What tax will I pay when I buy a property in Spain?

Here are some of the main taxes that may be involved in buying property in Spain:

• Value Added Tax (IVA – Impuesto sobre el Valor Añadido): This tax is applied when you buy a new property from a developer or build your own home. The VAT rate is currently 10% on the purchase price for new properties, but can vary depending on the specific terms of the transaction.
• Property Tax (IBI – Impuesto sobre Bienes Inmuebles): This is an annual local tax collected by the local government from the property owner and is based on the cadastral value of the property.
• Other fees and taxes: In addition to the above taxes, there may be other fees and taxes, such as notary fees, property registration costs, and possible consulting or brokerage fees.

It is worth remembering that costs and tax rates may vary depending on the region of Spain and the specific circumstances of the transaction.