Spanish property rules may affect international mortgage applicants

Fri, 27 Jan 2012
Individuals looking at their international mortgage options with a view to a Spanish relocation may be affected by new rules relating to the country's real estate industry.

Authorities in Spain have altered the regulations on how those buying dwellings from overseas are able to obtain their fiscal identification number, with every purchaser required to either attend in person in Spain or at their local embassy.

As such, a power of attorney will no longer be acceptable - but Chris Mercer of property firm Mercers, which was founded in 1993 and incorporated in 1999, believes the change will not affect foreign buyers too much.

The industry figure stated: "Will the new rules deter anyone from buying a home in Spain? I very much doubt it."

He added people never like to be made to wait for anything, but part of Spain's charm is its bureaucracy.

Those hoping to obtain an international mortgage in order to purchase a property in the Iberian Peninsula nation may therefore find they are still able to do so without too much hassle.
 
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