations, each owner is responsible for the maintenance of their private property. In the case of detached or semi-detached homes, this responsibility is exclusive. Owners can be held liable for any damage caused to third parties due to poor maintenance or structural issues.

              It is therefore strongly recommended to obtain comprehensive home insurance. Not only does it offer financial protection, but it is often a mandatory requirement for obtaining a mortgage from Spanish financial institutions. Policies should ideally include coverage for major risks such as fire, flooding, and structural damage.

              Technical Building Inspection (Inspección Técnica de Edificios, ITE)

              Spanish regulations require buildings over a certain age – typically 45 years, though this varies by region – to undergo a Technical Building Inspection (Inspección Técnica de Edificios, or ITE).

              This inspection must be carried out by an independent qualified technician and assesses the overall condition of the building. It identifies any deficiencies and proposes necessary improvements. If serious issues are found, the community of owners is required to carry out repairs within a designated timeframe.

              Conclusion

              A full understanding of both collective and individual responsibilities is essential for safeguarding the interests of foreign buyers in the Spanish property market. Awareness of the implications of joint ownership, maintenance costs, and regulatory obligations such as the ITE can help ensure a secure and financially sound investment.

              Summary: How can foreigners purchase a real estate property in Spain? In this article, we aim to provide an overview of the key legal and practical aspects foreign clients should consider before investing in the Spanish housing market. 

              This is the first of a series of three articles: in the second part we present the financial and tax information as well as practical tips related to the purchase process (here) and in the third wwìe deal with international inheritance implications (here).

              How does a property purchase in Spain work?

              Spain offers a transparent and legally secure process for real estate investment. However, it is not without risks, particularly concerning private purchase contracts, which are not subject to a mandatory format and rely heavily on the contractual freedom of the parties involved.

              Although ownership is typically transferred during the notary appointment, prior private purchase contracts, often accompanied by a 10% deposit, are very common in Spain and are fully effective under formal law aspects. In practice, this means that the decision to purchase and the review of all legal aspects and risks must occur before signing the private purchase contract as this document sets out all the binding conditions between the parties. The subsequent notarial deed merely formalizes or executes the terms previously agreed upon. Moreover, it is important to understand that the notary serves solely as a certifying official in Spain. They do not act to protect the buyer or offer legal advice and must remain neutral.

              Therefore, engaging qualified legal support is essential to ensure a safe investment and to fully protect your rights. International buyers should be aware that certain procedural steps are highly recommended to ensure full protection of their ownership rights.

               

              Spain has two complementary real estate registration systems which are characterized below.

              If you would like to get to know more about how you can find information about real estate and get the certificate from the Land Registry we encourage you to look at another guide prepared by Legalmodo which you can find here.

              1. The Land Registry (Registro de la Propiedad) is the official legal registry that confirms ownership from a civil law perspective and lists encumbrances (e.g., mortgages). Registration here is highly recommended as it offers protection against third parties acting in good faith.

              The Land Registry is a specialised body under the Ministry of Justice. Each Land Registry office is run by a Registrador de la Propiedad- a legally qualified public official.

              Legal information about registered property may be obtained by applying for:

              • a “nota simple”- an unofficial extract containing basic property data, useful for informational or preliminary purposes or;
              • a “Certificacion registral”- an official and legally binding certificate confirming ownership and registered rights.

              These documents may be obtained from the relevant Land Registry office or via the electronic portal of the Colegio de Registradores de España.

              1. The Cadastre (Catastro) is an administrative and fiscal registry that describes the property’s physical characteristics, such as location, surface area, layout, and cadastral value, for taxation and urban planning purposes, but does not certify ownership.

              The Cadastre is managed by the General Directorate for the Cadastre (Dirección General del Catastro), which forms part of the Ministry of Finance (Ministerio de Hacienda).

              Cadastral data is publicly accessible and may be obtained either online or in person. The main channels are:

              • The official Cadastre portal: https://www.sedecatastro.gob.es/
              • Local Cadastral Information Points (Puntos de Información Catastral- PICs) and municipal offices

              The following official documents are available:

              • Certificación catastral: a legally binding certificate that confirms the cadastral details of a property.
              • Consulta Descriptiva y Gráfica: a non- certified extract providing a descriptive and graphical overview of the property’s characteristics.

              Real Estate Property purchase process

              The typical purchase process in Spain provides legal certainty and transparency. The main steps are as follows:

              Real Estate Agency contract

              The process often starts with the seller signing a contract with a real estate agency, outlining the agent’s services and commission. While not mandatory, a written contract ensures transparency. Although the seller typically pays the commission, the agency may also enter into a separate or additional agreement with the buyer, particularly in transactions involving property search. It is common for agents to have agreements with both the seller and buyer; however, agents primarily represent the seller and must disclose any dual representation to avoid conflicts of interest. Buyers are advised to seek independent legal advice, as agents do not act as legal representatives.

              Reservation Agreement

              Once a property is identified, the buyer and seller may sign a reservation agreement, usually with a deposit of 1–2% of the purchase price. This agreement temporarily removes the property from the market, allowing time for document review and due diligence.

              The reservation deposit is typically paid to the real estate agency. To ensure legal certainty, the reservation agreement should clearly set out the conditions under which the deposit is refundable. If the transaction is not finalised and the seller or the agency refuses to return the deposit, the buyer may seek legal enforcement through civil proceedings.

              Private Purchase Agreement

              As indicated below, this stage of the purchasing process is very important. This contract will usually have a decisive impact on the final transaction. Therefore it should be drafted with utmost care and with the assistance of an experienced real estate lawyer.

              This contract defines and confirms all agreed terms. It usually involves a 10% deposit. A thorough due diligence is essential at this stage, as the buyer assumes full responsibility for the property. It is often agreed that the deposit is forfeited if the buyer withdraws from the contract and, if the seller withdraws from the contract, they must repay double the deposit.

              As with the reservation agreement, the second deposit is generally paid either directly to the seller or to the real estate agency, depending on the arrangement. In Spain, there is no public escrow system or neutral body responsible for managing such funds. Accordingly, if the transaction does not proceed and the seller or the agency refuses to return the deposit, the buyer may pursue legal remedies through civil proceedings.

              While it is not standard practice, sometimes it is possible to arrange for the deposit to be transferred to a notary or lawyer who may act as an escrow agent under a private agreement between the parties. As it is not common it may be difficult to arrange in practice.

              Public Deed Before a Spanish Notary

              As explained before, together the Título and Modo ensure that ownership is validly and securely transferred. In practice, this usually takes place with the signing of the notarial public deed before the Spanish notary, which formally represents the transfer of possession (Modo). In most cases, the remaining purchase price is also paid at the same time because the seller transfers the ownership upon signing the public deed.

              Land Registry and Cadastre Updates

              After notarisation, the buyer must register the property in the Land Registry to secure legal title against third parties. While this step is not constitutive of ownership, it offers critical protection and is standard practice. Simultaneously, the Cadastral Office updates the property’s ownership details for tax and administrative purposes.

              Conclusion

              Spain offers a transparent and legally secure process for real estate investment. However, the process is not without risks, particularly regarding private purchase agreements, which are not governed by a mandatory format and rely heavily on the parties’ contractual freedom. Therefore, engaging qualified legal support is essential for a safe investment and to ensure full protection of your rights.

              Verification Of Legal Status

              The buyer of a property must have access to the following documentation in order to be fully confident about the sale:

              • Property deed. This document must be provided by the seller, who must present the original at the notary’s office on the day the deed is signed.
              • Updated simple note issued by the Land Registry. This document summarizes the legal status of the property, indicating its ownership, description, and any encumbrances or liens that may exist on it. The law firm advising the buyer can easily obtain this online. It is an essential document for understanding the legal status of the property.
              • Updated cadastral certificate, which describes the physical characteristics of the property, including its size, built-up areas, and indicating measurements and boundaries. It can be consulted via the following link: https://www.sedecatastro.gob.es/ or requested through the law firm; it is very necessary if you are buying land on which to build a house, but not essential if you are buying an existing property.
              • Energy efficiency certificate, which provides information on the property’s energy consumption and CO2 emissions. To obtain it, you must hire an authorized technician, who will inspect the home and issue the certificate.
              • Certificate of occupancy or first occupancy license. This is only necessary in certain cases, including when the property is newly built.
              • If applicable, certificate of debts with the Homeowners’ Association. This must be requested from the president or administrator of the Association and certifies whether or not the seller has any outstanding debts with the Association.
              • Latest property tax (IBI) receipt certifying payment of this tax.
              • Technical Building Inspection Certificate (ITE), certifying compliance with the minimum structural requirements of the property (structure, installations, etc.). This is issued by an approved technician and is only necessary in the case of old buildings, those over 50 years old.
              • If the property is mortgaged, you will need to request the corresponding certificate from the bank certifying full payment or, failing that, the outstanding debt.

              ¿Cómo funciona la tokenización de inmuebles, cuál es el marco regulatorio y qué derechos adquiere realmente el inversor?

              La tokenización inmobiliaria, presente desde hace ya algunos años en España, está dejando de ser una promesa futurista para convertirse en una realidad tangible en el mercado español. Representa algo más que una innovación tecnológica: supone una transformación en la forma en que concebimos la propiedad, la inversión y la liquidez en el sector inmobiliario, uno de los más tradicionales y regulados de nuestra economía.

              ¿Qué es la tokenización inmobiliaria y cómo funciona?

              En esencia, tokenizar un inmueble significa, hoy en día, convertir los derechos económicos asociados a ese activo en unidades digitales que pueden circular en plataformas basadas en blockchain. Cada token representa una fracción de esos derechos económicos, lo que permite a inversores con capitales más modestos acceder a un mercado que tradicionalmente exigía sumas considerables.

              El papel de los contratos inteligentes (smart contracts)

              Los tokens funcionan mediante contratos inteligentes que ejecutan automáticamente la distribución de rentas de alquiler o reventa de esa representación parcial del inmueble, con su revalorización incluida, eliminando intermediarios y aportando transparencia al proceso. Esta automatización no es meramente cosmética: reduce costes operativos, acelera las transacciones y, potencialmente, incrementa la liquidez de activos que históricamente han sido de los menos líquidos del mercado.

              La realidad jurídica: qué se tokeniza realmente en España

              Sin embargo, conviene aclarar desde el inicio una cuestión fundamental que a menudo queda desdibujada en el discurso comercial: en la práctica, en los proyectos de tokenización inmobiliaria en España, lo que se tokeniza no es el inmueble en sí, sino derechos económicos vinculados a un vehículo societario (habitualmente una sociedad de propósito especial o SPV) que ostenta la titularidad del inmueble. La normativa española solo permite tokenizar acciones de sociedades anónimas mediante tecnología de registro distribuido; las participaciones de sociedades limitadas no pueden tokenizarse. Esto significa que si el SPV es una sociedad limitada, no se pueden tokenizar las participaciones sociales propiamente dichas, sino únicamente otros instrumentos como préstamos participativos o derechos de crédito sobre rentas. Solo si el SPV se constituye como sociedad anónima es posible tokenizar directamente las acciones de esa sociedad.

              ¿Qué derechos adquiere realmente el inversor de tokens inmobiliarios?

              Quien adquiere un token, por tanto, no se convierte en copropietario directo del activo inmobiliario. Dependiendo de la estructura elegida, puede ser accionista de una SA tokenizada, propietaria del inmueble, o titular de derechos económicos derivados de préstamos participativos u otras fórmulas de participación indirecta sobre el SPV que posee el inmueble. La diferencia no es trivial: si la sociedad enfrenta problemas de solvencia o quiebra, el valor del token se hunde con ella, sin que el inversor pueda ejercer derechos reales directos sobre el inmueble.

              El derecho español, anclado en siglos de tradición registral, no permite actualmente la transmisión de derechos reales sobre inmuebles mediante la mera transferencia de tokens, exigiendo escritura pública e inscripción registral para que esa transmisión produzca efectos frente a terceros. Esta estructura mediante SPV es, por tanto, una solución de compromiso entre las posibilidades tecnológicas y las exigencias del ordenamiento jurídico vigente.

              Marco regulatorio de la tokenización inmobiliaria en España

              La autorización de la CNMV y la Ley 6/2023 del Mercado de Valores

              El regulador español ha comenzado a sentar las bases jurídicas para que esta tecnología pueda desarrollarse dentro de un marco de seguridad. En 2023, la Comisión Nacional del Mercado de Valores autorizó a Adventurees Capital PFP como la primera plataforma de financiación participativa que emite valores tokenizados, marcando un hito en la convergencia entre crowdfunding y blockchain. Esta autorización no surgió en el vacío: fue acompañada por la aprobación de la Ley 6/2023 del Mercado de Valores, que reconoce expresamente la representación de valores negociables mediante tecnologías de registro distribuido como blockchain, otorgándoles plena validez jurídica.

              El rol del Registro de la Propiedad en la era blockchain

              Paralelamente, el Colegio de Registradores está explorando cómo integrar blockchain en el sistema registral español, aunque conviene precisar el alcance real de estas iniciativas. Los proyectos en marcha se centran fundamentalmente en aplicaciones complementarias como la gestión digitalizada del Libro del Edificio o la mejora de la trazabilidad y consulta de información registral, pero no buscan sustituir los pilares fundamentales del sistema: el otorgamiento de escritura pública ante notario y la inscripción registral, los cuales siguen siendo absolutamente obligatorios para la transmisión de derechos reales sobre inmuebles. Los registradores son claros en su postura institucional: la blockchain puede complementar y agilizar procesos de gestión documental, pero no puede reemplazar el control de legalidad que ejerce el registrador ni la protección de terceros que ofrece el Registro de la Propiedad, elementos esenciales de nuestro sistema jurídico. Esta posición refleja precisamente la limitación actual del modelo: los tokens circulan en la blockchain representando posiciones en SPV o derechos económicos sobre ellos, pero la propiedad real del inmueble permanece anclada en el mundo registral tradicional, bajo titularidad de esa sociedad vehículo, y cualquier transmisión de ese derecho real requiere el procedimiento tradicional con todas sus garantías.

