If you have decided to buy a Spanish property then before you commit to the purchase, it is worth considering who will be the legal registered owners of the Spanish property at the local land registry. As the purchase costs of a Spanish property can exceed 10% of the purchase price, it is an important to consider this aspect before buying as important savings can be made when it comes to either selling or inheriting a Spanish property.
Under Spanish law, owners can own the legal title to the Spanish property and at the same time someone else can have a life interest in the Spanish property. For example parents could decide to buy a Spanish property in the names of their children and retain a life interest in the property. If you do decide to buy a Spanish property in the names of your children, then consider how to mitigate any of your children divorcing, dying before you or becoming bankrupt.
Also depending on who is paying for the Spanish property a different percentage of ownership can be registered. For example, someone is paying 75% of the purchase price and the other person is paying 25%, well these percentages of ownership can be registered at the local land registry.
A Spanish property can also be purchased in the name of a Spanish or foreign company.
There is no hard-fast rule of advice regarding Spanish ownership options as each person’s circumstances are different.
Contact us today to discuss your Spanish property ownership options and download our informative Spanish property ownership leaflet.