Can US citizens buy property in Canary Islands?

Spain has a number of laws under which any foreigner can buy property to live in the country. Foreign capital is one of the best ways to supplement the state budget. Therefore, foreigners can easily buy houses while getting a good deal. The Canaries are in demand among holidaymakers by the sea.



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Anyone with a sufficient motive or connection can become a resident of the Canary Islands. However, if you have decided to spend a long time in the Canary Islands, you will need a residency permit.

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To buy a property in Tenerife as a non-resident it is a essential to get a NIE number (Foreigner Identification Number). Apply for the NIE at the national police station. You have the option to handle the application yourself or to obtain it faster and easier you can hire an assistance from your real estate agent.

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Of course! There are no restrictions on buying property in Spain, whether it's commercial, residential or land. In fact, Spain encourages investment by foreigners, both resident and non-resident.

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The Canary Islands not only represent a first-class tourist destination for people from all over the world, but they also boast a thriving real estate market. So much so that, at the moment, they offer an excellent opportunity for investors.

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Even better, house prices in Las Canarias are fairly affordable, if you know where to look… the two cheapest Canary Islands to buy property are Tenerife and Gran Canaria.

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The canaries are an EU tax haven, although not in the traditional sense: this jurisdiction, part of Spain, makes available many tools for tax planning of known companies. First, the Canaries tax system is easier and with lesser tax burden than other European countries, fully legal and authorized by European Commission.

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High international demand is having a large impact on the Tenerife property market. The majority of prospective buyers are interested in acquiring properties in the locations Costa Adeje and La Caleta. In recent years, prices here have risen by as much as 30 percent.

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A temporary residency allows you to stay on the islands for between 90 days and five years. Permits for less than five years can be renewed every year at the subject's request.

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Nomad's list of the best places to live in Spain in 2023 is topped by Gran Canaria for the second year in a row, also making the island the best Canary Island to live on, followed by the islands of Fuerteventura and Tenerife.

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A temporary residency allows you to stay on the islands for between 90 days and five years. Permits for less than five years can be renewed every year at the subject's request.

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According to Expatistan's cost of living calculator, it's 27% more expensive to live in the United States than it is to live in Spain. If you want to get more specific and compare cities, San Francisco is a whopping 72% more expensive than Madrid. Madrid is one of the priciest locations in all of España.

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If you don't leave Spain after 90 days, you would be in an irregular situation. In other words, you would be in the country illegally. Thus, in the eyes of the immigration law, you would be committing a serious infraction that could result in significant penalties and/or fines.

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The Canary Islands are not part of Community territory for the purposes of VAT (Article 6 of VAT Directive ).

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Land Tax/ Impuesto de Bienes Inmuebles (IBI) The exact annual IBI tax for a property depends on it's size, which Municipality it is in and the property type. Rates can vary from 0.4% to 1.1%.

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