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- I wish to buy a property: How should I organise the money transfer?
Financial Law
Antonio Flores Vila
17th of March 2001
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Q. I intend to move to spain (costa del sol area) within the next six months. I will be buying a villa for myself and family, and then looking to purchase a golf apartment to let as income. I have sold my house and have rented a house until I find a villa to purchase. Would it be a good idea to to put our money in an offshore account until ready to buy? Secondly, what do I need to become a resident in Spain. Do I obtain a lawyer first?.
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A. Putting the money in an offhsore account is not really necessary if your intention is to purchase Spanish property. You can put in an account opened with a Spanish bank and then await completion takes place, or leave it in your UK account (if there is no tax inconvenience) and then send it to Spain once your lawyer instructs you to accomodate it to the agreed property conveyance schedule.
It is important you take advice when sending your monies as banks like unwary non-resident clients: they charge a standard 0.5% in any transfer or issuing go bank accounts.
Through a lawyer you should be able to obtain lower commissions when sending money to Spain, or even get a complete exemption. At our firm, thanks to a special agreement with the bank, they do not charge our clients when sending funds to our account for escrow purposes.
We can help you obtain your residency in Spain once you have purchased your property. We do advise you to purchase with the assistance of a Spanish qualified lawyer in order to avoid misunderstandings in the future.
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