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I wonder if any one can help?
I am thinking about buying an apartment in Spain. We are considering buying it via a limited company that we have set up in the UK. There will be no mortgage involved as it’s cash from the company account coupled with a Directors loan.
Can anyone please help me identify the costs of going down this route. I understand the costs if I purchased this as a private individual, but I can’t seem to nail the numbers using the limited company route.
Any feed-back will be much appreciated.
Cheers
Colin
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Hi Colin,
Have you read this article on the pros and cons of buying through a company?
Buying and Owning Spanish Property through Companies: Pros and Cons
Does that answer your question?
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Hi Colin,
If you purchase your Spanish property into a UK Limited Company the costs will be the following.
1: Around £5300 UK & Spain legal fees for setting up the UK Company to accept & buy the property in Spain correctly.
2: Around €1500 to cover the Spanish Notary & Land Registry Fees.
3: 10% Property Purchase Tax in some Regions of Spain but can be slightly less in some Regions. There is a method of saving the 10% Property Purchase Tax if the property was invested into a UK Company in exchange of shares.
If you were to purchase a Spanish property into a UK Limited Company then the Spanish Inheritance Tax savings would be around €85,000 if the property was going to be bought at €300,000 and left to a Group 3 Beneficiary in Spain.
If anyone would like to contact me directly I can supply a Spanish Inheritance Tax planning website that allows you to calculate your own specific Tax liability if you buy in your own name a Spanish property, also there is a on-line Audio Movie of around 4 minutes that presents the full process and advantages of UK Limited Company ownership.
Regards, Mark Roach.
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