Cañaveral Development
Overview
A massive residential development in Madrid, with over 20,000 units being built in phases.
High demand! This property is getting a lot of attention.
Consider acting fast if you're interested.
Building/Community Amenities
- Air Conditioning / Central A/C
- Balcony / Patio / Terrace
- Clubhouse / Resident Lounge
- Dishwasher
- Elevator
- Fitness Center / Gym
- Garage Parking
- Gated Community
- Pet-Friendly
- Playground / Kids Play Area
- Pool
- Rooftop Deck / Terrace
- Smoke-Free Community
- Sports Court / Facilities
- Storage Units
Investment Insights
Legal & Ownership
Legal & Ownership Information
Ownership Structure
Ownership Rights
Full ownership rights (Freehold)
Foreign Ownership
No restrictions for EU citizens. Non-EU citizens need to obtain a Foreign Identity Number (NIE).
Tax Considerations
Property Taxes
Annual property tax (IBI) of 0.4-1.1% of cadastral value. Non-resident income tax of 24% on rental income.
Transfer Tax
Transfer tax (ITP) of 6-10% depending on the region. New properties are subject to 10% VAT instead.
Inheritance Tax
Inheritance tax rates vary by region, ranging from 7.65% to 34%.
Important Considerations
Restrictions
- Properties in certain border areas may require military authorization
- Restrictions may apply to rural land and properties in coastal areas
Required Documents
- NIE (Foreigner's Identification Number)
- Public deed of sale (Escritura Pública)
- Property registration with the Land Registry
- Payment proof of all applicable taxes
Financing Options
Financing Options
Financing in Spain
Spanish banks offer mortgages to foreign buyers, though the process and requirements differ from those for residents. Most banks will lend up to 60-70% of the property value to non-residents.
Requirements for Foreign Buyers
- 1Valid passport and NIE (Foreigner's Identification Number)
- 2Proof of income (typically last 3-6 months of pay slips or tax returns)
- 3Bank statements for the last 3-6 months
- 4Details of existing debts and financial commitments
