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Tenerife Property and Businesses for Sale and Rent

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Tenerife Property and Business Guide

 

When in the market to buy a property or business in Tenerife, access to the most up-to-date and comprehensive property or business listings saves a lot of time - and can potentially save you money too!

While most Tenerife Estate Agents have their own websites listing property or businesses for sale on the island, it is very time-consuming to hop from one estate agent website to another looking for the best price on a particular house or business. In most cases, browsers wish to compare several websites to find the most suitable home or commercial investment.

To make life easier for you, The Tenerife Property and Business Guide gathers up-to-date listings from the best of Tenerife's commercial or estate agents, presenting them all in one place for easy browsing. The resulting database of businesses and properties for sale in Tenerife is the most comprehensive available.

Property for Sale in Tenerife

Moving to TenerifeAs in the UK or elsewhere there are different kinds of property available in Tenerife which would be of interest under different circumstances

A young family looking to move to Tenerife may prefer a terraced house or large apartment near a school. Properties for sale in Adeje would be an ideal starting point in their search as the Adeje municipality is known for its many family-oriented social initiatives and would be a good location for a family.

Those who want to buy an apartment or townhouse for letting out to holiday makers would want to look at investing in property in the Los Cristianos and Las Americas areas, the island's main tourist destinations.

An active retired couple may be interested in buying an old country house to restore. While there are many rustic properties available, it is advisable to seek the professional expertise of an estate agent when looking to purchase a Canarian house or finca in Tenerife as local zoning laws affect their development and usage.

It's not only the property type that would affect the decision to buy a property in Tenerife but the location. Considering that it is such a small island, each town and village has its own character. Some areas, like the new coastal development at Palm Mar have a clean, modern feel, while the fishing villages of Las Galettas and Los Abrigos offer a more traditional vibe.

We often advise that unless you already know where in Tenerife you wish to purchase a house or apartment, you would be best to rent for six months or so to get the feel for the area you choose. Much easier to simply pack up and move to a new Tenerife long term rental  apartment than to have to resell should you find the area not to your liking. Of course, once you are sure about the location, you will be much more decisive when you find a suitable Tenerife property.

Businesses for Sale in Tenerife

Many who make the move to Tenerife do so with the intention of buying a business. As it is such a popular tourist destination many Tenerife businesses for sale relate in some way to the tourism industry whether they be accommodation or catering related. However not everyone needs to buy a bar or restaurant in Tenerife to make money as there are many other opportunities available like car rentals, property management and many other services that cater to the expatriate community as well as the local population.

The links on the left hand navigation bar will take you to various key pages of the site including Tenerife property for sale and rent. Of course, you may be quite happy just browsing through our more than 6,000 properties for sale in Tenerife to see what is available. Each search result can be further refined using the various filters for property type, general area, location and price.


Tenerife Estate Agents:

Buying Tenerife property - or property anywhere for that matter - can be a nerve-wracking experience.  Those who have spent time in Tenerife before returning to their homes in the UK or Eire often spend long months dreaming about buying a home in sunny Tenerife before reaching the decision to actually make the move.

Decison made, hopeful buyers then arrange a trip to Tenerife and often walk in off the street to the first estate agent office that they find or the one that happens to be closest to their holiday apartment. While some property buyers will be looking to move permanently others are simply wanting to buy a holiday home that they can use for themselves and also let out for a little extra income.

The principal reason people give for choosing to buy property in Tenerife is the island’s wonderful year-round climate. Whilst, initially, the property is bought for holiday use, many people also harbour a dream that they may one day retire here.

Having decided to look into the purchase of a property in Tenerife, usually by studying properties for sale in various Tenerife Estate Agents’ windows, a decision ultimately has to be made about what  kind of property to buy (usually dictated by price), and where to buy (often dictated by where people have themselves holidayed over the years).  Many first time buyers therefore end up with an apartment near to where they stayed on holiday simply because that’s where the Estate Agent they liked best had their office! Later, these same people often wish they had looked at other locations before 'rushing in'.

However, over recent years, ever-increasing numbers of people are buying their properties having first identified them via the internet, following up their initial contact with agents by visiting Tenerife to have a look at a number of ‘suitable’ properties before making a decision. This process has become more and more refined over the last 2/3 years with more, and better, sites appearing with built-in Enquiry Forms, Virtual Tours of properties and so on being available on a good site.