              Regulación europea: ECSPR, MiCA y régimen piloto DLT

              España también se beneficia de un entramado regulatorio europeo que está posicionando a la Unión como líder global en la regulación de activos digitales. El Reglamento Europeo de Proveedores de Servicios de Crowdfunding (ECSPR) armoniza las normas para las plataformas de financiación participativa, permitiendo que una plataforma autorizada en un Estado miembro pueda operar en toda la UE mediante el denominado «pasaporte europeo». El Reglamento MiCA, que entró en plena aplicación el 30 de diciembre de 2024, regula de forma bastante amplia los mercados de criptoactivos, estableciendo obligaciones tanto para emisores como para proveedores de servicios. Y el régimen piloto DLT (Reglamento UE 2022/858) permite que infraestructuras de mercado basadas en tecnología de registro descentralizado operen con ciertas exenciones temporales, creando un entorno controlado de pruebas para evaluar el potencial de estas tecnologías en los mercados financieros.

              El enfoque del regulador español podría describirse como cautelosamente favorable: se fomenta la innovación, pero se exige el cumplimiento riguroso de controles de prevención de blanqueo de capitales, identificación de clientes y obligaciones de divulgación para proteger a los inversores. No es un laissez-faire tecnológico, sino una apuesta por integrar la innovación dentro de un marco de garantías.

              Desafíos jurídicos y riesgos de la tokenización inmobiliaria

              Los riesgos de la estructura mediante SPV

              Los desafíos jurídicos que persisten son relevantes y merecen atención. La estructura mediante SPV, aunque jurídicamente viable, introduce una capa adicional de complejidad y riesgo que debe ser de modo claro comunicada a los inversores. A diferencia de la propiedad directa, donde el inversor tiene derechos reales sobre el inmueble oponibles frente a terceros, en el modelo tokenizado actual el inversor ostenta posiciones en fórmulas de participación indirecta (acciones de SA, préstamos participativos, derechos de crédito) vinculadas a una sociedad propietaria del inmueble, con todas las implicaciones que ello conlleva en materia de responsabilidad societaria, fiscalidad y protección ante insolvencias.

              La desconexión entre el mundo on-chain y off-chain

              También resulta fundamental entender que la conexión entre el mundo «on-chain» (donde circulan los tokens) y «off-chain» (donde se inscribe la propiedad real) no es directa ni automática. La transmisión de un token no implica por sí misma ningún cambio en el Registro de la Propiedad: la titularidad jurídica del inmueble permanece en el SPV independientemente de quién posea los tokens, y solo una escritura pública debidamente inscrita podría cambiar esa titularidad registral. Los proyectos exploratorios del Colegio de Registradores buscan mejorar la eficiencia en la gestión de información complementaria, pero no alteran esta realidad fundamental. Y, como en cualquier mercado emergente, es necesario prevenir la proliferación de esquemas fraudulentos que prometan rentabilidades irreales o que comercialicen tokens sin el respaldo jurídico adecuado.

              Implicaciones prácticas para inversores y operadores jurídicos

              Para los operadores jurídicos, la tokenización inmobiliaria puede plantear la necesidad de adaptar contratos, estatutos sociales y estructuras de financiación a un entorno donde los derechos circulan de forma digital y distribuida. Para los inversores, representa una oportunidad de diversificar carteras con entradas de capital más reducidas y un potencial de liquidez superior al de la inversión inmobiliaria tradicional, siempre que comprendan que no están adquiriendo propiedad directa del inmueble sino una posición en fórmulas de participación indirecta vinculadas a la estructura societaria que lo posee. Y para la economía en su conjunto, puede dinamizar un mercado inmobiliario valorado en billones de euros al facilitar la entrada de capital minorista que antes quedaba excluido.

              El futuro de la tokenización inmobiliaria en España

              Estamos ante una evolución que combina derecho, tecnología y finanzas de forma inseparable. Resulta no obstante clave entender que la tokenización no es una moda pasajera, sino una herramienta que, bien utilizada y debidamente regulada, puede transformar la forma en que accedemos a uno de los activos más valorados de nuestra sociedad: el inmueble. Pero esa transformación, al menos en el presente, opera a través de estructuras societarias vehículo y fórmulas de participación indirecta, no mediante la titularidad directa que la terminología comercial a veces sugiere, y ciertamente no implica una revolución inmediata del sistema registral español, cuyas garantías fundamentales permanecen intactas.

              Third country citizens seeking to buy real estate in Greece or holding all shares of a Greek legal entity, may apply for a residence permit in Greece under the conditions described below.

              If the property is situated in the Municipalities of Attica, in Vari – Voula – Vouliagmeni, in Thessaloniki, in Mykonos or in Santorini, the value of the purchase contract shall amount minimum to five hundred thousand euros (€ 500.000). If the property is situated in different – from the abovementioned – areas of Greece, the minimum value of the purchase contract amounts to two hundred fifty thousand euros (€ 250.000).

              Third country citizens seeking to build on a plot, may also apply for a residence permit, if the combined value of the construction contract and that of the purchase contract, amounts to minimum € 500.000 or € 250.000.

              Co-owners of a purchased property may apply for a residence permit if they are spouses. If not, permit can be granted to a co-owner, only if the amount invested by her, amounts at least to € 500.000 or € 250.000.

              All abovementioned thresholds can be met via the purchase of more than one property.

              Residence permits may be also granted to family members of the investor (spouse, children, parents).

              In some areas of Greece, the Greek State has imposed restrictions on purchase contracts. In these areas, restrictions may be lifted only by a decision of the Greek Ministry of Defense.

              As per the administrative process, each applicant shall lawfully entry Greece at least twice. Applicants shall collect and submit, usually with the help of a lawyer holding a PoA, all necessary documentation at the Immigration Department of the competent Decentralized Greek Authority. Applicants are subject to an administrative fee of two thousand euros (€2.000).

              Shortly after filing documents and giving biometric data, applicants receive a temporary residence permit for a year. The duration of a residence permit, if issued, is five (5) years. It may be renewed for another five (5) years if its holder remains owner of the purchased property. The residence permit is revoked if its holder sells her property in Greece.

              After seven (7) years since the issuance of a residence permit, its holder can apply for the Greek citizenship if she meets all other criteria for the Greek citizenship (e.g. sufficient knowledge of the Greek language, history, culture and political system, clear criminal record, economic activity in Greece).

              This is a summary of the approved measures, which unfortunately for both tenants and landlords do not include any public aid or tax relief and just refer to a postponement in the payment of the rent.

              Premises to which they are applied

              Leased premises dedicated to activities different than residential: commercial, professional, industrial, cultural, teaching, amusement, healthcare, etc. They also apply to the lease of a whole industry (i.e. hotels, restaurants, bars, etc., which are the most usual type of businesses object of this deal).

              Types of tenants

              • Individual entrepreneurs or self-employed persons who were registered before Social Security before the declaration of the state of alarm on March 14th, 2020
              • Small and medium companies, as defined by article 257.1 of the Capital Companies Act: those who fulfil during two consecutive fiscal years these figures: assets under € 4 million, turnover under € 8 million and average staff under 50 people

              Types of landlords

              In order to benefit from these measures, the landlord should be a housing public entity or company or a big owner, considering as such the individuals or companies who own more than 10 urban properties (excluding parking places and storage rooms) or a built surface over 1.500 sqm.

              Measures approved

              The payment of the rent is postponed without interest meanwhile the state of alarm is in force, but in any case, for a maximum period of four months. Once the state of alarm is overcome, and in any case in a maximum term of four months, the postponed rents should be paid along a maximum period of two years, or the duration of the lease agreement, should it be less than two years.

              For landlords different to those mentioned above

              The tenant could apply before the landlord for the postponement in the payment of the rent (but the landlord is not obliged to accept it), and the parties can use the guarantee that the tenant should mandatorily have provided at the beginning of any lease agreement (usually equal to two month’s rent, but could be more if agreed by the parties), in full or in part, in order to use it to pay the rent. The tenant will have to provide again the guarantee within one year’s term, or less should the lease agreement have a shorter duration.

              Activities to which it is applied

              Activities which have been suspended according to the Royal Decree that declared the state of alarm, dated march, 14ht, 2020, or according to the orders issued by the authorities delegated by such Royal Decree. This should be proved through a certificated issued by the tax authorities.

              If the activity has not been directly suspended by the Royal Decree, the turnover during the month prior to the postponement should be less than 75% of the average monthly turnover during the same quarter last year. This should be proved through a responsible declaration by the tenant, and the landlord is authorised check the bookkeeping records.

              Term to apply and procedure

              The tenant should apply for these measures before the landlord within one month’s term from the publication of the Royal Decree-law, that is, from April 22nd, 2020, and the landlord (in case belongs to the groups mentioned in point c) is obliged to accept the tenant’s request, except if both parties have already agreed something different. The postponement would be applied to the following month.

              As the state of alarm was declared more than one month ago (March 14th), landlords and tenants have already been reaching some agreements, for example 50% rent reduction during the state of alarm, and 50% rent postponement during the following 6 months. Tenants who do not reach an agreement with the landlord could face an eviction procedure, however court procedures are suspended during the state of alarm. We have also seen some abusive non-payment of rent by tenants.

              When is becomes impossible to reach an agreement with the landlord, tenants have the legal remedy of claiming in Court for the application of the “rebus sic stantibus” principle, which was highly demanded during the 2008 financial crisis but very seldom applied by the Courts. This principle is aimed to re-balance the parties’ obligations when their situation had deeply changed because of unforeseen circumstances beyond their control. This principle is not included in the Spanish Civil Code, but the Supreme Court has accepted its application, in a very restricted way, in some occasions.

              Manolis Fellios

              Áreas de práctica

              • Contratos
              • Derecho Societario
              • Inversiones
              • Derecho Internacional Privado
              • Derecho Inmobiliario
              Contáctanos Manolis

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                Spain | Covid 19 – Measures for payment of the rent for commercial and industrial premises

                18 de abril de 2020

                • España
                • Contratos
                • Derecho Inmobiliario

                This is the fourth article of a series decidated to purchasing real estate property in Spain: previously, we presented how to structure the purchase of a real estate property and what steps you must undertake to ensure the purchase is efficient and safe (you can find it here), the financial and tax information as well as practical tips related to the purchase process (here) and how to handle international inheritance tax implications (here).

                How to obtain a mortgage loan when Purchasing Property in Spain

                When a buyer in Spain wishes to purchase property using a mortgage loan, the financing process typically begins after selecting a specific property and signing a private purchase agreement, which is usually accompanied by a deposit payment. The entire financing process is strictly regulated under Spanish civil and banking law, offering a high degree of legal security, including foreign and non-resident buyers.

                Once the private purchase contract is signed, the bank initiates an official property valuation. This is a mandatory step for determining the maximum loan amount, the financing conditions and for loan approval.

                Only after the valuation is completed will the bank issue a formal mortgage offer. The entire process, from the initial application to the final offer, can take several weeks, depending on the complexity of the buyer’s financial profile and the documentation required. The final step occurs before a Spanish notary, where two deeds are signed simultaneously:

                • The public deed of sale, and
                • The mortgage deed.

                At this stage, the bank transfers the loan amount directly to the seller, ensuring legal and financial certainty for all parties involved.

                While this structure guarantees legal clarity, it also means that mortgage financing is not secured at the time the private agreement is signed. Therefore, it is strongly recommended to include a mortgage contingency clause in the private purchase contract. This clause makes the completion of the sale conditional upon obtaining financing, thereby protecting the buyer’s deposit in the event of a mortgage denial.

                Key Differences for Foreign Buyers

                Spanish banks do not generally issue binding pre-approvals before a specific property has been chosen. Foreign buyers, particularly non-residents, should also be aware of additional requirements, including:

                • Submission of translated or apostilled foreign documents,
                • More extensive due diligence and KYC (Know Your Customer) procedures, and
                • Generally longer processing times.

                These factors may extend the mortgage timeline and should be accounted for in the overall transaction planning.

                Differences between buying a second-hand apartment/house and buying a new apartment/house directly from the developer

                The main difference is that, in the case of a new home, VAT and AJD (stamp duty) are paid, and in the case of a second-hand home, only ITP (property transfer tax) is paid, as already explained in section III, paragraph 3.

                In addition, in the case of new homes, a series of legal guarantees are established—for 1, 3, and 10 years—for possible construction defects that may arise in the home, for which the developer is liable. On the other hand, in the case of second-hand homes, the seller is liable for hidden defects only for a period of 6 months from delivery.

                If the property is purchased from a natural person, it will generally be a second-hand home, whereas if it is purchased from a legal entity, it will normally be a new build and will be purchased from a developer.

                Therefore, the fundamental differences will be those already mentioned above: different taxation and greater legal guarantees in the case of purchase from legal entities. Additionally, in the case of purchasing the property from a legal entity developer, there are enhanced documentation and reporting obligations, which do not apply in the case of sale by individuals.

                Are there debts associated with the property that the buyer will be liable for?

                The buyer is liable for any debts owed to the Homeowners’ Association for the three years prior to the purchase and for the outstanding portion of the current year’s dues. The buyer is also vicariously liable for any outstanding property tax (IBI) or other local taxes owed by the previous owner.

                To adequately protect their interests, the buyer should, on the one hand, request a certificate of debts from the Homeowners’ Association and, on the other hand, check the status of payments of property tax and other municipal taxes.

                What are the specific provions of Spanish Coastal Law (Ley De Costas)?

                Properties located near the sea may fall under the Spanish Coastal Law (Ley de Costas), which regulates land use in the public maritime-terrestrial zone and its surrounding protected areas. These coastal strips are public domain, and strict limitations apply to ownership, construction, and renovation.

