Frequently Asked Questions
Real Estate Transactions
What are the main steps in buying property in San Sebastian?
The main steps include property search, making an offer, signing a preliminary contract, obtaining financing if needed, conducting due diligence, and finally signing the public deed before a notary.
Are there any restrictions for foreigners buying property in San Sebastian?
Generally, there are no significant restrictions for foreigners buying property in San Sebastian. However, non-EU citizens may need to obtain a foreign identity number (NIE) before purchasing.
What taxes are involved in property transactions in San Sebastian?
Key taxes include Transfer Tax (ITP) for second-hand properties, VAT for new properties, and Stamp Duty. There’s also an annual property tax (IBI) after purchase. We can do a personalized tax study for you.
Company Acquisitions
What due diligence is necessary when acquiring a company in San Sebastian?
Due diligence typically involves reviewing financial statements, contracts, employment agreements, tax compliance, intellectual property, and any pending legal issues.
How long does a typical company acquisition process take in San Sebastian?
The timeline can vary greatly depending on the complexity of the deal, but it generally takes between 3 to 6 months from initial negotiations to closing.
What are the main legal documents required for a company acquisition?
Key documents include a letter of intent, confidentiality agreement, share purchase agreement, and various corporate and financial records of the target company.
Wills and Inheritance
Is a Spanish will necessary if I own property in San Sebastian but am not a resident?
While not strictly necessary, having a Spanish will for your Spanish assets can significantly simplify the inheritance process for your beneficiaries.
How does inheritance tax work in San Sebastian?
Inheritance tax in San Sebastian (part of the Basque Country) is governed by regional laws and can differ from the rest of Spain. Rates and allowances can vary based on the relationship to the deceased and the value of the inheritance.
Can I choose which country’s law applies to my estate if I’m a foreign resident in San Sebastian?
Under EU regulations, you can choose the law of your nationality to apply to your entire estate, even if you’re resident in Spain. This choice must be expressly made in your will.
How often should I update my will?
It’s advisable to review your will every 3-5 years or after any significant life changes such as marriage, divorce, birth of children, or major asset acquisitions or disposals.
