As you’d probably expect, the way mortgage lending works in Spain differs slightly from overseas. There will be a few extra financial considerations, known as associated acquisition costs. These include things such as notary fees, stamp duty, and other legal and administrative expenses. The various taxes and fees involved in Spanish property purchases usually total around 10-15% of the property’s value or purchase price. This means that if you have a mortgage of 70%, and provide 30% as a deposit, you also must be able to cover at least another 10% of the value. There are the bank’s mortgage application and property assessment fees, the notary’s certification fees, the property ownership registration fees, plus transfer tax (up to 10%), and stamp duty (around 0.5-1.5%). If you hire an estate agent or lawyer, you should also factor in their rates. You may also have to pay for evidentiary documents for the lender’s application, such as a credit report, a valid passport, Spanish tax identification, or property/life insurance certification – plus translation and apostillation costs. These additional expenses usually aren’t included in the 10-15%. After closing the sale and registering as the owner, you’ll then be liable for Spanish property tax (IBI). This annual tax can vary from one municipality to another, generally between 0.4%-1.3% of the property value. Sometimes, even non-residents have to pay income tax on their assets in Spain. If you rent out your property in Spain while you’re not living in it, or sell it on to someone else, you’ll owe 19-24% of this as income tax or capital gains tax. You’ll also need to write up a Spanish will to designate a beneficiary to inherit the property, with considerations to Spanish inheritance tax.