What we offer

Gibraltar area offers one of the longest and most refined portfolio of properties in Spain, from beachfront villas to luxurious apartments or unique penthouses.

BUY
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INVESTMENTS

SERVICES

ADVICE

Our professional experience allows to customize the preferences and needs of the clients to find the right property that meets their needs and expectations.

FEASIBILITY STUDY

Our experience and knowhow of a complex sector allows the client totake the right decision without risks.

ACCOMPANIMENT

We are together at each sep of the purchase process and recommend thebest professional requirements that help you in the legal ground withwording of the contract as well as in the tax field.

DISCRETION AND TRANSPARENCY

Our professionals are fully dedicated in safeguarding your privacy.

GUIDE TO BUYING IN GIBRALTAR

Gibraltar enjoys on average 300 days of sunshine a year. Two and a half hours flying time from London there are currently 2 airlines offering daily services to and out of the Rock. With a population of just over 30,000 in less than 3 square miles Gibraltar’s Rock rises majestically from the sea with the African coastline dominating in the distance with its dramatic Rock mountain range.

The following information is intended as a guideline for persons wishing to purchase property in Gibraltar, and is not meant to replace professional advice. We strongly advise prospective purchasers to seek independent legal advice prior to signing any documentation.

WHY GIBRALTAR

This wedge-shaped lump of limestone at the bottom of Spain has been a British colony since the 18th Century. Gibraltar has seen unprecedented growth. Able to raise its own taxes whilst still enjoying the security and defence from HMS government in Britain. Gibraltar has become an attractive proposition for investors worldwide due to its favourable tax laws. It is truly the gateway to the Mediterranean.

Today it's a vibrant place to both live and work with plenty to do when it's time to relax. A new luxury 5 star floating hotel The Sunborn recently opened in the fashionable Ocean Village Marina close to new bars and restaurants that cater for the high net worth customers that live on Gibraltar.

The infrastructure and amenities on Gibraltar include: The international airport, state and private schooling, St Bernard's Hospital, a police force that ensures one of the lowest crime rates is maintained. And, when it comes to shopping you're never too far from home with a Marks and Spencer's in the high street and also a Morrisons supermarket all at tax free prices!

The education system in Gibraltar is very similar to the system in the UK. Secondary education is compulsory to all those between the ages of 12 and 16, after which all students have to take public exams.

PRIVATE SCHOOLS IN GIBRALTAR

In Gibraltar, there are two official private school. Loreto Convent is a Catholic co-educational junior school catering for children from nursery to age 12. And a secondary school Prior Park from 13 to 17.

Just a short stroll or drive across the border into Spain and close by you have access to the Sotogrande Estate, home to Spanish royalty, some of the best golf courses, more than 60, in Spain and the famed polo fields of the Gold Cup. 35 minutes’ drive away is the shops of Marbella and the nightlife of Puerto Banus. However, if extreme sports are your thing then Tarifa, the Kite surfing capital of Europe is just a short drive away from Gibraltar, whilst skiing and snowboarding can be found in the Sierra Nevada Mountains above Granada 2.5 hours away by car.

BUYING A PROPERTY?

By the time you have found a property you wish to buy you should ideally already have decided on the building society or bank you will be using, and the amount and type of mortgage you will be having.

It is standard procedure on the Rock for a purchaser to pay a 2% refundable deposit SUBJECT TO CONTRACT either to the estate agent or developer.

The land upon which all modern developments in Gibraltar are built is owned by the Government of Gibraltar, which grants a lease to the Development Company for 150 years (the Headlease), which in turn grants an Underlease to the purchaser.

There is also a number of older style properties within the town area held on a freehold basis, although historically these are more difficult to raise finance for.

The majority of modern developments in Gibraltar have a management company, which manages the upkeep of the development as a whole. The persons who own units within the development own the Management Company and contribute to the running costs of the development by way of service charges.

When you buy a property, the legal principle of "caveat emptor" (let the buyer beware) applies. To protect yourself, you need professional advice from a surveyor.

Before your bank or building society agrees to lend any money, they will insist on a survey of the property. In reality it will consist of little more than a valuation for mortgage purposes, unless you ask and pay for a more extensive survey.

Choosing a solicitor for your Gibraltar property is not necessarily an easy matter. Although cost is an important factor on the properties for sale in Gibraltar, above all else you will want someone who will do a good job for you. Speed is vital because a delay at any stage could result in you losing the Gibraltar property you want. Hence the importance of your chosen solicitor keeping in contact with you on a regular basis concerning the properties for sale in Gibraltar.

House sales can fall through for many reasons, and it’s advisable to ask your solicitor in advance what he would do regarding charging you in the event that the sale of the Gibraltar property fell through for no fault of your own. If for example, you find alternative properties for sale in Gibraltar, many solicitors will not charge other than a nominal amount, but the point is well worth checking.

Legal Fees: Range from a minimum of £900.00 to 1% of the full purchase price.

