Is it possible to buy property in Spain for cryptocurrency? A few years ago, this question have just been a thing of fantasy, but today this way of buying has become almost commonplace.
This trend is expanding rapidly in tourist areas, the regions of Marbella and Alicante are among that the absolute leaders.
Moreover, according to Forex Suggest, Spain is already one of the pioneers among the world’s countries in terms of the number of properties on the market that can be paid for cryptocurrency. The purchase process is becoming simpler, clearer and faster every year.
However, many people are still wary of such transactions, despite the fact that buying property with cryptocurrency nowadays can be a great solution when other payment methods are not available.
In our article today, Alegria’s Director Jan Vaynruch will answer the most frequently asked questions about buying property in Spain for cryptocurrency.
Is It Possible Today to Buy Property in Spain for Cryptocurrency?
Yes, it is possible. Moreover, the trend of buying property for crypto in the kingdom is becoming more and more popular with each day, the number of such offers on the market is constantly growing.
Is It Legal? Will I Have No Problems Under Spanish Law?
The process of buying property in Spain is completely legal. Spanish law does not prohibit the use of bitcoin and other cryptocurrencies as a means of payment for property.
What Cryptocurrency Can Be Used to Buy Property in Spain?
You can use any cryptocurrency to make a purchase, but the most popular means of payment to date is the Tether (USDT).
What Types of Property Can I Buy With Crypto? For Example, Can I Buy a Land Plot or Commercial Property This Way?
Yes, you can buy any type of property in Spain for cryptocurrency, from flats to land plots.
Is It Safe to Buy Property in Spain With Cryptocurrency? What Are the Risks?
There are no risks, the purchase itself is in EUR: before the transaction at the notary, we convert the cryptocurrency on the exchange and the owner receives euros.
What Is the Process of Buying a Property With Crypto?
The process takes place in several steps.
Step 1: Receiving data from the client
- Name.
- Surname.
- Nationality.
- Tax residence country.
- Cryptocurrency wallet number and on which exchange it is opened.
Step 2: Verification of wallet – AML and financial documents (by exchange and notary). For this purpose we will:
- credit 1500 euros to the exchange account for verification, it can be paid in crypto currency;
- be waiting up to 15 days;
- get a report and approval for the wallet;
- provide financial documents confirming the origin of funds;
- receive a conclusion from the exchange on the possibility of conducting a transaction;
- obtain a notary’s conclusion that the transaction can be carried out;
- sign a contract with the exchange for the transaction (the process, wallet, terms and commissions are fixed).
Step 3: The technical part of the transaction (takes 2 hours):
- Transfer of cryptocurrency from your wallet to the company’s wallet (the transfer immediately includes taxes, expenses and commissions).
- Exchanging cryptocurrency for euros.
- Sending euros to the notary or developer for the transaction. Step 4: Transaction:
- We go to the notary and sign the sale contract with the owners. What are the additional costs of buying a property with cryptocurrency?
- Wallet check – 1500 EUR
- Crypto’s company fee for managing the purchase – 2%
- Commission for exchanging into euros is 0.95% (may vary from 0.2% to 1.5% depending on the current situation).
What Documents Are Required to Buy a Property for Cryptocurrency in Spain?
As in the classical sale and purchase deal, the prerequisite is confirmation of the source of the money. For this purpose, it will be suitable:
- Tax Return.
- Asset sales.
- A contract of donation with confirmation of the source of the donor’s funds.
How and When Can You Choose a Property to Buy for Cryptocurrency?
The choice of the property object can take place at the Step 2 or 3, I would choose after passing the 3th Step, but the choice should be for the shortest possible period (2-3 weeks). If there is no understanding the market, what to buy, then first you need to determine a precise budget to purchase similar properties.
How to Pay Taxes When Buying a Property With Crypto?
Payment of taxes is made in euros, as in a classical sales transaction.
Does Alegria Arrange Such Transactions? Are There Real Cases of Such Sales?
Alegria is successfully engaged in selling property for cryptocurrency. We have already conducted several such transactions and several ones are in process.
If you are interested in buying property in Spain for cryptocurrency, you can contact our experts for advice, we will be happy to answer your questions, help you find the right property, as well as fully take care of documentary registration of the transaction. Also, you may see all our offers in our web catalogue.
