If you are considering buying property in Tenerife you may have a few questions about the procedure. You´ll find answers to many of the most frequently asked questions in our FAQ list below.

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You will have to pay monthly or quarterly community fees to an owners association that looks after the general running of the complex. The community fees cover insurance on the community itself and often the association will have a block policy to cover buildings. Opting into this policy is likely to be cheap because of the number of people covered. It is not, however, compulsory and independent insurance can be taken out if so desired.

Yearly expenses would be the " IBI " (Impuesto sobre Bienes Inmuebles - local ground tax), which is very small compared with other countries, and a wealth tax which is also low, being at present only 0.2% of the value of assets held in Spain.

All property transfers in Spain are registered and the title deeds (Escritura) prepared by a Notary (Notario). Both seller and buyer sign the deeds in presence of a "Notario". He ensures that all paperwork has been correctly drawn up, witnesses the signing of the Escritura and collects the fees and taxes. The Notario presents the Escritura to the land registry office where the details of the new owners are recorded. Those who may have purchased on a short visit to Tenerife and do not wish to return simply for the signing of the deeds, may appoint a representative by "power of attorney" to appear before the Notario and sign on their behalf.

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Everyone wishing to do any financial dealings in Spain requires an identification number ( N.I.E. ) and a property purchaser who is non-resident in Spain must also obtain a Certificate of Non-Residency, these items must be produced for the Notario when signing the escritura. In addition, non-residents must appoint a financial representative who is resident in Spain to deal with their tax affairs.

There will obviously be many other questions you will wish to ask, such as: should I buy in my name or in a company name? Can I buy anonymously? What if I want to resell my property? At Centro Inmobiliario we will be happy to answer these and any other queries you may have, so please feel free to contact us with your questions and enquiries.