How much does it cost to buy a property in the Canary Islands

Normally you will pay around 10,000 Euros for Legal Fees & Taxes when buying buying a property in Tenerife, Gran Canaria, Lanzarote & Fuerteventura.

All the legal proceedings are usually under taken by the Bank, the Estate Agent or the Seller.

Lets see the break down off payments you will have to make.

1. Transfer Tax - 5% of the official property value.
2. Plus Valia Tax - pay all fees and taxes due on transfer of property.
3. Land registry fees - fee is about 0.5% of the declared property value.
4. Notary Fees -fee is about 0.75% of the declared property value.
5. Lawyers fee - 1% of the purchase price may be requested.
6. Tax Retention - buyer must retain 5% of the declared property price

For a more in depth view, read the canary islands property buyers guide by CasaQuest.com