Registration & Disbursements: An approximate figure of £300 should be allowed, but this varies from one conveyance to the next.

No stamp duty is payable by first and second time buyers on the first £260,000 of the purchase cost.

There are a number of duties and disbursements as follows:

  1. Stamp Duty: The Gibraltar Stamp Duties Act 2005 (as amended by the Stamp Duties (Amendment) Act 2010) relates only to transactions involving real estate property situate in Gibraltar. The rates of duty applicable are as follows:
    • Nil % where:
      a. The property value does not exceed £200,000, or
      b. The property value does not exceed £260,000 in those instances where the purchaser is a first-time buyer or second-time buyer, or
      c. Where the property is being transferred between spouses or, following the dissolution of a marriage, between former spouses.
    • 2% on the first £250,000 and 5.5% on the balance, where the property value exceeds £200,000 but does not exceed £350,000, and
    • 3% on the first £350,000 and 3.5% on the balance where the property value exceeds £350,000.
    • Additionally, if the property is purchased with the assistance of a mortgage, stamp duty is charged at the rate of 0.13% where the amount borrowed does not exceed £200,000 and 0.20% for amounts in excess of £200,000.
  2. Land Titles Register: a fee of £125 per deed is charged for recording the transaction in the Land Titles Register.

NOTE: The registration procedure referred to above should not be confused with the Land Registration procedure in the United Kingdom. In Gibraltar there is only a requirement under the Land Titles Act to register the deed in order to keep a public record of property transactions. As a result, the protection afforded by the priority of periods granted under the Land Registry rules in the UK is not available in Gibraltar. On a mortgage 0.2% of the loan amount.

As a general rule of thumb, the majority of leasehold Gibraltar property pay Service Charges (normally to the Management Company), General Purpose Rates and Ground Rent.

There are 3 main forms of tax relief available to home-owners, and we strongly advise you to seek professional advice from a Financial Consultant.

  • Tax Relief on mortgage interest
  • Tax Relief on qualifying life assurance premiums
  • Tax Relief for the "First Time Buyer"

  • No VAT
  • No capital gains tax and any profit from the sale of a local property
  • No inheritance tax
  • 10% corporation tax makes the territory ideal for international business
  • No Value Added Tax

CONTACT US

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Buy a Property

We advise you throughout the process and although we do not work with any particular law firm, we are in a position to recommend the services of accredited professionals of the legal profession to safeguard their interests in the purchase, according to the language of your preference.

A continuación le detallamos, con carácter general, los diferentes pasos del proceso de compra

RESERVATION

Once the property to be purchased has been decided, the normal procedure in Spain is to establish a reserve deposit whose amount will depend on the final price of the purchase. The deposit is accompanied by a booking contract where the names and documents accrediting the buyer are collected and seller, the agreed sales price and any conditions established in the purchase. The amount of the reservation is given to the real estate agent or the lawyer as a sign of good faith. It is recommended never to pay a reservation deposit directly to the owner.

REVIEW OF THE PROPERTY

The lawyer is responsible for making sure at the property registry that the property's documentation is correct, free from foreclosures or debts and who owns it.

PRIVATE CONTRACT

Once the lawyer is satisfied and everything is in perfect order is when the buyer and the seller they will sign a private contract of sale. The buyer will pay a 10% deposit (minus the deposit of the reserve). In this contract, the identities and details of the buyer and seller are established, as well as the agreed sale price and the date for the final transfer of ownership of the property. At this point, if the buyer decides to withdraw from the purchase will lose his deposit and if it is the seller who withdraws his property from the sale he will be obliged to pay the buyer double the deposit delivered by him, unless he agrees something else.

SCRIPTURES

In this final phase is when the rest of the amount is paid and the Deed is signed before a Notary Public. After signing the deeds, your attorney will register the property on behalf of the buyer with the local office of the Land Registry.

The persons that will appear in the deed of sale must be identified, if they are Spanish through the DNI and if they are not residents in Spain, the Ministry of the Interior requires that they obtain a Certificate of Non-Residency, in which a fiscal number is determined, which will also be required to pay the corresponding taxes. This document is known as a NIE number and must be requested directly and in person at police stations, consulates or Spanish embassies, since the power of attorney is not accepted.

PURCHASE EXPENSES

When the purchase is made directly to the real estate developer: in IVA of new homes a 10% rate is applied about the purchase price. When the purchase is made to another owner, the Transmission Tax is paid Assets (ITP) as specified in the following data:
Purchase Price 0-400.000 €: 8% Tax type
Purchase Price 400.000 € - 700.000 €: 9% Tax type
Purchase Price From 700.000€: 10% Tax type

RECOMMENDATIONS

We advise you to open a bank account at the moment you start the purchasing process, both for the payment of the amounts that are agreed in the contract as for the direct payment of supplies such as electricity and water. As well It is convenient to make a will that will exclusively affect your assets in Spain and does not concern your country of reference. It facilitates and shortens the succession process in the event that unfortunately a death occurs.