                Even for older, long-standing buildings, it is vital to verify whether the property lies within a protection zone. Depending on the classification of the area, consequences can range from restricted use or denial of renovation permits to expiration of rights of use or, in extreme cases, administrative demolition orders.

                Legal due diligence is essential to determine the status of the plot and identify any concessions or time-limited occupancy rights granted by the authorities.

                 

                What rules apply to Country Houses (Fincas Rústicas)?

                Country houses (fincas rústicas) deserve special attention due to their location in rural and often protected areas, which are subject to strict urban planning and environmental regulations.

                Depending on local and regional classifications, the land may be designated exclusively for agriculture, forestry, or conservation, limiting the potential for construction, expansion, or change of use.

                Additionally, many rural properties have existing buildings that may never have been fully or properly legalised. As with coastal properties, buyers should review all applicable planning and environmental restrictions carefully before purchasing. 

                How are squatting cases  (Okupas) regulated under Spanish law?

                In recent years, Spain has experienced a rise in squatting cases, influenced by housing shortages, unaffordable rents, and high costs in urban or tourist areas. While the issue is complex and socio-politically sensitive, this section focuses on practical implications for property owners.

                Importantly, unlawful occupation (okupación) is relatively uncommon in most parts of Spain. The majority of property owners, especially those who secure and monitor their homes properly, are unlikely to be affected.

                Effective deterrents include:

                • Alarm systems and surveillance cameras,
                • Remote monitoring,
                • Local property management services (especially for second homes).

                Spanish law differentiates between:

                • Intrusion into a primary residence (treated as unlawful entry),
                • Occupation of vacant or second homes (classified as usurpation, requiring court action).

                Recent Legal Reforms – “Anti-Squatting Law” (Ley Orgánica 1/2025): To address lengthy eviction timelines, Spain introduced reforms, which include:

                • Within the first 48 hours of occupation:
                  Police may evict squatters without a court order if no legal proof of residence is presented. Owners must provide immediate proof of ownership.
                • After 48 hours: Eviction must follow a formal judicial process.
                • Fast-track legal procedures: Eviction claims may now be processed in about 15 working days under accelerated procedures—though real-world implementation may vary by jurisdiction.

                While these special topics may not apply to every transaction, they highlight the importance of thorough due diligence and professional legal advice when buying property in Spain. Understanding the implications of coastal laws, rural zoning, inheritance regulations, and property security helps international buyers make informed, secure, and future-proof investments.

                Trasladarse a España por motivos profesionales suele vivirse como una oportunidad: nuevo proyecto, nuevo entorno y, en muchos casos, mejora en calidad de vida. Sin embargo, la experiencia práctica demuestra que las mayores dificultades no suelen surgir en el ámbito laboral, sino en cuestiones aparentemente accesorias como la vivienda y su encaje jurídico y fiscal.

                Antes de firmar un contrato de alquiler o comprometerse con la compra de un inmueble, es imprescindible entender cuál es la propia situación administrativa y tributaria. Ese análisis previo evita problemas posteriores que, una vez firmado el contrato, pueden resultar costosos o difíciles de resolver.

                Situación administrativa: punto de partida obligatorio

                No todos los ciudadanos extranjeros se encuentran en la misma posición legal.

                Los ciudadanos de la Unión Europea pueden residir y trabajar en España, pero deben obtener un Número de Identificación de Extranjero (NIE), inscribirse en el Registro Central de Extranjeros y empadronarse en el municipio correspondiente.

                En el caso de nacionales de terceros países, la situación es distinta: es necesario contar con visado o autorización de residencia y trabajo, y posteriormente solicitar la Tarjeta de Identidad de Extranjero (TIE).

                Esta regularización no es un simple trámite formal. Sin documentación en regla pueden surgir dificultades prácticas relevantes: apertura de cuentas bancarias, contratación de suministros, acreditación de solvencia ante propietarios o incluso formalización de escrituras notariales.

                Alquiler: aspectos que conviene revisar antes de firmar

                El mercado de arrendamiento en España está regulado por la Ley de Arrendamientos Urbanos. Aunque la firma del contrato no exige residencia previa, en la práctica muchos propietarios solicitan garantías adicionales cuando el inquilino acaba de llegar al país.

                Es importante analizar:

                • Duración pactada.
                • Régimen de actualización de renta.
                • Fianza y garantías adicionales.
                • Cláusulas de desistimiento anticipado.

                Firmar con urgencia, sin comprender el alcance de estas condiciones, puede generar obligaciones económicas que no siempre se ajustan a la situación real del trabajador desplazado.

                Compra de vivienda: posibilidad jurídica y efectos fiscales

                Un extranjero puede adquirir libremente un inmueble en España, incluso sin ser residente. No existe limitación por nacionalidad.

                No obstante, la operación tiene consecuencias fiscales que deben valorarse previamente. En vivienda usada se abona el Impuesto sobre Transmisiones Patrimoniales, cuyo tipo depende de la Comunidad Autónoma. En obra nueva se aplican IVA y Actos Jurídicos Documentados. A ello se añaden los gastos notariales y registrales.

                La formalización requiere escritura pública ante notario e inscripción en el Registro de la Propiedad para garantizar plena seguridad jurídica frente a terceros.

                Residencia fiscal: el elemento determinante

                Uno de los puntos más sensibles es determinar si el trabajador desplazado adquiere la condición de residente fiscal en España.

                Con carácter general, se considera residente quien permanece más de 183 días durante el año natural en territorio español o quien sitúa aquí el núcleo principal de sus intereses económicos. No es una cuestión meramente administrativa; depende de circunstancias objetivas.

                La diferencia es sustancial:

                • El residente fiscal tributa en España por su renta mundial.
                • El no residente tributa únicamente por las rentas obtenidas en España, bajo el Impuesto sobre la Renta de No Residentes.

                En el caso de ser propietario de un inmueble, incluso aunque no se alquile, puede generarse la obligación de declarar una renta imputada si no constituye vivienda habitual.

                Coordinación con el país de origen

                El traslado profesional no elimina automáticamente las obligaciones fiscales en el país de procedencia. España mantiene convenios para evitar la doble imposición con numerosos Estados, pero su aplicación requiere análisis individualizado.

                Una planificación insuficiente puede dar lugar a situaciones de doble tributación, conflictos de residencia fiscal o requerimientos posteriores de las administraciones tributarias implicadas.

                Planificar antes de comprometerse

                La secuencia correcta no comienza con la firma del contrato de alquiler ni con la reserva de una vivienda. Comienza por clarificar la situación migratoria, definir el encaje fiscal y evaluar las implicaciones jurídicas de cada decisión.

                La vivienda no es únicamente una cuestión inmobiliaria. Es una decisión patrimonial con impacto tributario y efectos jurídicos que pueden proyectarse durante años.

                Cuando el traslado implica cruzar fronteras, la improvisación deja de ser una opción razonable. La planificación previa no solo aporta seguridad: evita costes innecesarios y protege la estabilidad del proyecto profesional que motiva el cambio.

                In previous articles, we presented how to structure the purchase of a real estate property and what steps you must undertake to ensure the purchase is efficient and safe (you can find it here), and the financial and tax information as well as practical tips related to the purchase process (here). To complete this overview of the process of purchasing real estate in Spain, let’s consider one of the most important concerns when acquiring property abroad:  inheritance and succession laws, especially for non-resident or foreign owners. This applies both to sellers still settling an estate and buyers planning future succession of their foreign property.

                Applicable Law

                The EU Succession Regulation (No. 650/2012) generally stipulates that the law of the deceased’s last habitual residence governs succession. However, individuals may opt for the law of their nationality, a particularly helpful tool for foreign nationals residing in Spain who prefer the inheritance rules of their home country.

                This choice must be made expressly in a notarized will. Failure to do so may result in unintended legal consequences. The regulation also permits the application of the spouse’s national law in the case of inheritance contracts.

                Inheritance Tax

                Spain does not have a unified national inheritance tax system. Instead, each autonomous region applies its own rates, exemptions, and allowances. Following a 2014 European Court of Justice ruling, non-residents are entitled to benefit from regional tax rules when inheriting Spanish assets.

                Despite this progress, double taxation remains a possibility, as Spain has inheritance tax treaties only with France, Sweden, and Greece.

                Sales of Inherited Property

                In Spain, heirs acquire ownership of inherited property by law. However, for that ownership to be fully protected and enforceable, particularly in the case of real estate, it must be registered in the Land Registry (Registro de la Propiedad).

                A situation in which a seller claims ownership through inheritance but has not yet registered the title is legally problematic. In practice, a serious and properly advised seller would not offer the property for sale until the inheritance registration process is complete or, at the very least, notarially formalised, with registration submitted and pending to be finally registered.

                While a seller may possess valid succession documents, the absence of formal registration means that third parties, including potential buyer, cannot rely on the seller’s title with legal certainty. This poses several legal risks:

                1. Competing heirs or challenges: If another heir later appears and successfully contests the will or inheritance arrangement, the sale could be challenged and annulled in court.
                2. Legal uncertainty for buyers: Although a sale contract might technically be valid, the buyer assumes legal risk by proceeding before the inheritance is fully registered. Courts may later invalidate the transaction in light of new claims or evidence.

                Previously, under the Spanish Mortgage Law, the sale of inherited property could be challenged by a forced heir for up to two years after the decedent’s death, even if the property was sold in good faith. However, this risk was eliminated by the reform of 2021 through Real Decreto-ley 8/2021, which abolished that provision.

                In conclusion, while Spanish law technically allows heirs to sell inherited property before registering ownership, this is strongly discouraged and not considered standard practice. A properly advised seller will:

                • Complete the inheritance process first,
                • Pay applicable inheritance taxes, and
                • Register ownership in the Land Registry before offering the property for sale.

                Buyers should always request a recent Land Registry extract (nota simple) confirming that the seller is the legal, registered owner before signing any contract or making any payment. Failure to follow this guidance may result in legal uncertainty or annulment of the transaction.

                Documentation and Procedure

                To register property acquired through inheritance in Spain, proper documentation must be submitted within the legal timeframe to ensure legal certainty and avoid penalties. Generally, inheritance tax must be settled within six months from the date of death (an extension may be requested during the first months).

                Property transfer as part of inheritance typically requires a notarial deed, especially when multiple heirs are involved. In certain cases, a European Certificate of Succession or private applications may suffice.

                Typical required documents include:

                • International death certificate or national certificate with Hague Apostille;
                • European Certificate of Succession or national inheritance certificate with Hague Apostille;
                • Certificate from the Spanish Register of Wills (Registro General de Actos de Última Voluntad);
                • Property title and Land Registry data;
                • Bank balance certificates (certificado de saldo);
                • Last property tax (IBI) or a bank statement confirming the property’s cadastral data.

                In a previous article, we outlined how to structure the purchase of a real estate property in Spain and the steps buyers should take to ensure the purchase is efficient and safe. If you missed it, you can find it here.

                In this second part, we will cover financial and tax information along with practical tips related to the buying process. You will also learn about the rules that apply to owning and maintaining the property.

                Taxation of individuals and legal entities

                Both individuals and legal entities must bear the acquisition costs; the main difference in taxation is that legal entities can deduct VAT and other transaction-related expenses, while individuals generally have fewer tax advantages and a more limited deduction capacity. In any case, there is no clearly more advantageous regime for one type of taxpayer or the other, and the most favorable option will depend on the specific circumstances of each case.

                Acquisition costs

                Buying a home in Spain involves paying various additional costs on top of the purchase price, which vary depending on the autonomous community, the property’s value, and the buyer’s personal circumstances. These costs can amount to between 8% and 14% of the property’s purchase price and are discussed in sections 3 and 4 below.

                Property Tax/VAT/ITPJAD

                If it is a new home, Value Added Tax (VAT) must be paid, which is generally 10%, and Stamp Duty (AJD- Actos juridicos documentados) which is between 0.50% and 1.5% of the value of the home, depending on the Autonomous Community and the circumstances of the buyer.

                If it is a second-hand home, you will have to pay Property Transfer Tax (ITP – Impuesto transmisiones patrimoniales), which will be 5%-10% of the value of the home, depending on the Autonomous Community and the buyer’s circumstances.

                As for the IBI, it is mentioned in section IV, as it is not an acquisition cost as such.

                Other expenses

                Basically, they will be as follows:

                • Notary fees for the execution of the public deed of sale, which legally correspond to the seller, although it is not uncommon for them to be transferred to the buyer by agreement. For a property worth €300.000,00, they would typically amount to around €2,000; however, they are negotiable.
                • Registration fees for registering the sale in the Property Registry, which are payable by the buyer. For a property worth €300,000, these would amount to around €500.                                                                                          
                • Administrative fees, if the services of an agency are hired to process the payment of taxes and the registration of the buyer’s title in the property registry (which is essential).

                Property In Progress And Tax Obligations

                Once you own the property, you will need to take care of the following expenses and obligations:

                • If the property is part of a building or development with common areas, the owner must pay the homeowners’ association fees, which vary depending on the services and size of the association.
                • Property tax (IBI – Impuesto sobre Bienes Inmuebles), which is levied on the ownership of real estate and whose amount depends on the cadastral value of the property and the tax rate set by each local council.
                • Depending on the municipality, there may be an annual garbage collection fee for urban waste collection.
                • Private utilities, such as water, electricity, gas, or internet.
                • Where applicable, home insurance (mandatory when taking out a mortgage), private maintenance and repairs, or extraordinary works agreed upon by the homeowners’ association.

                Joint Ownership Communities, Maintenance, Technical Building Inspection (Inspección Técnica De Edificios)

                Joint Ownership Communities

                When purchasing property in Spain, you are not only investing in the private space you occupy, you are often also becoming part of a legally regulated community of owners (comunidad de propietarios), which comes with specific financial, administrative, and legal responsibilities. In Spain, most buildings and many houses within residential developments (urbanizaciones) are subject to a legal structure known as a joint ownership community.

