Some valid replies in the comments section. Here is one I have copied. Carmen Bejarano – firstname.lastname@example.org wrote:
To the closing costs listed above, others have to be added: the mortgage costs (charged by the bank) and the special taxes imposed to foreigners: there is a so call “imputed” tax to real estate owned by foreigners, in which the appraised value of your real estate is considered “income”, and taxed accordingly. SPAIN IS A SHYLOCK COUNTRY in terms of taxes and other exactions, and NO FOREIGNER INVESTOR IN HIS RIGHT MIND SOULD INVEST A PENNY IN REAL ESTATE IN SPAIN. He’s is going to inevitably lose…
Came to the same conclusion myself over a year ago.
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