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Everything You Need to Know Before Making Your Move. Investing in Tenerife real estate can be rewarding, whether you’re purchasing a vacation home, rental property, or permanent residence. Here are answers to the most frequently asked questions about buying property on this stunning Canary Island.
Can Foreigners Buy Property in Tenerife?
✅ Yes. Foreigners can buy property in Tenerife without restrictions. 👉 Required: NIE (Foreigner Identification Number) for legal and financial transactions.
What Is an NIE and How Do I Get One?
The NIE (Número de Identidad de Extranjero) is your tax identification number in Spain.Ways to apply:- Local police station in Tenerife
- Spanish consulate in your home country
- Through a local lawyer acting on your behalf
What Additional Costs Should I Expect?
Beyond the purchase price, budget for:
- Transfer Tax: ~6.5% for resale properties
- Notary Fees: ~1% of property value
- Registration Fees: 0.5–1%
- Legal Fees: 1–2% of purchase price
- Mortgage Costs: Bank fees and property appraisal
Is Financing Available for Non-Residents?
Yes, many Spanish banks provide mortgages. Typically:- Up to 70% of appraised value
- Competitive interest rates
- Requirements: Proof of income, good credit, and NIE
Are There Restrictions on Renting Out My Property?
Yes, for short-term holiday rentals you need to:
- Obtain a tourism license (Vivienda Vacacional)
- Meet health and safety standards
- Register with the local council
⚠️ Failure to comply can result in fines.
Do I Need a Lawyer to Buy Property?
Not mandatory, but highly recommended. A lawyer will:- Verify legal status of the property
- Check for debts or liens
- Review the contract for compliance with Spanish law
How Long Does the Buying Process Take?
⏳ Usually 1–3 months depending on financing and legal checks. ✔ Working with an agent and lawyer speeds things up.
What Taxes Do I Pay as a Property Owner?
- IBI (Property Tax): Annual, based on cadastral value
- Non-Resident Income Tax: For owners who don’t rent out
- Tourism Tax: Applies for short-term holiday rentals
Can I Buy Property Remotely?
Yes, with the help of a lawyer or via power of attorney. This is a common option for international buyers.
Why Is Tenerife a Good Place to Invest?
- Year-round tourism (300+ sunny days)
- Strong rental market
- Competitive property prices
- Beautiful climate, scenery, and high quality of life
Ready to Make Your Move?
Buying property in Tenerife is straightforward with the right guidance. Whether for a personal retreat or profitable investment, Tenerife real estate offers outstanding opportunities.
Have more questions about buying?
We guide international buyers through every step – from getting an NIE to finalizing the notary signing.
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