If you’re considering investing in real estate in the Canaries, it’s crucial to know the local laws and regulations. Here we offer a quick guide to better understand the legal landscape and investment opportunities in these paradise islands.
Land Law
The Canaries have specific laws governing land use. Not knowing these laws could result in buying a property you can’t use as you had planned.
Taxes and Fees
The Canaries have a special tax regime. The most common taxes are the Property Transfer Tax (ITP) and the Property Tax (IBI). Knowing these taxes will help you better plan your investment.
Investment Opportunities
The islands offer a wide range of real estate opportunities, from bungalows surrounded by nature to beachfront apartments. Imagine living in an unparalleled climate, on safe islands full of tourist and cultural attractions.
Licenses and Permits
Before buying, make sure you have all the necessary permits. This includes construction licenses, land use permits, and tourist licenses if you plan to rent the property. Not having these permits could result in legal penalties.
The Role of the Lawyer
A specialized lawyer will give you the legal confidence you need to invest safely in the Canaries. At LegalTrustCanary, we offer a variety of services such as multilingual legal advice, comprehensive property verification, contract and notary management, and financial and tax advice.
For More Details
For more details on how to avoid common mistakes when buying property in the Canaries, check out “5 Common Mistakes When Buying Property in the Canaries”.