                Within this framework, all property owners collectively assume responsibility for the maintenance, conservation, and proper use of common elements. The governance of the community is defined by its statutes and internal rules, which are adopted and amended by the owners’ association through resolutions passed at general meetings of co-owners. These rules establish key obligations, such as:

                • Contributions to shared expenses, which are generally allocated based on each unit’s surface ownership share (coeficiente de participación), although the internal regulations may establish a different method (e.g. equal shares)
                • Permitted uses of communal areas,
                • Maintenance responsibilities,
                • Approval of extraordinary levies (derramas).

                Prospective buyers should carefully review all community documentation before completing a purchase. These internal rules and decisions may significantly affect the intended use of the property, for example, by restricting short-term rentals, limiting certain renovations, or setting usage rules for terraces or shared facilities. Additionally, documentation may reveal unpaid levies, planned renovations, or other financial obligations that could affect the property’s long-term affordability. To avoid unexpected liabilities, it is essential to request a debt certificate from the community, confirming that the current owner is up to date with all community payments.

                Maintenance Responsibilities

                All owners are obliged to contribute to the shared maintenance costs of the building or development. These include regular expenses such as:

                • Cleaning of common areas,
                • Minor repairs,
                • Utility bills for communal services.

                Larger or unplanned expenses may require extraordinary assessments, which are apportioned among the owners based on their respective share (often called a cuota de participación).

                In addition to shared obligations, each owner is responsible for the maintenance of their private property. In the case of detached or semi-detached homes, this responsibility is exclusive. Owners can be held liable for any damage caused to third parties due to poor maintenance or structural issues.

                It is therefore strongly recommended to obtain comprehensive home insurance. Not only does it offer financial protection, but it is often a mandatory requirement for obtaining a mortgage from Spanish financial institutions. Policies should ideally include coverage for major risks such as fire, flooding, and structural damage.

                Technical Building Inspection (Inspección Técnica de Edificios, ITE)

                Spanish regulations require buildings over a certain age – typically 45 years, though this varies by region – to undergo a Technical Building Inspection (Inspección Técnica de Edificios, or ITE).

                This inspection must be carried out by an independent qualified technician and assesses the overall condition of the building. It identifies any deficiencies and proposes necessary improvements. If serious issues are found, the community of owners is required to carry out repairs within a designated timeframe.

                Conclusion

                A full understanding of both collective and individual responsibilities is essential for safeguarding the interests of foreign buyers in the Spanish property market. Awareness of the implications of joint ownership, maintenance costs, and regulatory obligations such as the ITE can help ensure a secure and financially sound investment.

                Summary: How can foreigners purchase a real estate property in Spain? In this article, we aim to provide an overview of the key legal and practical aspects foreign clients should consider before investing in the Spanish housing market. 

                This is the first of a series of three articles: in the second part we present the financial and tax information as well as practical tips related to the purchase process (here) and in the third wwìe deal with international inheritance implications (here).

                How does a property purchase in Spain work?

                Spain offers a transparent and legally secure process for real estate investment. However, it is not without risks, particularly concerning private purchase contracts, which are not subject to a mandatory format and rely heavily on the contractual freedom of the parties involved.

                Although ownership is typically transferred during the notary appointment, prior private purchase contracts, often accompanied by a 10% deposit, are very common in Spain and are fully effective under formal law aspects. In practice, this means that the decision to purchase and the review of all legal aspects and risks must occur before signing the private purchase contract as this document sets out all the binding conditions between the parties. The subsequent notarial deed merely formalizes or executes the terms previously agreed upon. Moreover, it is important to understand that the notary serves solely as a certifying official in Spain. They do not act to protect the buyer or offer legal advice and must remain neutral.

                Therefore, engaging qualified legal support is essential to ensure a safe investment and to fully protect your rights. International buyers should be aware that certain procedural steps are highly recommended to ensure full protection of their ownership rights.

                 

                Spain has two complementary real estate registration systems which are characterized below.

                If you would like to get to know more about how you can find information about real estate and get the certificate from the Land Registry we encourage you to look at another guide prepared by Legalmodo which you can find here.

                1. The Land Registry (Registro de la Propiedad) is the official legal registry that confirms ownership from a civil law perspective and lists encumbrances (e.g., mortgages). Registration here is highly recommended as it offers protection against third parties acting in good faith.

                The Land Registry is a specialised body under the Ministry of Justice. Each Land Registry office is run by a Registrador de la Propiedad- a legally qualified public official.

                Legal information about registered property may be obtained by applying for:

                • a “nota simple”- an unofficial extract containing basic property data, useful for informational or preliminary purposes or;
                • a “Certificacion registral”- an official and legally binding certificate confirming ownership and registered rights.

                These documents may be obtained from the relevant Land Registry office or via the electronic portal of the Colegio de Registradores de España.

                1. The Cadastre (Catastro) is an administrative and fiscal registry that describes the property’s physical characteristics, such as location, surface area, layout, and cadastral value, for taxation and urban planning purposes, but does not certify ownership.

                The Cadastre is managed by the General Directorate for the Cadastre (Dirección General del Catastro), which forms part of the Ministry of Finance (Ministerio de Hacienda).

                Cadastral data is publicly accessible and may be obtained either online or in person. The main channels are:

                • The official Cadastre portal: https://www.sedecatastro.gob.es/
                • Local Cadastral Information Points (Puntos de Información Catastral- PICs) and municipal offices

                The following official documents are available:

                • Certificación catastral: a legally binding certificate that confirms the cadastral details of a property.
                • Consulta Descriptiva y Gráfica: a non- certified extract providing a descriptive and graphical overview of the property’s characteristics.

                Real Estate Property purchase process

                The typical purchase process in Spain provides legal certainty and transparency. The main steps are as follows:

                Real Estate Agency contract

                The process often starts with the seller signing a contract with a real estate agency, outlining the agent’s services and commission. While not mandatory, a written contract ensures transparency. Although the seller typically pays the commission, the agency may also enter into a separate or additional agreement with the buyer, particularly in transactions involving property search. It is common for agents to have agreements with both the seller and buyer; however, agents primarily represent the seller and must disclose any dual representation to avoid conflicts of interest. Buyers are advised to seek independent legal advice, as agents do not act as legal representatives.

                Reservation Agreement

                Once a property is identified, the buyer and seller may sign a reservation agreement, usually with a deposit of 1–2% of the purchase price. This agreement temporarily removes the property from the market, allowing time for document review and due diligence.

                The reservation deposit is typically paid to the real estate agency. To ensure legal certainty, the reservation agreement should clearly set out the conditions under which the deposit is refundable. If the transaction is not finalised and the seller or the agency refuses to return the deposit, the buyer may seek legal enforcement through civil proceedings.

                Private Purchase Agreement

                As indicated below, this stage of the purchasing process is very important. This contract will usually have a decisive impact on the final transaction. Therefore it should be drafted with utmost care and with the assistance of an experienced real estate lawyer.

                This contract defines and confirms all agreed terms. It usually involves a 10% deposit. A thorough due diligence is essential at this stage, as the buyer assumes full responsibility for the property. It is often agreed that the deposit is forfeited if the buyer withdraws from the contract and, if the seller withdraws from the contract, they must repay double the deposit.

                As with the reservation agreement, the second deposit is generally paid either directly to the seller or to the real estate agency, depending on the arrangement. In Spain, there is no public escrow system or neutral body responsible for managing such funds. Accordingly, if the transaction does not proceed and the seller or the agency refuses to return the deposit, the buyer may pursue legal remedies through civil proceedings.

                While it is not standard practice, sometimes it is possible to arrange for the deposit to be transferred to a notary or lawyer who may act as an escrow agent under a private agreement between the parties. As it is not common it may be difficult to arrange in practice.

                Public Deed Before a Spanish Notary

                As explained before, together the Título and Modo ensure that ownership is validly and securely transferred. In practice, this usually takes place with the signing of the notarial public deed before the Spanish notary, which formally represents the transfer of possession (Modo). In most cases, the remaining purchase price is also paid at the same time because the seller transfers the ownership upon signing the public deed.

                Land Registry and Cadastre Updates

                After notarisation, the buyer must register the property in the Land Registry to secure legal title against third parties. While this step is not constitutive of ownership, it offers critical protection and is standard practice. Simultaneously, the Cadastral Office updates the property’s ownership details for tax and administrative purposes.

                Conclusion

                Spain offers a transparent and legally secure process for real estate investment. However, the process is not without risks, particularly regarding private purchase agreements, which are not governed by a mandatory format and rely heavily on the parties’ contractual freedom. Therefore, engaging qualified legal support is essential for a safe investment and to ensure full protection of your rights.

                Verification Of Legal Status

                The buyer of a property must have access to the following documentation in order to be fully confident about the sale:

                • Property deed. This document must be provided by the seller, who must present the original at the notary’s office on the day the deed is signed.
                • Updated simple note issued by the Land Registry. This document summarizes the legal status of the property, indicating its ownership, description, and any encumbrances or liens that may exist on it. The law firm advising the buyer can easily obtain this online. It is an essential document for understanding the legal status of the property.
                • Updated cadastral certificate, which describes the physical characteristics of the property, including its size, built-up areas, and indicating measurements and boundaries. It can be consulted via the following link: https://www.sedecatastro.gob.es/ or requested through the law firm; it is very necessary if you are buying land on which to build a house, but not essential if you are buying an existing property.
                • Energy efficiency certificate, which provides information on the property’s energy consumption and CO2 emissions. To obtain it, you must hire an authorized technician, who will inspect the home and issue the certificate.
                • Certificate of occupancy or first occupancy license. This is only necessary in certain cases, including when the property is newly built.
                • If applicable, certificate of debts with the Homeowners’ Association. This must be requested from the president or administrator of the Association and certifies whether or not the seller has any outstanding debts with the Association.
                • Latest property tax (IBI) receipt certifying payment of this tax.
                • Technical Building Inspection Certificate (ITE), certifying compliance with the minimum structural requirements of the property (structure, installations, etc.). This is issued by an approved technician and is only necessary in the case of old buildings, those over 50 years old.
                • If the property is mortgaged, you will need to request the corresponding certificate from the bank certifying full payment or, failing that, the outstanding debt.

                ¿Cómo funciona la tokenización de inmuebles, cuál es el marco regulatorio y qué derechos adquiere realmente el inversor?

                La tokenización inmobiliaria, presente desde hace ya algunos años en España, está dejando de ser una promesa futurista para convertirse en una realidad tangible en el mercado español. Representa algo más que una innovación tecnológica: supone una transformación en la forma en que concebimos la propiedad, la inversión y la liquidez en el sector inmobiliario, uno de los más tradicionales y regulados de nuestra economía.

                ¿Qué es la tokenización inmobiliaria y cómo funciona?

                En esencia, tokenizar un inmueble significa, hoy en día, convertir los derechos económicos asociados a ese activo en unidades digitales que pueden circular en plataformas basadas en blockchain. Cada token representa una fracción de esos derechos económicos, lo que permite a inversores con capitales más modestos acceder a un mercado que tradicionalmente exigía sumas considerables.

                El papel de los contratos inteligentes (smart contracts)

                Los tokens funcionan mediante contratos inteligentes que ejecutan automáticamente la distribución de rentas de alquiler o reventa de esa representación parcial del inmueble, con su revalorización incluida, eliminando intermediarios y aportando transparencia al proceso. Esta automatización no es meramente cosmética: reduce costes operativos, acelera las transacciones y, potencialmente, incrementa la liquidez de activos que históricamente han sido de los menos líquidos del mercado.

                La realidad jurídica: qué se tokeniza realmente en España

                Sin embargo, conviene aclarar desde el inicio una cuestión fundamental que a menudo queda desdibujada en el discurso comercial: en la práctica, en los proyectos de tokenización inmobiliaria en España, lo que se tokeniza no es el inmueble en sí, sino derechos económicos vinculados a un vehículo societario (habitualmente una sociedad de propósito especial o SPV) que ostenta la titularidad del inmueble. La normativa española solo permite tokenizar acciones de sociedades anónimas mediante tecnología de registro distribuido; las participaciones de sociedades limitadas no pueden tokenizarse. Esto significa que si el SPV es una sociedad limitada, no se pueden tokenizar las participaciones sociales propiamente dichas, sino únicamente otros instrumentos como préstamos participativos o derechos de crédito sobre rentas. Solo si el SPV se constituye como sociedad anónima es posible tokenizar directamente las acciones de esa sociedad.

                ¿Qué derechos adquiere realmente el inversor de tokens inmobiliarios?

                Quien adquiere un token, por tanto, no se convierte en copropietario directo del activo inmobiliario. Dependiendo de la estructura elegida, puede ser accionista de una SA tokenizada, propietaria del inmueble, o titular de derechos económicos derivados de préstamos participativos u otras fórmulas de participación indirecta sobre el SPV que posee el inmueble. La diferencia no es trivial: si la sociedad enfrenta problemas de solvencia o quiebra, el valor del token se hunde con ella, sin que el inversor pueda ejercer derechos reales directos sobre el inmueble.

                El derecho español, anclado en siglos de tradición registral, no permite actualmente la transmisión de derechos reales sobre inmuebles mediante la mera transferencia de tokens, exigiendo escritura pública e inscripción registral para que esa transmisión produzca efectos frente a terceros. Esta estructura mediante SPV es, por tanto, una solución de compromiso entre las posibilidades tecnológicas y las exigencias del ordenamiento jurídico vigente.

