You now have your own home in Spain through the Golden Visa program. Congratulations! Acquiring a home or a property to apply for the Golden Visa is just the start. With your property secured under your name, some actions that must be completed together with this purchase must be met to comply with the specific legal requirements and apply for the Golden Visa.
This is not yet another tedious process but simply vital measures to smoothen the management of your properties and get your Golden Visa in no time.
Asset Management & Concierge Services
International and professional buyers purchasing or selling a home in Spain goes hand in hand in partnering with a Spanish real estate agent who will explain the property owner’s responsibilities.
The success of acquiring and selling of property will be influenced by the partner or agency you select.
For example, property ownership, acquisition or sale has tax liabilities. With Orience, a dedicated team of property management professionals strive to oversee the management of the properties, including the tenancy if needed.
Moving house, finding schools, home assistance, or purchasing a vehicle will all make your transition worthwhile. Through Orience’s Asset Management & Concierge Services, client solution fit personally to every investor and client is secured.
Your property as your investment must be protected. And having a home insurance is the best step to do this.
Having your home that you plan to live, rent, or spend some time in it, you must be able to maintain the asset with the confidence that, in the event of an unforeseen emergency. A home insurance will also cover the majority of the unanticipated events that may come. Your home will experience at least some of the assumptions covered by home insurance as time passes.
If ever your acquired home have neighbors or adjacent properties, getting homeowners insurance ensures that any effect on your neighbors will be managed. Although this is not required, purchasing a home insurance policy can protect the contents of the property, their goods, and civil liability coverage in terms of untoward incidents.
Community of Owners
Something to take note when your properties acquired includes building with elements shared and co-owned spaces and facilities with other owners, you are entering a Community of Owners.
In Spain, the Community of Owners is a group of owners who, in addition to possessing sole ownership of a house or premises, are also co-owners of a set of items that all members share. If the property is in an apartment building, for example, the community will manage and maintain common facilities such as stairwells, elevators, and common areas.
Each apartment or business is given a participation quota based on the building’s overall value, which is used to determine what portion of the community expenses each owner is accountable for.
It is vital to highlight that the community must be paid by the individual owners in order to perform its maintenance and administrative responsibilities. Each property’s allotment is specified in the title deeds. The most typical method for calculating the share of expenses is to compare the surface area of individual properties to the total community surface area.
A group of owners might adopt “rules of internal regime,” which are necessary for all co-owners, to control cohabitation and the proper use of joint services and property.
Other taxes
In Spain, the municipality is in charge of domestic waste collection. The vast majority of municipalities outsource it. In rural areas, general waste is collected door to door, however in urban areas; one container per building is collected daily.
Although there is no waste tax in Spain, this does not mean that people do not contribute to the garbage collection service. Although the imposition of a fee is the most popular technique, it is not the only one; town governments in Spain have the ability to control how and how much they charge their citizens for this service.
Most localities have a separate cost for waste pickup, but there is no agreement on the amount or the variables that go into determining it.
Garbage fees are divided into two categories: fixed rate and variable rate.
You should also be aware that if you own a home, a business, or a garage, you are responsible for a variety of taxes. Real Estate Tax is one of them.
Buying a home in Spain entails paying a variety of taxes, ranging from 8% to 11.5 percent, depending on whether the home is brand new and sold by banks or construction companies, or if it has previously been held by another person.
The Real Estate Tax is a call tax levied directly on the owners of real estate rights in the municipality that collects it. This expense is borne by municipalities and is factored into municipal charges.
Orience not only advises customers on the costs involved with property acquisition, but we also manage the payment and fulfilment of all duties on their behalf, ensuring that they do not incur non-payments and do not have to worry about the maintenance of their property.