Buying Property in Tenerife Frequently Asked Questions
Moving to the Canary Islands can be a life changing and ultimately life improving experience.
However, a move anywhere in the world is always met with a certain degree of uncertainty.
This being the case, make sure to read through our below frequently asked questions in order to gain an insight into what other people are asking and how their answers might relate to you and your situation.
What Documentation do I need in order to buy a property in Tenerife?
If you are a non-resident in Spain the Spanish government requires you to obtain an N.I.E (Numero de Identificacion de Extranjero), a Fiscal Identification number.
This is obligatory in order to purchase a property, contract for utilities etc.
The only formal documentation which you will require in order to buy property in Tenerife is an NIE number, along with your Passport / Identification document.
This can be applied for in person at any nearby National police station.
We can assist in your application.
Do I need to open a bank account in Tenerife with a Spanish bank?
You will need to open a Spanish bank account as any expenses for your property such as utility bills including electricity, water etc.
are paid monthly by direct debit.
We can assist you in opening an account at a local branch.
All of the major banks have multi-lingual staff and offer internet banking in your own language.
Is Buying a Property in Tenerife the same as Buying a Property in the rest of Europe?
The buying process in Tenerife is more similar to buying property in the EU than it is the UK.
Prices are agreed between sellers and buyers, deposits are usually 10%.
Sales are finalized after signing a legally binding Property Transmission contract before a Public Notary; this Title Deed will then be registered with the Land Registry making you a Freehold PROPERTY Owner.
The entire purchase procedure normally takes 30 - 60 days.
I don't Speak Spanish.
Will this be a Problem?
While speaking Spanish will greatly aid you in regard to living and working in Tenerife, it is not a requirement for buying property.
As a trusted real estate agent we can provide translations of any and all sales contracts.
Will I be able to Negotiate a Purchase Price and sales Conditions?
It is possible to negotiate property sales prices with existing property owners.
However, for your benefit, we will do this for you.
Of course, we will only negotiate around your conditions and will never agree on your behalf to conditions which you are not 100% happy with.
What are taxes like in Tenerife?
Tax in Tenerife is infinitely more preferable to tax throughout Europe.
IGIC (Impuesto General Indirecto Canario), similar to Value Added Tax, presently stands at just 7% and council tax and refuse collection stands at just a few hundred Euros every year.
Is Tenerife a good Place to raise a Family?
If you are moving with your family to Tenerife, you can rest assured that schools here are excellent and there are a number of private English, Spanish and German language schools which offer very competitive admission fees, in addition the Public Spanish schools.
Furniture / Interior Design Tradesmen
We work alongside our sister company Don Manitas for maintenance work and repairs.
We can also introduce you to trusted Interior Designers and Furniture Stores with whom we have a long standing relationship.
Long Let Rentals
We also work alongside our company Belgarent providing variety of services which include long term rentals.
If you are thinking of buying or selling a property in Tenerife we welcome you to view our selection of Tenerife property on this website.
Please visit our office at Parque Santiago 6 Commercial Center Office No13, or email us directly at email@example.com