                Marco regulatorio de la tokenización inmobiliaria en España

                La autorización de la CNMV y la Ley 6/2023 del Mercado de Valores

                El regulador español ha comenzado a sentar las bases jurídicas para que esta tecnología pueda desarrollarse dentro de un marco de seguridad. En 2023, la Comisión Nacional del Mercado de Valores autorizó a Adventurees Capital PFP como la primera plataforma de financiación participativa que emite valores tokenizados, marcando un hito en la convergencia entre crowdfunding y blockchain. Esta autorización no surgió en el vacío: fue acompañada por la aprobación de la Ley 6/2023 del Mercado de Valores, que reconoce expresamente la representación de valores negociables mediante tecnologías de registro distribuido como blockchain, otorgándoles plena validez jurídica.

                El rol del Registro de la Propiedad en la era blockchain

                Paralelamente, el Colegio de Registradores está explorando cómo integrar blockchain en el sistema registral español, aunque conviene precisar el alcance real de estas iniciativas. Los proyectos en marcha se centran fundamentalmente en aplicaciones complementarias como la gestión digitalizada del Libro del Edificio o la mejora de la trazabilidad y consulta de información registral, pero no buscan sustituir los pilares fundamentales del sistema: el otorgamiento de escritura pública ante notario y la inscripción registral, los cuales siguen siendo absolutamente obligatorios para la transmisión de derechos reales sobre inmuebles. Los registradores son claros en su postura institucional: la blockchain puede complementar y agilizar procesos de gestión documental, pero no puede reemplazar el control de legalidad que ejerce el registrador ni la protección de terceros que ofrece el Registro de la Propiedad, elementos esenciales de nuestro sistema jurídico. Esta posición refleja precisamente la limitación actual del modelo: los tokens circulan en la blockchain representando posiciones en SPV o derechos económicos sobre ellos, pero la propiedad real del inmueble permanece anclada en el mundo registral tradicional, bajo titularidad de esa sociedad vehículo, y cualquier transmisión de ese derecho real requiere el procedimiento tradicional con todas sus garantías.

                Regulación europea: ECSPR, MiCA y régimen piloto DLT

                España también se beneficia de un entramado regulatorio europeo que está posicionando a la Unión como líder global en la regulación de activos digitales. El Reglamento Europeo de Proveedores de Servicios de Crowdfunding (ECSPR) armoniza las normas para las plataformas de financiación participativa, permitiendo que una plataforma autorizada en un Estado miembro pueda operar en toda la UE mediante el denominado «pasaporte europeo». El Reglamento MiCA, que entró en plena aplicación el 30 de diciembre de 2024, regula de forma bastante amplia los mercados de criptoactivos, estableciendo obligaciones tanto para emisores como para proveedores de servicios. Y el régimen piloto DLT (Reglamento UE 2022/858) permite que infraestructuras de mercado basadas en tecnología de registro descentralizado operen con ciertas exenciones temporales, creando un entorno controlado de pruebas para evaluar el potencial de estas tecnologías en los mercados financieros.

                El enfoque del regulador español podría describirse como cautelosamente favorable: se fomenta la innovación, pero se exige el cumplimiento riguroso de controles de prevención de blanqueo de capitales, identificación de clientes y obligaciones de divulgación para proteger a los inversores. No es un laissez-faire tecnológico, sino una apuesta por integrar la innovación dentro de un marco de garantías.

                Desafíos jurídicos y riesgos de la tokenización inmobiliaria

                Los riesgos de la estructura mediante SPV

                Los desafíos jurídicos que persisten son relevantes y merecen atención. La estructura mediante SPV, aunque jurídicamente viable, introduce una capa adicional de complejidad y riesgo que debe ser de modo claro comunicada a los inversores. A diferencia de la propiedad directa, donde el inversor tiene derechos reales sobre el inmueble oponibles frente a terceros, en el modelo tokenizado actual el inversor ostenta posiciones en fórmulas de participación indirecta (acciones de SA, préstamos participativos, derechos de crédito) vinculadas a una sociedad propietaria del inmueble, con todas las implicaciones que ello conlleva en materia de responsabilidad societaria, fiscalidad y protección ante insolvencias.

                La desconexión entre el mundo on-chain y off-chain

                También resulta fundamental entender que la conexión entre el mundo «on-chain» (donde circulan los tokens) y «off-chain» (donde se inscribe la propiedad real) no es directa ni automática. La transmisión de un token no implica por sí misma ningún cambio en el Registro de la Propiedad: la titularidad jurídica del inmueble permanece en el SPV independientemente de quién posea los tokens, y solo una escritura pública debidamente inscrita podría cambiar esa titularidad registral. Los proyectos exploratorios del Colegio de Registradores buscan mejorar la eficiencia en la gestión de información complementaria, pero no alteran esta realidad fundamental. Y, como en cualquier mercado emergente, es necesario prevenir la proliferación de esquemas fraudulentos que prometan rentabilidades irreales o que comercialicen tokens sin el respaldo jurídico adecuado.

                Implicaciones prácticas para inversores y operadores jurídicos

                Para los operadores jurídicos, la tokenización inmobiliaria puede plantear la necesidad de adaptar contratos, estatutos sociales y estructuras de financiación a un entorno donde los derechos circulan de forma digital y distribuida. Para los inversores, representa una oportunidad de diversificar carteras con entradas de capital más reducidas y un potencial de liquidez superior al de la inversión inmobiliaria tradicional, siempre que comprendan que no están adquiriendo propiedad directa del inmueble sino una posición en fórmulas de participación indirecta vinculadas a la estructura societaria que lo posee. Y para la economía en su conjunto, puede dinamizar un mercado inmobiliario valorado en billones de euros al facilitar la entrada de capital minorista que antes quedaba excluido.

                El futuro de la tokenización inmobiliaria en España

                Estamos ante una evolución que combina derecho, tecnología y finanzas de forma inseparable. Resulta no obstante clave entender que la tokenización no es una moda pasajera, sino una herramienta que, bien utilizada y debidamente regulada, puede transformar la forma en que accedemos a uno de los activos más valorados de nuestra sociedad: el inmueble. Pero esa transformación, al menos en el presente, opera a través de estructuras societarias vehículo y fórmulas de participación indirecta, no mediante la titularidad directa que la terminología comercial a veces sugiere, y ciertamente no implica una revolución inmediata del sistema registral español, cuyas garantías fundamentales permanecen intactas.

                Third country citizens seeking to buy real estate in Greece or holding all shares of a Greek legal entity, may apply for a residence permit in Greece under the conditions described below.

                If the property is situated in the Municipalities of Attica, in Vari – Voula – Vouliagmeni, in Thessaloniki, in Mykonos or in Santorini, the value of the purchase contract shall amount minimum to five hundred thousand euros (€ 500.000). If the property is situated in different – from the abovementioned – areas of Greece, the minimum value of the purchase contract amounts to two hundred fifty thousand euros (€ 250.000).

                Third country citizens seeking to build on a plot, may also apply for a residence permit, if the combined value of the construction contract and that of the purchase contract, amounts to minimum € 500.000 or € 250.000.

                Co-owners of a purchased property may apply for a residence permit if they are spouses. If not, permit can be granted to a co-owner, only if the amount invested by her, amounts at least to € 500.000 or € 250.000.

                All abovementioned thresholds can be met via the purchase of more than one property.

                Residence permits may be also granted to family members of the investor (spouse, children, parents).

                In some areas of Greece, the Greek State has imposed restrictions on purchase contracts. In these areas, restrictions may be lifted only by a decision of the Greek Ministry of Defense.

                As per the administrative process, each applicant shall lawfully entry Greece at least twice. Applicants shall collect and submit, usually with the help of a lawyer holding a PoA, all necessary documentation at the Immigration Department of the competent Decentralized Greek Authority. Applicants are subject to an administrative fee of two thousand euros (€2.000).

                Shortly after filing documents and giving biometric data, applicants receive a temporary residence permit for a year. The duration of a residence permit, if issued, is five (5) years. It may be renewed for another five (5) years if its holder remains owner of the purchased property. The residence permit is revoked if its holder sells her property in Greece.

                After seven (7) years since the issuance of a residence permit, its holder can apply for the Greek citizenship if she meets all other criteria for the Greek citizenship (e.g. sufficient knowledge of the Greek language, history, culture and political system, clear criminal record, economic activity in Greece).

                This is a summary of the approved measures, which unfortunately for both tenants and landlords do not include any public aid or tax relief and just refer to a postponement in the payment of the rent.

                Premises to which they are applied

                Leased premises dedicated to activities different than residential: commercial, professional, industrial, cultural, teaching, amusement, healthcare, etc. They also apply to the lease of a whole industry (i.e. hotels, restaurants, bars, etc., which are the most usual type of businesses object of this deal).

                Types of tenants

                • Individual entrepreneurs or self-employed persons who were registered before Social Security before the declaration of the state of alarm on March 14th, 2020
                • Small and medium companies, as defined by article 257.1 of the Capital Companies Act: those who fulfil during two consecutive fiscal years these figures: assets under € 4 million, turnover under € 8 million and average staff under 50 people

                Types of landlords

                In order to benefit from these measures, the landlord should be a housing public entity or company or a big owner, considering as such the individuals or companies who own more than 10 urban properties (excluding parking places and storage rooms) or a built surface over 1.500 sqm.

                Measures approved

                The payment of the rent is postponed without interest meanwhile the state of alarm is in force, but in any case, for a maximum period of four months. Once the state of alarm is overcome, and in any case in a maximum term of four months, the postponed rents should be paid along a maximum period of two years, or the duration of the lease agreement, should it be less than two years.

                For landlords different to those mentioned above

                The tenant could apply before the landlord for the postponement in the payment of the rent (but the landlord is not obliged to accept it), and the parties can use the guarantee that the tenant should mandatorily have provided at the beginning of any lease agreement (usually equal to two month’s rent, but could be more if agreed by the parties), in full or in part, in order to use it to pay the rent. The tenant will have to provide again the guarantee within one year’s term, or less should the lease agreement have a shorter duration.

                Activities to which it is applied

                Activities which have been suspended according to the Royal Decree that declared the state of alarm, dated march, 14ht, 2020, or according to the orders issued by the authorities delegated by such Royal Decree. This should be proved through a certificated issued by the tax authorities.

                If the activity has not been directly suspended by the Royal Decree, the turnover during the month prior to the postponement should be less than 75% of the average monthly turnover during the same quarter last year. This should be proved through a responsible declaration by the tenant, and the landlord is authorised check the bookkeeping records.

                Term to apply and procedure

                The tenant should apply for these measures before the landlord within one month’s term from the publication of the Royal Decree-law, that is, from April 22nd, 2020, and the landlord (in case belongs to the groups mentioned in point c) is obliged to accept the tenant’s request, except if both parties have already agreed something different. The postponement would be applied to the following month.

                As the state of alarm was declared more than one month ago (March 14th), landlords and tenants have already been reaching some agreements, for example 50% rent reduction during the state of alarm, and 50% rent postponement during the following 6 months. Tenants who do not reach an agreement with the landlord could face an eviction procedure, however court procedures are suspended during the state of alarm. We have also seen some abusive non-payment of rent by tenants.

                When is becomes impossible to reach an agreement with the landlord, tenants have the legal remedy of claiming in Court for the application of the “rebus sic stantibus” principle, which was highly demanded during the 2008 financial crisis but very seldom applied by the Courts. This principle is aimed to re-balance the parties’ obligations when their situation had deeply changed because of unforeseen circumstances beyond their control. This principle is not included in the Spanish Civil Code, but the Supreme Court has accepted its application, in a very restricted way, in some occasions.

                Mercedes Clavell

                Áreas de práctica

                • Franquicia
                • Inmigración
                • Comercio internacional
                • Fusiones y adquisiciones
                • Derecho Inmobiliario
                Contáctanos Mercedes

                Contacta con Mercedes





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                  España – Los efectos del Covid-19 en los contratos de arrendamiento de locales y oficinas

                  2 de abril de 2020

                  • España
                  • Contratos
                  • Derecho Inmobiliario

                  This is the fourth article of a series decidated to purchasing real estate property in Spain: previously, we presented how to structure the purchase of a real estate property and what steps you must undertake to ensure the purchase is efficient and safe (you can find it here), the financial and tax information as well as practical tips related to the purchase process (here) and how to handle international inheritance tax implications (here).

                  How to obtain a mortgage loan when Purchasing Property in Spain

                  When a buyer in Spain wishes to purchase property using a mortgage loan, the financing process typically begins after selecting a specific property and signing a private purchase agreement, which is usually accompanied by a deposit payment. The entire financing process is strictly regulated under Spanish civil and banking law, offering a high degree of legal security, including foreign and non-resident buyers.

                  Once the private purchase contract is signed, the bank initiates an official property valuation. This is a mandatory step for determining the maximum loan amount, the financing conditions and for loan approval.

                  Only after the valuation is completed will the bank issue a formal mortgage offer. The entire process, from the initial application to the final offer, can take several weeks, depending on the complexity of the buyer’s financial profile and the documentation required. The final step occurs before a Spanish notary, where two deeds are signed simultaneously:

                  • The public deed of sale, and
                  • The mortgage deed.

                  At this stage, the bank transfers the loan amount directly to the seller, ensuring legal and financial certainty for all parties involved.

                  While this structure guarantees legal clarity, it also means that mortgage financing is not secured at the time the private agreement is signed. Therefore, it is strongly recommended to include a mortgage contingency clause in the private purchase contract. This clause makes the completion of the sale conditional upon obtaining financing, thereby protecting the buyer’s deposit in the event of a mortgage denial.

                  Key Differences for Foreign Buyers

                  Spanish banks do not generally issue binding pre-approvals before a specific property has been chosen. Foreign buyers, particularly non-residents, should also be aware of additional requirements, including:

                  • Submission of translated or apostilled foreign documents,
                  • More extensive due diligence and KYC (Know Your Customer) procedures, and
                  • Generally longer processing times.

                  These factors may extend the mortgage timeline and should be accounted for in the overall transaction planning.

