Where does my reservation deposit go?
The reservation deposit is paid to the developer and held in their client account to be deposited with their banking agent who will issue a certificate of guarantee to the purchaser.
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What additional costs are there in Spain?
Above the 7% IVA (VAT), you should allow an additional 3% on top of the purchase price. This should cover your legal fees, Notary fees, Land Registry, Transfer Tax and Stamp Duty.
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I am unfamiliar with foreign currency payments, what do I need to do?
We will look after all finances on your behalf, but if you prefer to 'fly solo'...
Either your bank or a currency broker will be able to arrange a payment in Euros on your behalf. If you are using a currency broker for the first time you will need to open an account with them before instructing a payment, and if you deposit funds via cheque it will have to clear in your account before it can be converted into Euros which can take several days. Euro payments can normally be made ‘same day’, but we recommend that you have cleared funds ready to be released no later than three working days before your payment due date to avoid incurring any penalty charges.
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What is the Spanish community charge?
The community charge is predicted to be €500 per annum. This charge includes maintenance of all the communal areas on each development and the associated services such as 24 hour security.
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How does the cost of living compare?
The cost of living varies from country to country, but generally speaking we will not sell a property that does not meet our guidelines for quality and standards of living.
For example, cost of living in Spain is generally less than in the UK. Water, gas and electric rates are similar to that of the UK.
If you have a specific enquiry please feel free to get in touch.
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What is the Exchange Rate?
Naturally these vary frequently. Our website checks the exchange rates automatically and alters the prices of our properties depending on the base price for the property and the current exchange rate. This happens every 7 hours, so our prices - while being acurate are offered as a guide only.
Current exchane rates can be check by clicking this link: Exchange Rates Checker
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What is an N.I.E?
An N.I.E number is an identification number required by all non-residents for Spain.
This can be applied for at the nearest police station to the property you wish to purchase.
If you are unavailable or would prefer not to do this in person, Spain Select will supply a list of legal representatives who can do this on your behalf under ‘power of attorney’.
N.I.E number’s can also be applied for at the Spanish Consulate in the UK for a charge of £22.
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Do I need a Foreign Bank Account?
No not always. However, if you wish to open a foreign bank account, the process is quite simple. In many cases all a non-resident requires is their passport, when opening a bank account.
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Will I gain Residency?
If you wish to reside in a foreign country then the rules are different for each. It does not have to be complicated, and we will help in any way we can.
For example: If you want to reside in Spain for more than 183 days (approx 6 months) you are legally required to have an official residency permit. You are able to apply for full residency at a local police station. You shall be issued with an NIE number. Any non-residents are legally required to have an NIE number should they have any connection to the Spanish taxation system, for example, owning a property, drawing interest from a bank.
Who can by property in Turkey?
Turkey has reciprocal agreements with a number of countries which allow their citizens to legally own real estate in Turkey, having the same right as Turkish citizens and the UK is one of these countries.
Do I need a Lawyer in Turkey?
In turkey all property transactions take place at the local Property Registry Office and there is no legal requirement for a solicitor or notary to oversee the process.
If I sell will I be liable for tax?
The UK and Turkey signed a double taxation treaty in 1986 (amended in October 1988) which covers the reciprocal agreement regarding income tax and corporation tax in Turkey and income, corporation and capital gains tax in the UK. Which means..... you wont end up paying tax in both countries but you will have to pay it in one! If you have owned property for 4 years then you are NOT liable for capital gains tax on the profit in Turkey.
Can I let to holiday-makers?
Turkish law allows you to rent out your home and profit from it, although rental income is liable for tax assessment in either the UK or Turkey, and its as well to ensure you are abiding by all the local by-laws.
Is Dalyan a good investment?
Dalyan is a good investment and the most compelling reason being the cost - you can by a villa in Dalyan for the price of an apartment in Spain. the cost of living is much lower than in Europe - a loaf of bread is around 10 pence! Winters are short and fuel bills comparitvely low. Retirees find their pensions stretch a long way.
Everyone is welcome. Foreigners live side by side with Turks and soon adapt to the Dalyan way of life. Older people discover that Turks have a natural respect for seniority. Children are welcomed and watched over like one of the family. there's no rush in Dalyan, no need to Do it Now!. People in Dalyan have time - time to talk, time to listen, time to help, time to do ...... absolutely nothing!
The time to invest in Dalyan is NOW!!
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