What are the purchase costs in the Canary Islands?

Answer:

For resale:

  • 6.5% transfer taxes
  • +/- EUR 2500 notary and registration fees
  • 1% of the purchase price + 21% VAT for your lawyer's fees
  • +/- €675 for a power of attorney in Belgium/Netherlands or +/- €90 for a power of attorney in Spain
  • +/- €10 per person for the NIE number
  • +/- €300 for utilities
  • +/- €300 for a bank cheque
  • +/- €250 miscellaneous costs

For new buildings:

  • 7% IGIC
  • 1% stamp duty
  • +/- EUR 2500 notary and registration fees
  • 1% of the purchase price + 21% VAT for your lawyer's fees
  • +/- €675 for a power of attorney in Belgium/Netherlands or +/- €90 for a power of attorney in Spain
  • +/- €10 per person for the NIE number
  • +/- €300 for utilities
  • +/- €250 for a bank cheque
  • +/- €250 miscellaneous costs

Find more information on the cost of buying in the Canary Islands here.

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