                  Differences between buying a second-hand apartment/house and buying a new apartment/house directly from the developer

                  The main difference is that, in the case of a new home, VAT and AJD (stamp duty) are paid, and in the case of a second-hand home, only ITP (property transfer tax) is paid, as already explained in section III, paragraph 3.

                  In addition, in the case of new homes, a series of legal guarantees are established—for 1, 3, and 10 years—for possible construction defects that may arise in the home, for which the developer is liable. On the other hand, in the case of second-hand homes, the seller is liable for hidden defects only for a period of 6 months from delivery.

                  If the property is purchased from a natural person, it will generally be a second-hand home, whereas if it is purchased from a legal entity, it will normally be a new build and will be purchased from a developer.

                  Therefore, the fundamental differences will be those already mentioned above: different taxation and greater legal guarantees in the case of purchase from legal entities. Additionally, in the case of purchasing the property from a legal entity developer, there are enhanced documentation and reporting obligations, which do not apply in the case of sale by individuals.

                  Are there debts associated with the property that the buyer will be liable for?

                  The buyer is liable for any debts owed to the Homeowners’ Association for the three years prior to the purchase and for the outstanding portion of the current year’s dues. The buyer is also vicariously liable for any outstanding property tax (IBI) or other local taxes owed by the previous owner.

                  To adequately protect their interests, the buyer should, on the one hand, request a certificate of debts from the Homeowners’ Association and, on the other hand, check the status of payments of property tax and other municipal taxes.

                  What are the specific provions of Spanish Coastal Law (Ley De Costas)?

                  Properties located near the sea may fall under the Spanish Coastal Law (Ley de Costas), which regulates land use in the public maritime-terrestrial zone and its surrounding protected areas. These coastal strips are public domain, and strict limitations apply to ownership, construction, and renovation.

                  Even for older, long-standing buildings, it is vital to verify whether the property lies within a protection zone. Depending on the classification of the area, consequences can range from restricted use or denial of renovation permits to expiration of rights of use or, in extreme cases, administrative demolition orders.

                  Legal due diligence is essential to determine the status of the plot and identify any concessions or time-limited occupancy rights granted by the authorities.

                   

                  What rules apply to Country Houses (Fincas Rústicas)?

                  Country houses (fincas rústicas) deserve special attention due to their location in rural and often protected areas, which are subject to strict urban planning and environmental regulations.

                  Depending on local and regional classifications, the land may be designated exclusively for agriculture, forestry, or conservation, limiting the potential for construction, expansion, or change of use.

                  Additionally, many rural properties have existing buildings that may never have been fully or properly legalised. As with coastal properties, buyers should review all applicable planning and environmental restrictions carefully before purchasing. 

                  How are squatting cases  (Okupas) regulated under Spanish law?

                  In recent years, Spain has experienced a rise in squatting cases, influenced by housing shortages, unaffordable rents, and high costs in urban or tourist areas. While the issue is complex and socio-politically sensitive, this section focuses on practical implications for property owners.

                  Importantly, unlawful occupation (okupación) is relatively uncommon in most parts of Spain. The majority of property owners, especially those who secure and monitor their homes properly, are unlikely to be affected.

                  Effective deterrents include:

                  • Alarm systems and surveillance cameras,
                  • Remote monitoring,
                  • Local property management services (especially for second homes).

                  Spanish law differentiates between:

                  • Intrusion into a primary residence (treated as unlawful entry),
                  • Occupation of vacant or second homes (classified as usurpation, requiring court action).

                  Recent Legal Reforms – “Anti-Squatting Law” (Ley Orgánica 1/2025): To address lengthy eviction timelines, Spain introduced reforms, which include:

                  • Within the first 48 hours of occupation:
                    Police may evict squatters without a court order if no legal proof of residence is presented. Owners must provide immediate proof of ownership.
                  • After 48 hours: Eviction must follow a formal judicial process.
                  • Fast-track legal procedures: Eviction claims may now be processed in about 15 working days under accelerated procedures—though real-world implementation may vary by jurisdiction.

                  While these special topics may not apply to every transaction, they highlight the importance of thorough due diligence and professional legal advice when buying property in Spain. Understanding the implications of coastal laws, rural zoning, inheritance regulations, and property security helps international buyers make informed, secure, and future-proof investments.

                  Trasladarse a España por motivos profesionales suele vivirse como una oportunidad: nuevo proyecto, nuevo entorno y, en muchos casos, mejora en calidad de vida. Sin embargo, la experiencia práctica demuestra que las mayores dificultades no suelen surgir en el ámbito laboral, sino en cuestiones aparentemente accesorias como la vivienda y su encaje jurídico y fiscal.

                  Antes de firmar un contrato de alquiler o comprometerse con la compra de un inmueble, es imprescindible entender cuál es la propia situación administrativa y tributaria. Ese análisis previo evita problemas posteriores que, una vez firmado el contrato, pueden resultar costosos o difíciles de resolver.

                  Situación administrativa: punto de partida obligatorio

                  No todos los ciudadanos extranjeros se encuentran en la misma posición legal.

                  Los ciudadanos de la Unión Europea pueden residir y trabajar en España, pero deben obtener un Número de Identificación de Extranjero (NIE), inscribirse en el Registro Central de Extranjeros y empadronarse en el municipio correspondiente.

                  En el caso de nacionales de terceros países, la situación es distinta: es necesario contar con visado o autorización de residencia y trabajo, y posteriormente solicitar la Tarjeta de Identidad de Extranjero (TIE).

                  Esta regularización no es un simple trámite formal. Sin documentación en regla pueden surgir dificultades prácticas relevantes: apertura de cuentas bancarias, contratación de suministros, acreditación de solvencia ante propietarios o incluso formalización de escrituras notariales.

                  Alquiler: aspectos que conviene revisar antes de firmar

                  El mercado de arrendamiento en España está regulado por la Ley de Arrendamientos Urbanos. Aunque la firma del contrato no exige residencia previa, en la práctica muchos propietarios solicitan garantías adicionales cuando el inquilino acaba de llegar al país.

                  Es importante analizar:

                  • Duración pactada.
                  • Régimen de actualización de renta.
                  • Fianza y garantías adicionales.
                  • Cláusulas de desistimiento anticipado.

                  Firmar con urgencia, sin comprender el alcance de estas condiciones, puede generar obligaciones económicas que no siempre se ajustan a la situación real del trabajador desplazado.

                  Compra de vivienda: posibilidad jurídica y efectos fiscales

                  Un extranjero puede adquirir libremente un inmueble en España, incluso sin ser residente. No existe limitación por nacionalidad.

                  No obstante, la operación tiene consecuencias fiscales que deben valorarse previamente. En vivienda usada se abona el Impuesto sobre Transmisiones Patrimoniales, cuyo tipo depende de la Comunidad Autónoma. En obra nueva se aplican IVA y Actos Jurídicos Documentados. A ello se añaden los gastos notariales y registrales.

                  La formalización requiere escritura pública ante notario e inscripción en el Registro de la Propiedad para garantizar plena seguridad jurídica frente a terceros.

                  Residencia fiscal: el elemento determinante

                  Uno de los puntos más sensibles es determinar si el trabajador desplazado adquiere la condición de residente fiscal en España.

                  Con carácter general, se considera residente quien permanece más de 183 días durante el año natural en territorio español o quien sitúa aquí el núcleo principal de sus intereses económicos. No es una cuestión meramente administrativa; depende de circunstancias objetivas.

                  La diferencia es sustancial:

                  • El residente fiscal tributa en España por su renta mundial.
                  • El no residente tributa únicamente por las rentas obtenidas en España, bajo el Impuesto sobre la Renta de No Residentes.

                  En el caso de ser propietario de un inmueble, incluso aunque no se alquile, puede generarse la obligación de declarar una renta imputada si no constituye vivienda habitual.

                  Coordinación con el país de origen

                  El traslado profesional no elimina automáticamente las obligaciones fiscales en el país de procedencia. España mantiene convenios para evitar la doble imposición con numerosos Estados, pero su aplicación requiere análisis individualizado.

                  Una planificación insuficiente puede dar lugar a situaciones de doble tributación, conflictos de residencia fiscal o requerimientos posteriores de las administraciones tributarias implicadas.

                  Planificar antes de comprometerse

                  La secuencia correcta no comienza con la firma del contrato de alquiler ni con la reserva de una vivienda. Comienza por clarificar la situación migratoria, definir el encaje fiscal y evaluar las implicaciones jurídicas de cada decisión.

                  La vivienda no es únicamente una cuestión inmobiliaria. Es una decisión patrimonial con impacto tributario y efectos jurídicos que pueden proyectarse durante años.

                  Cuando el traslado implica cruzar fronteras, la improvisación deja de ser una opción razonable. La planificación previa no solo aporta seguridad: evita costes innecesarios y protege la estabilidad del proyecto profesional que motiva el cambio.

                  In previous articles, we presented how to structure the purchase of a real estate property and what steps you must undertake to ensure the purchase is efficient and safe (you can find it here), and the financial and tax information as well as practical tips related to the purchase process (here). To complete this overview of the process of purchasing real estate in Spain, let’s consider one of the most important concerns when acquiring property abroad:  inheritance and succession laws, especially for non-resident or foreign owners. This applies both to sellers still settling an estate and buyers planning future succession of their foreign property.

                  Applicable Law

                  The EU Succession Regulation (No. 650/2012) generally stipulates that the law of the deceased’s last habitual residence governs succession. However, individuals may opt for the law of their nationality, a particularly helpful tool for foreign nationals residing in Spain who prefer the inheritance rules of their home country.

                  This choice must be made expressly in a notarized will. Failure to do so may result in unintended legal consequences. The regulation also permits the application of the spouse’s national law in the case of inheritance contracts.

                  Inheritance Tax

                  Spain does not have a unified national inheritance tax system. Instead, each autonomous region applies its own rates, exemptions, and allowances. Following a 2014 European Court of Justice ruling, non-residents are entitled to benefit from regional tax rules when inheriting Spanish assets.

                  Despite this progress, double taxation remains a possibility, as Spain has inheritance tax treaties only with France, Sweden, and Greece.

                  Sales of Inherited Property

                  In Spain, heirs acquire ownership of inherited property by law. However, for that ownership to be fully protected and enforceable, particularly in the case of real estate, it must be registered in the Land Registry (Registro de la Propiedad).

                  A situation in which a seller claims ownership through inheritance but has not yet registered the title is legally problematic. In practice, a serious and properly advised seller would not offer the property for sale until the inheritance registration process is complete or, at the very least, notarially formalised, with registration submitted and pending to be finally registered.

                  While a seller may possess valid succession documents, the absence of formal registration means that third parties, including potential buyer, cannot rely on the seller’s title with legal certainty. This poses several legal risks:

                  1. Competing heirs or challenges: If another heir later appears and successfully contests the will or inheritance arrangement, the sale could be challenged and annulled in court.
                  2. Legal uncertainty for buyers: Although a sale contract might technically be valid, the buyer assumes legal risk by proceeding before the inheritance is fully registered. Courts may later invalidate the transaction in light of new claims or evidence.

                  Previously, under the Spanish Mortgage Law, the sale of inherited property could be challenged by a forced heir for up to two years after the decedent’s death, even if the property was sold in good faith. However, this risk was eliminated by the reform of 2021 through Real Decreto-ley 8/2021, which abolished that provision.

                  In conclusion, while Spanish law technically allows heirs to sell inherited property before registering ownership, this is strongly discouraged and not considered standard practice. A properly advised seller will:

                  • Complete the inheritance process first,
                  • Pay applicable inheritance taxes, and
                  • Register ownership in the Land Registry before offering the property for sale.

                  Buyers should always request a recent Land Registry extract (nota simple) confirming that the seller is the legal, registered owner before signing any contract or making any payment. Failure to follow this guidance may result in legal uncertainty or annulment of the transaction.

                  Documentation and Procedure

                  To register property acquired through inheritance in Spain, proper documentation must be submitted within the legal timeframe to ensure legal certainty and avoid penalties. Generally, inheritance tax must be settled within six months from the date of death (an extension may be requested during the first months).

                  Property transfer as part of inheritance typically requires a notarial deed, especially when multiple heirs are involved. In certain cases, a European Certificate of Succession or private applications may suffice.

                  Typical required documents include:

                  • International death certificate or national certificate with Hague Apostille;
                  • European Certificate of Succession or national inheritance certificate with Hague Apostille;
                  • Certificate from the Spanish Register of Wills (Registro General de Actos de Última Voluntad);
                  • Property title and Land Registry data;
                  • Bank balance certificates (certificado de saldo);
                  • Last property tax (IBI) or a bank statement confirming the property’s cadastral data.

                  In a previous article, we outlined how to structure the purchase of a real estate property in Spain and the steps buyers should take to ensure the purchase is efficient and safe. If you missed it, you can find it here.

                  In this second part, we will cover financial and tax information along with practical tips related to the buying process. You will also learn about the rules that apply to owning and maintaining the property.

                  Taxation of individuals and legal entities

                  Both individuals and legal entities must bear the acquisition costs; the main difference in taxation is that legal entities can deduct VAT and other transaction-related expenses, while individuals generally have fewer tax advantages and a more limited deduction capacity. In any case, there is no clearly more advantageous regime for one type of taxpayer or the other, and the most favorable option will depend on the specific circumstances of each case.

                  Acquisition costs

                  Buying a home in Spain involves paying various additional costs on top of the purchase price, which vary depending on the autonomous community, the property’s value, and the buyer’s personal circumstances. These costs can amount to between 8% and 14% of the property’s purchase price and are discussed in sections 3 and 4 below.

                  Property Tax/VAT/ITPJAD

                  If it is a new home, Value Added Tax (VAT) must be paid, which is generally 10%, and Stamp Duty (AJD- Actos juridicos documentados) which is between 0.50% and 1.5% of the value of the home, depending on the Autonomous Community and the circumstances of the buyer.

