Property In Tenerife
When thinking about buying property in Tenerife it is extremely important to remember these few, but very important, facts when it comes to managing the money you plan on using to buy any property. Many hired car companies can drive you to and from banks and other places with out a problem. Using a car hire service will let you keep what is most important on your mind; your money and the best way to protect it when purchasing property in Tenerife.
Spanish Banks
Spanish banks found throughout Tenerife are some of the most expensive when it comes to fees in all of Europe. There’s no doubt that the Spanish banks charge at higher levels and have a broader range of services than most other countries found within Europe. The biggest surprise for many foreign people is how much these banks charge for check clearing from another bank to a Spanish bank.
Buying Tenerife Property
Usually, the most expensive part in the whole process of getting a piece of property in Tenerife is the actual buying of the property. Any foreign person wishing to buy a piece of property on Tenerife will have to import funds into Spain in order to buy or pay for the desired property. Anyone wishing to purchase property in Tenerife or anywhere else in Spain is urged to take the utmost care when acquiring any property as well as on how the funds will be transferred. To do this you should foremost identify how much the paying and receiving banks will be charging since rival banks charge differently. Also, be cautious of companies offering exchanges at very low charging rates. Next make sure too exactly to whom the funds are going to. When transferring buying funds to any lawyer or real estate agent, ensure they will hold your money in what is called a “bonded client account” as well as making sure that they have P.I.I, (professional indemnity insurance) or something that is similar. When paying directly to the seller, make sure any deposits made have risks attached to it such as breach of contract terms and when a seller defaults. It is also best to keep advancing of any additional money before the notary is completed, out of the question.
Money Brought Into Tenerife
Try not to import any additional funds than what is necessary to maintain your lifestyle. A non-resident of Europe is able to make any and all use of offshore banks. This is one of the best ways to protect your assets. When using a Spanish bank always remember that
any interest from a deposit account will have 15% tax withheld that is given to the Spanish tax authorities.
When using pensions to buy property, always know that, pensions from other European countries will be received without a commission fee. European bank regulations state that all banks in “member states” must adhere with this regulation. The easiest way to ensure a full pension is by arranging that the paying bank forward a direct transfer via the banking system. If a Spanish bank charges anything for this process, they are required to give a full refund.
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