Invest in Spain property from Papua New Guinea
Do you want to invest in Spanish properties from Papua New Guinea? Spain is one country that is popular with property investors from Papua New Guinea. Individuals from around the world look to Spain as a great place to buy up properties. Spain still has a lot of available properties even with the high level of demand in Marbella, Estepona, Ibiza, Barcelona and Madrid.
Spanish properties are widely seen as great investments for individuals, families and corporates in Papua New Guinea. Investing in property in Spain from Papua New Guinea is daunting regardless if you are a local or foreign resident. Investing in Luxury Spanish Properties may be a difficult task for anyone that hasn’t done it previously, but it is achievable for anyone seeking to purchase commercial or residential properties.
International Property Investors from Papua New Guinea
Residents of Papua New Guinea are classed as non resident in Spain if you don’t live here, and there are some extra steps in the process which can be pretty confusing.
One key step when buying a Spanish property from Papua New Guinea is you’re going to have to get what’s called an NIE. It’s not like an identity card, it’s just a number that you need to get to be able to do financial transactions in Spain from Papua New Guinea.
A foreign investor in Spain from Papua New Guinea may not need to open an account with a Spanish bank. If you have an existing account with a bank outside of Papua New Guinea and it has a presence in Spain, you may be allowed to invest in Luxury Spanish Property. One of the positives for investing in Spain from Papua New Guinea is that large banks that operate globally are more likely to be accommodating to foreign investors in the country.
If this is the case, you can transfer your account to a bank branch in Spain or use the banking facilities provided. In some instances, this is not possible and you will need to open a Spanish bank account to make your investments. To open a Spanish bank account from Papua New Guinea, you will need proof of ID and address.
Spain has a very generous visa system for residents of Papua New Guinea to purchase property or make an investment in Spain.
The Spanish Golden Visa for residents of Papua New Guinea is straightforward. You are eligible for the Spanish Golden visa by making one of the investments listed below:
- Invest in real estate in Spain worth a minimum of €500,000. The property may be a single unit or multiple units. The overall worth must be no less than €500,000.
- Make an investment into the Spanish public debt of a minimum of €2,000,000.
- Purchase shares in a Spanish company or make a deposit in a Spanish bank of no less than €1,000,000.
- Invest in a new business that will offer employment opportunities to Spanish residents, contribute to science and/or technology, and make a socio-economic impact in the area where the business will be set up.
For more information on the Spanish Golden Visa Click Here
How to Buy Property in Spain from Papua New Guinea
Buying property in Spain may be different than purchasing it in Papua New Guinea. There are specific elements that may only apply to Spain. Here are four important items you must do as a potential property investor:
- Hire a lawyer in Spain to handle paperwork
- Sign the contract in Spain
- Pay deposit fee of 5% to 10%
- Complete the paperwork
After finding the perfect property to purchase in Spain, you will need to hire a lawyer. The Spanish lawyer’s job is to complete the due-diligence that will ensure the property is legitimate. They will also explore the contract and ensure your interests are protected, regardless of whether you are in Spain, Papua New Guinea or elsewhere.
Where to buy property in Spain from Papua New Guinea?
For property investors in Papua New Guinea hoping to buy a superb property Physis Realty is the preferred agent to thousands of individuals and families in Papua New Guinea
It is assumed the best properties to buy are in Madrid. That is not necessarily true. While Madrid is Spain’s most populated city, there are other major cities within Spain to purchase properties including Marbella, which is seeing a building boom right now. Other top locations include Ibiza, Mallorca, Barcelona and Nueva Andalucia.
As a property investor from Papua New Guinea, you should decide on how you want to rent out your apartment or house. The city may dictate the type of property you buy and how you let it out.
There is a low number of restrictions on investors from other countries. You should be aware buying an Papua New Guinea property requires you to do a lot more due diligence than if you invest in your home nation. Before buying, be sure you research the area you plan to invest in.