                  If it is a second-hand home, you will have to pay Property Transfer Tax (ITP – Impuesto transmisiones patrimoniales), which will be 5%-10% of the value of the home, depending on the Autonomous Community and the buyer’s circumstances.

                  As for the IBI, it is mentioned in section IV, as it is not an acquisition cost as such.

                  Other expenses

                  Basically, they will be as follows:

                  • Notary fees for the execution of the public deed of sale, which legally correspond to the seller, although it is not uncommon for them to be transferred to the buyer by agreement. For a property worth €300.000,00, they would typically amount to around €2,000; however, they are negotiable.
                  • Registration fees for registering the sale in the Property Registry, which are payable by the buyer. For a property worth €300,000, these would amount to around €500.                                                                                          
                  • Administrative fees, if the services of an agency are hired to process the payment of taxes and the registration of the buyer’s title in the property registry (which is essential).

                  Property In Progress And Tax Obligations

                  Once you own the property, you will need to take care of the following expenses and obligations:

                  • If the property is part of a building or development with common areas, the owner must pay the homeowners’ association fees, which vary depending on the services and size of the association.
                  • Property tax (IBI – Impuesto sobre Bienes Inmuebles), which is levied on the ownership of real estate and whose amount depends on the cadastral value of the property and the tax rate set by each local council.
                  • Depending on the municipality, there may be an annual garbage collection fee for urban waste collection.
                  • Private utilities, such as water, electricity, gas, or internet.
                  • Where applicable, home insurance (mandatory when taking out a mortgage), private maintenance and repairs, or extraordinary works agreed upon by the homeowners’ association.

                  Joint Ownership Communities, Maintenance, Technical Building Inspection (Inspección Técnica De Edificios)

                  Joint Ownership Communities

                  When purchasing property in Spain, you are not only investing in the private space you occupy, you are often also becoming part of a legally regulated community of owners (comunidad de propietarios), which comes with specific financial, administrative, and legal responsibilities. In Spain, most buildings and many houses within residential developments (urbanizaciones) are subject to a legal structure known as a joint ownership community.

                  Within this framework, all property owners collectively assume responsibility for the maintenance, conservation, and proper use of common elements. The governance of the community is defined by its statutes and internal rules, which are adopted and amended by the owners’ association through resolutions passed at general meetings of co-owners. These rules establish key obligations, such as:

                  • Contributions to shared expenses, which are generally allocated based on each unit’s surface ownership share (coeficiente de participación), although the internal regulations may establish a different method (e.g. equal shares)
                  • Permitted uses of communal areas,
                  • Maintenance responsibilities,
                  • Approval of extraordinary levies (derramas).

                  Prospective buyers should carefully review all community documentation before completing a purchase. These internal rules and decisions may significantly affect the intended use of the property, for example, by restricting short-term rentals, limiting certain renovations, or setting usage rules for terraces or shared facilities. Additionally, documentation may reveal unpaid levies, planned renovations, or other financial obligations that could affect the property’s long-term affordability. To avoid unexpected liabilities, it is essential to request a debt certificate from the community, confirming that the current owner is up to date with all community payments.

                  Maintenance Responsibilities

                  All owners are obliged to contribute to the shared maintenance costs of the building or development. These include regular expenses such as:

                  • Cleaning of common areas,
                  • Minor repairs,
                  • Utility bills for communal services.

                  Larger or unplanned expenses may require extraordinary assessments, which are apportioned among the owners based on their respective share (often called a cuota de participación).

                  In addition to shared obligations, each owner is responsible for the maintenance of their private property. In the case of detached or semi-detached homes, this responsibility is exclusive. Owners can be held liable for any damage caused to third parties due to poor maintenance or structural issues.

                  It is therefore strongly recommended to obtain comprehensive home insurance. Not only does it offer financial protection, but it is often a mandatory requirement for obtaining a mortgage from Spanish financial institutions. Policies should ideally include coverage for major risks such as fire, flooding, and structural damage.

                  Technical Building Inspection (Inspección Técnica de Edificios, ITE)

                  Spanish regulations require buildings over a certain age – typically 45 years, though this varies by region – to undergo a Technical Building Inspection (Inspección Técnica de Edificios, or ITE).

                  This inspection must be carried out by an independent qualified technician and assesses the overall condition of the building. It identifies any deficiencies and proposes necessary improvements. If serious issues are found, the community of owners is required to carry out repairs within a designated timeframe.

                  Conclusion

                  A full understanding of both collective and individual responsibilities is essential for safeguarding the interests of foreign buyers in the Spanish property market. Awareness of the implications of joint ownership, maintenance costs, and regulatory obligations such as the ITE can help ensure a secure and financially sound investment.

                  Summary: How can foreigners purchase a real estate property in Spain? In this article, we aim to provide an overview of the key legal and practical aspects foreign clients should consider before investing in the Spanish housing market. 

                  This is the first of a series of three articles: in the second part we present the financial and tax information as well as practical tips related to the purchase process (here) and in the third wwìe deal with international inheritance implications (here).

                  How does a property purchase in Spain work?

                  Spain offers a transparent and legally secure process for real estate investment. However, it is not without risks, particularly concerning private purchase contracts, which are not subject to a mandatory format and rely heavily on the contractual freedom of the parties involved.

                  Although ownership is typically transferred during the notary appointment, prior private purchase contracts, often accompanied by a 10% deposit, are very common in Spain and are fully effective under formal law aspects. In practice, this means that the decision to purchase and the review of all legal aspects and risks must occur before signing the private purchase contract as this document sets out all the binding conditions between the parties. The subsequent notarial deed merely formalizes or executes the terms previously agreed upon. Moreover, it is important to understand that the notary serves solely as a certifying official in Spain. They do not act to protect the buyer or offer legal advice and must remain neutral.

                  Therefore, engaging qualified legal support is essential to ensure a safe investment and to fully protect your rights. International buyers should be aware that certain procedural steps are highly recommended to ensure full protection of their ownership rights.

                   

                  Spain has two complementary real estate registration systems which are characterized below.

                  If you would like to get to know more about how you can find information about real estate and get the certificate from the Land Registry we encourage you to look at another guide prepared by Legalmodo which you can find here.

                  1. The Land Registry (Registro de la Propiedad) is the official legal registry that confirms ownership from a civil law perspective and lists encumbrances (e.g., mortgages). Registration here is highly recommended as it offers protection against third parties acting in good faith.

                  The Land Registry is a specialised body under the Ministry of Justice. Each Land Registry office is run by a Registrador de la Propiedad- a legally qualified public official.

                  Legal information about registered property may be obtained by applying for:

                  • a “nota simple”- an unofficial extract containing basic property data, useful for informational or preliminary purposes or;
                  • a “Certificacion registral”- an official and legally binding certificate confirming ownership and registered rights.

                  These documents may be obtained from the relevant Land Registry office or via the electronic portal of the Colegio de Registradores de España.

                  1. The Cadastre (Catastro) is an administrative and fiscal registry that describes the property’s physical characteristics, such as location, surface area, layout, and cadastral value, for taxation and urban planning purposes, but does not certify ownership.

                  The Cadastre is managed by the General Directorate for the Cadastre (Dirección General del Catastro), which forms part of the Ministry of Finance (Ministerio de Hacienda).

                  Cadastral data is publicly accessible and may be obtained either online or in person. The main channels are:

                  • The official Cadastre portal: https://www.sedecatastro.gob.es/
                  • Local Cadastral Information Points (Puntos de Información Catastral- PICs) and municipal offices

                  The following official documents are available:

                  • Certificación catastral: a legally binding certificate that confirms the cadastral details of a property.
                  • Consulta Descriptiva y Gráfica: a non- certified extract providing a descriptive and graphical overview of the property’s characteristics.

                  Real Estate Property purchase process

                  The typical purchase process in Spain provides legal certainty and transparency. The main steps are as follows:

                  Real Estate Agency contract

                  The process often starts with the seller signing a contract with a real estate agency, outlining the agent’s services and commission. While not mandatory, a written contract ensures transparency. Although the seller typically pays the commission, the agency may also enter into a separate or additional agreement with the buyer, particularly in transactions involving property search. It is common for agents to have agreements with both the seller and buyer; however, agents primarily represent the seller and must disclose any dual representation to avoid conflicts of interest. Buyers are advised to seek independent legal advice, as agents do not act as legal representatives.

                  Reservation Agreement

                  Once a property is identified, the buyer and seller may sign a reservation agreement, usually with a deposit of 1–2% of the purchase price. This agreement temporarily removes the property from the market, allowing time for document review and due diligence.

                  The reservation deposit is typically paid to the real estate agency. To ensure legal certainty, the reservation agreement should clearly set out the conditions under which the deposit is refundable. If the transaction is not finalised and the seller or the agency refuses to return the deposit, the buyer may seek legal enforcement through civil proceedings.

                  Private Purchase Agreement

                  As indicated below, this stage of the purchasing process is very important. This contract will usually have a decisive impact on the final transaction. Therefore it should be drafted with utmost care and with the assistance of an experienced real estate lawyer.

                  This contract defines and confirms all agreed terms. It usually involves a 10% deposit. A thorough due diligence is essential at this stage, as the buyer assumes full responsibility for the property. It is often agreed that the deposit is forfeited if the buyer withdraws from the contract and, if the seller withdraws from the contract, they must repay double the deposit.

                  As with the reservation agreement, the second deposit is generally paid either directly to the seller or to the real estate agency, depending on the arrangement. In Spain, there is no public escrow system or neutral body responsible for managing such funds. Accordingly, if the transaction does not proceed and the seller or the agency refuses to return the deposit, the buyer may pursue legal remedies through civil proceedings.

                  While it is not standard practice, sometimes it is possible to arrange for the deposit to be transferred to a notary or lawyer who may act as an escrow agent under a private agreement between the parties. As it is not common it may be difficult to arrange in practice.

                  Public Deed Before a Spanish Notary

                  As explained before, together the Título and Modo ensure that ownership is validly and securely transferred. In practice, this usually takes place with the signing of the notarial public deed before the Spanish notary, which formally represents the transfer of possession (Modo). In most cases, the remaining purchase price is also paid at the same time because the seller transfers the ownership upon signing the public deed.

                  Land Registry and Cadastre Updates

                  After notarisation, the buyer must register the property in the Land Registry to secure legal title against third parties. While this step is not constitutive of ownership, it offers critical protection and is standard practice. Simultaneously, the Cadastral Office updates the property’s ownership details for tax and administrative purposes.

                  Conclusion

                  Spain offers a transparent and legally secure process for real estate investment. However, the process is not without risks, particularly regarding private purchase agreements, which are not governed by a mandatory format and rely heavily on the parties’ contractual freedom. Therefore, engaging qualified legal support is essential for a safe investment and to ensure full protection of your rights.

                  Verification Of Legal Status

                  The buyer of a property must have access to the following documentation in order to be fully confident about the sale:

                  • Property deed. This document must be provided by the seller, who must present the original at the notary’s office on the day the deed is signed.
                  • Updated simple note issued by the Land Registry. This document summarizes the legal status of the property, indicating its ownership, description, and any encumbrances or liens that may exist on it. The law firm advising the buyer can easily obtain this online. It is an essential document for understanding the legal status of the property.
                  • Updated cadastral certificate, which describes the physical characteristics of the property, including its size, built-up areas, and indicating measurements and boundaries. It can be consulted via the following link: https://www.sedecatastro.gob.es/ or requested through the law firm; it is very necessary if you are buying land on which to build a house, but not essential if you are buying an existing property.
                  • Energy efficiency certificate, which provides information on the property’s energy consumption and CO2 emissions. To obtain it, you must hire an authorized technician, who will inspect the home and issue the certificate.
                  • Certificate of occupancy or first occupancy license. This is only necessary in certain cases, including when the property is newly built.
                  • If applicable, certificate of debts with the Homeowners’ Association. This must be requested from the president or administrator of the Association and certifies whether or not the seller has any outstanding debts with the Association.
                  • Latest property tax (IBI) receipt certifying payment of this tax.
                  • Technical Building Inspection Certificate (ITE), certifying compliance with the minimum structural requirements of the property (structure, installations, etc.). This is issued by an approved technician and is only necessary in the case of old buildings, those over 50 years old.
                  • If the property is mortgaged, you will need to request the corresponding certificate from the bank certifying full payment or, failing that, the outstanding debt.

                  ¿Cómo funciona la tokenización de inmuebles, cuál es el marco regulatorio y qué derechos adquiere realmente el inversor?

                  La tokenización inmobiliaria, presente desde hace ya algunos años en España, está dejando de ser una promesa futurista para convertirse en una realidad tangible en el mercado español. Representa algo más que una innovación tecnológica: supone una transformación en la forma en que concebimos la propiedad, la inversión y la liquidez en el sector inmobiliario, uno de los más tradicionales y regulados de nuestra economía.

                  ¿Qué es la tokenización inmobiliaria y cómo funciona?

                  En esencia, tokenizar un inmueble significa, hoy en día, convertir los derechos económicos asociados a ese activo en unidades digitales que pueden circular en plataformas basadas en blockchain. Cada token representa una fracción de esos derechos económicos, lo que permite a inversores con capitales más modestos acceder a un mercado que tradicionalmente exigía sumas considerables.

                  El papel de los contratos inteligentes (smart contracts)

                  Los tokens funcionan mediante contratos inteligentes que ejecutan automáticamente la distribución de rentas de alquiler o reventa de esa representación parcial del inmueble, con su revalorización incluida, eliminando intermediarios y aportando transparencia al proceso. Esta automatización no es meramente cosmética: reduce costes operativos, acelera las transacciones y, potencialmente, incrementa la liquidez de activos que históricamente han sido de los menos líquidos del mercado.

                  La realidad jurídica: qué se tokeniza realmente en España

                  Sin embargo, conviene aclarar desde el inicio una cuestión fundamental que a menudo queda desdibujada en el discurso comercial: en la práctica, en los proyectos de tokenización inmobiliaria en España, lo que se tokeniza no es el inmueble en sí, sino derechos económicos vinculados a un vehículo societario (habitualmente una sociedad de propósito especial o SPV) que ostenta la titularidad del inmueble. La normativa española solo permite tokenizar acciones de sociedades anónimas mediante tecnología de registro distribuido; las participaciones de sociedades limitadas no pueden tokenizarse. Esto significa que si el SPV es una sociedad limitada, no se pueden tokenizar las participaciones sociales propiamente dichas, sino únicamente otros instrumentos como préstamos participativos o derechos de crédito sobre rentas. Solo si el SPV se constituye como sociedad anónima es posible tokenizar directamente las acciones de esa sociedad.

                  ¿Qué derechos adquiere realmente el inversor de tokens inmobiliarios?

                  Quien adquiere un token, por tanto, no se convierte en copropietario directo del activo inmobiliario. Dependiendo de la estructura elegida, puede ser accionista de una SA tokenizada, propietaria del inmueble, o titular de derechos económicos derivados de préstamos participativos u otras fórmulas de participación indirecta sobre el SPV que posee el inmueble. La diferencia no es trivial: si la sociedad enfrenta problemas de solvencia o quiebra, el valor del token se hunde con ella, sin que el inversor pueda ejercer derechos reales directos sobre el inmueble.

                  El derecho español, anclado en siglos de tradición registral, no permite actualmente la transmisión de derechos reales sobre inmuebles mediante la mera transferencia de tokens, exigiendo escritura pública e inscripción registral para que esa transmisión produzca efectos frente a terceros. Esta estructura mediante SPV es, por tanto, una solución de compromiso entre las posibilidades tecnológicas y las exigencias del ordenamiento jurídico vigente.

                  Marco regulatorio de la tokenización inmobiliaria en España

                  La autorización de la CNMV y la Ley 6/2023 del Mercado de Valores

                  El regulador español ha comenzado a sentar las bases jurídicas para que esta tecnología pueda desarrollarse dentro de un marco de seguridad. En 2023, la Comisión Nacional del Mercado de Valores autorizó a Adventurees Capital PFP como la primera plataforma de financiación participativa que emite valores tokenizados, marcando un hito en la convergencia entre crowdfunding y blockchain. Esta autorización no surgió en el vacío: fue acompañada por la aprobación de la Ley 6/2023 del Mercado de Valores, que reconoce expresamente la representación de valores negociables mediante tecnologías de registro distribuido como blockchain, otorgándoles plena validez jurídica.

                  El rol del Registro de la Propiedad en la era blockchain

                  Paralelamente, el Colegio de Registradores está explorando cómo integrar blockchain en el sistema registral español, aunque conviene precisar el alcance real de estas iniciativas. Los proyectos en marcha se centran fundamentalmente en aplicaciones complementarias como la gestión digitalizada del Libro del Edificio o la mejora de la trazabilidad y consulta de información registral, pero no buscan sustituir los pilares fundamentales del sistema: el otorgamiento de escritura pública ante notario y la inscripción registral, los cuales siguen siendo absolutamente obligatorios para la transmisión de derechos reales sobre inmuebles. Los registradores son claros en su postura institucional: la blockchain puede complementar y agilizar procesos de gestión documental, pero no puede reemplazar el control de legalidad que ejerce el registrador ni la protección de terceros que ofrece el Registro de la Propiedad, elementos esenciales de nuestro sistema jurídico. Esta posición refleja precisamente la limitación actual del modelo: los tokens circulan en la blockchain representando posiciones en SPV o derechos económicos sobre ellos, pero la propiedad real del inmueble permanece anclada en el mundo registral tradicional, bajo titularidad de esa sociedad vehículo, y cualquier transmisión de ese derecho real requiere el procedimiento tradicional con todas sus garantías.

                  Regulación europea: ECSPR, MiCA y régimen piloto DLT

                  España también se beneficia de un entramado regulatorio europeo que está posicionando a la Unión como líder global en la regulación de activos digitales. El Reglamento Europeo de Proveedores de Servicios de Crowdfunding (ECSPR) armoniza las normas para las plataformas de financiación participativa, permitiendo que una plataforma autorizada en un Estado miembro pueda operar en toda la UE mediante el denominado «pasaporte europeo». El Reglamento MiCA, que entró en plena aplicación el 30 de diciembre de 2024, regula de forma bastante amplia los mercados de criptoactivos, estableciendo obligaciones tanto para emisores como para proveedores de servicios. Y el régimen piloto DLT (Reglamento UE 2022/858) permite que infraestructuras de mercado basadas en tecnología de registro descentralizado operen con ciertas exenciones temporales, creando un entorno controlado de pruebas para evaluar el potencial de estas tecnologías en los mercados financieros.

                  El enfoque del regulador español podría describirse como cautelosamente favorable: se fomenta la innovación, pero se exige el cumplimiento riguroso de controles de prevención de blanqueo de capitales, identificación de clientes y obligaciones de divulgación para proteger a los inversores. No es un laissez-faire tecnológico, sino una apuesta por integrar la innovación dentro de un marco de garantías.

                  Desafíos jurídicos y riesgos de la tokenización inmobiliaria

                  Los riesgos de la estructura mediante SPV

                  Los desafíos jurídicos que persisten son relevantes y merecen atención. La estructura mediante SPV, aunque jurídicamente viable, introduce una capa adicional de complejidad y riesgo que debe ser de modo claro comunicada a los inversores. A diferencia de la propiedad directa, donde el inversor tiene derechos reales sobre el inmueble oponibles frente a terceros, en el modelo tokenizado actual el inversor ostenta posiciones en fórmulas de participación indirecta (acciones de SA, préstamos participativos, derechos de crédito) vinculadas a una sociedad propietaria del inmueble, con todas las implicaciones que ello conlleva en materia de responsabilidad societaria, fiscalidad y protección ante insolvencias.

                  La desconexión entre el mundo on-chain y off-chain

                  También resulta fundamental entender que la conexión entre el mundo «on-chain» (donde circulan los tokens) y «off-chain» (donde se inscribe la propiedad real) no es directa ni automática. La transmisión de un token no implica por sí misma ningún cambio en el Registro de la Propiedad: la titularidad jurídica del inmueble permanece en el SPV independientemente de quién posea los tokens, y solo una escritura pública debidamente inscrita podría cambiar esa titularidad registral. Los proyectos exploratorios del Colegio de Registradores buscan mejorar la eficiencia en la gestión de información complementaria, pero no alteran esta realidad fundamental. Y, como en cualquier mercado emergente, es necesario prevenir la proliferación de esquemas fraudulentos que prometan rentabilidades irreales o que comercialicen tokens sin el respaldo jurídico adecuado.

                  Implicaciones prácticas para inversores y operadores jurídicos

                  Para los operadores jurídicos, la tokenización inmobiliaria puede plantear la necesidad de adaptar contratos, estatutos sociales y estructuras de financiación a un entorno donde los derechos circulan de forma digital y distribuida. Para los inversores, representa una oportunidad de diversificar carteras con entradas de capital más reducidas y un potencial de liquidez superior al de la inversión inmobiliaria tradicional, siempre que comprendan que no están adquiriendo propiedad directa del inmueble sino una posición en fórmulas de participación indirecta vinculadas a la estructura societaria que lo posee. Y para la economía en su conjunto, puede dinamizar un mercado inmobiliario valorado en billones de euros al facilitar la entrada de capital minorista que antes quedaba excluido.

                  El futuro de la tokenización inmobiliaria en España

                  Estamos ante una evolución que combina derecho, tecnología y finanzas de forma inseparable. Resulta no obstante clave entender que la tokenización no es una moda pasajera, sino una herramienta que, bien utilizada y debidamente regulada, puede transformar la forma en que accedemos a uno de los activos más valorados de nuestra sociedad: el inmueble. Pero esa transformación, al menos en el presente, opera a través de estructuras societarias vehículo y fórmulas de participación indirecta, no mediante la titularidad directa que la terminología comercial a veces sugiere, y ciertamente no implica una revolución inmediata del sistema registral español, cuyas garantías fundamentales permanecen intactas.

                  Third country citizens seeking to buy real estate in Greece or holding all shares of a Greek legal entity, may apply for a residence permit in Greece under the conditions described below.

                  If the property is situated in the Municipalities of Attica, in Vari – Voula – Vouliagmeni, in Thessaloniki, in Mykonos or in Santorini, the value of the purchase contract shall amount minimum to five hundred thousand euros (€ 500.000). If the property is situated in different – from the abovementioned – areas of Greece, the minimum value of the purchase contract amounts to two hundred fifty thousand euros (€ 250.000).

                  Third country citizens seeking to build on a plot, may also apply for a residence permit, if the combined value of the construction contract and that of the purchase contract, amounts to minimum € 500.000 or € 250.000.

                  Co-owners of a purchased property may apply for a residence permit if they are spouses. If not, permit can be granted to a co-owner, only if the amount invested by her, amounts at least to € 500.000 or € 250.000.

                  All abovementioned thresholds can be met via the purchase of more than one property.

                  Residence permits may be also granted to family members of the investor (spouse, children, parents).

                  In some areas of Greece, the Greek State has imposed restrictions on purchase contracts. In these areas, restrictions may be lifted only by a decision of the Greek Ministry of Defense.

                  As per the administrative process, each applicant shall lawfully entry Greece at least twice. Applicants shall collect and submit, usually with the help of a lawyer holding a PoA, all necessary documentation at the Immigration Department of the competent Decentralized Greek Authority. Applicants are subject to an administrative fee of two thousand euros (€2.000).

                  Shortly after filing documents and giving biometric data, applicants receive a temporary residence permit for a year. The duration of a residence permit, if issued, is five (5) years. It may be renewed for another five (5) years if its holder remains owner of the purchased property. The residence permit is revoked if its holder sells her property in Greece.

                  After seven (7) years since the issuance of a residence permit, its holder can apply for the Greek citizenship if she meets all other criteria for the Greek citizenship (e.g. sufficient knowledge of the Greek language, history, culture and political system, clear criminal record, economic activity in Greece).

                  This is a summary of the approved measures, which unfortunately for both tenants and landlords do not include any public aid or tax relief and just refer to a postponement in the payment of the rent.

                  Premises to which they are applied

                  Leased premises dedicated to activities different than residential: commercial, professional, industrial, cultural, teaching, amusement, healthcare, etc. They also apply to the lease of a whole industry (i.e. hotels, restaurants, bars, etc., which are the most usual type of businesses object of this deal).

                  Types of tenants

                  • Individual entrepreneurs or self-employed persons who were registered before Social Security before the declaration of the state of alarm on March 14th, 2020
                  • Small and medium companies, as defined by article 257.1 of the Capital Companies Act: those who fulfil during two consecutive fiscal years these figures: assets under € 4 million, turnover under € 8 million and average staff under 50 people

                  Types of landlords

                  In order to benefit from these measures, the landlord should be a housing public entity or company or a big owner, considering as such the individuals or companies who own more than 10 urban properties (excluding parking places and storage rooms) or a built surface over 1.500 sqm.

                  Measures approved

                  The payment of the rent is postponed without interest meanwhile the state of alarm is in force, but in any case, for a maximum period of four months. Once the state of alarm is overcome, and in any case in a maximum term of four months, the postponed rents should be paid along a maximum period of two years, or the duration of the lease agreement, should it be less than two years.

                  For landlords different to those mentioned above

                  The tenant could apply before the landlord for the postponement in the payment of the rent (but the landlord is not obliged to accept it), and the parties can use the guarantee that the tenant should mandatorily have provided at the beginning of any lease agreement (usually equal to two month’s rent, but could be more if agreed by the parties), in full or in part, in order to use it to pay the rent. The tenant will have to provide again the guarantee within one year’s term, or less should the lease agreement have a shorter duration.

                  Activities to which it is applied

                  Activities which have been suspended according to the Royal Decree that declared the state of alarm, dated march, 14ht, 2020, or according to the orders issued by the authorities delegated by such Royal Decree. This should be proved through a certificated issued by the tax authorities.

                  If the activity has not been directly suspended by the Royal Decree, the turnover during the month prior to the postponement should be less than 75% of the average monthly turnover during the same quarter last year. This should be proved through a responsible declaration by the tenant, and the landlord is authorised check the bookkeeping records.

                  Term to apply and procedure

                  The tenant should apply for these measures before the landlord within one month’s term from the publication of the Royal Decree-law, that is, from April 22nd, 2020, and the landlord (in case belongs to the groups mentioned in point c) is obliged to accept the tenant’s request, except if both parties have already agreed something different. The postponement would be applied to the following month.

                  As the state of alarm was declared more than one month ago (March 14th), landlords and tenants have already been reaching some agreements, for example 50% rent reduction during the state of alarm, and 50% rent postponement during the following 6 months. Tenants who do not reach an agreement with the landlord could face an eviction procedure, however court procedures are suspended during the state of alarm. We have also seen some abusive non-payment of rent by tenants.

                  When is becomes impossible to reach an agreement with the landlord, tenants have the legal remedy of claiming in Court for the application of the “rebus sic stantibus” principle, which was highly demanded during the 2008 financial crisis but very seldom applied by the Courts. This principle is aimed to re-balance the parties’ obligations when their situation had deeply changed because of unforeseen circumstances beyond their control. This principle is not included in the Spanish Civil Code, but the Supreme Court has accepted its application, in a very restricted way, in some occasions.

                  Javier Gaspar Álvarez-Novoa

                  Áreas de práctica

                  • Arte
                  • Contratos
                  • Derecho Societario
                  • Reclamación de deudas
                  • Inversiones extranjeras
                  Contáctanos Javier

                  Contacta con Javier





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