  • Buying your Tenerife Property


Once viewings are completed and a decision has been made, you then have to get down to the ‘nitty gritty’ of Spanish formalities and the paperwork!

Buying property in Tenerife is a very different proposition to buying a property in the United Kingdom and Eire (apologies to readers from other countries!). Not only are you buying a property in a foreign country, but all the paperwork is in a foreign language too (surprise, surprise!). Added to this is the fact that things are  carried out in a quite different way. As an example, when you buy an apartment in Tenerife, you don’t just buy the apartment ,but also a share of the pathways, swimming pools, lifts and all the other facilities which are part of the complex in which the apartment is situated. The costs and expenses of all these individual items is calculated on a percentage basis (depending on the total square metres of your apartment vis a vis the total square metres of the entire complex) and apportioned accordingly.

  • Searching for your ideal property or business in Tenerife

Using The Tenerife Property Guide site to search for your ideal property or business in Tenerife is simple and you can use any one of a number of methods we have made available – you can select an Estate Agent and browse through each of their properties individually, or by refining them by Price Range, Area, Location, Type of Property, or  the number of Bedrooms; or you can select a Price Range, or a specific location, or area. In all cases, the Search Results can be further refined by using the filters on the left hand side of the Search results screen. You can even select the way you view your Search Results by using the 'Show As' option.

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tpg map_small.jpgTenerife Property Locations:

The Tenerife Property Guide was created to promote Tenerife property sales (and, of course, Tenerife business sales and long term rentals) and, as part of this role, we have catalogued our properties for sale in Tenerife into 'areas'. To try to give visitors a 'taste' of each area,  we have created the following information pages: 
 
Adeje         Callao Salvaje         Costa del Silencio          Golf del Sur          Las Americas    
 
 

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The FEES and TAXES payable on buying property in Tenerife

 When you buy a new (ie direct from a developer) property  in Tenerife, IGIC (VAT) of 5% is payable on the value declared on the Escritura (Title Deeds) and is collected by the developer on signing at Notary. In addition, Property Transfer Tax (Impuesto Sobre Transmisiones Patrimoniales) of 0.5% is payable within 30 days of signing (attended to by your Estate Agent or Solicitor). 

More information on Tenerife property fees and taxes here .

 

New Residency Law in Spain

New Residency law makes Spain one of the most
attractive EU countries in which to invest

Spain has just introduced a new law (30/9/2013) aimed at encouraging foreign entrepreneurs to invest in the country. It is called: Proyecto de Ley de Apoyo a Los Emprendedores y Su Internacionalización.

The Law’s objective is to stimulate foreign investment in Spanish (or Tenerife) property and job creation. It is also intended to boost demand for property in Spain and its protectorates (the Ballearic and Canary Islands). It will allow non-EU nationals to obtain qualified Residency Permits in return for investing in real estate in Spain (ie
buying property in Spain and Tenerife)(minimum €500,000), securities such as Public Bonds (minimum €2,000,000), investing a minimum of €1,000,000 in a Spanish Company, in addition to ‘Special Business Projects (no details at present), all leading to Permanent Residency in Spain if certain conditions are fulfilled.

This long-anticipated legislation will open the door to thousands of potential investors looking to benefit from Spain’s historically-low property prices and fantastic lifestyle benefits.

Briefly, the Residence visa will:

•    Initially entitle investors to stay in Spain for a maximum of 1 year (currently 90 days).
•    Entitle investors to obtain a further 2-year Residency permit, renewable every 2 years as long as the abovementioned   investment thresholds are maintained.
•    Enable investors to travel without a visa within the 26-country European Schengen zone.
•    Allow family re-unification. Spouses and children under 18 can apply for Residency at the same time as, or after, the initial application.

The applicant must fulfill the following requirements:

•    Not to have entered or stayed illegally in any Spanish territory.
•    Be 18 years of age or over.
•    Have no criminal record.
•    Not been refused entry into any of the Schengen countries.
•    Have public or private health insurance authorised to operate in Spain.
•    Have sufficient economic means to cover personal and family living expenses.
•    Prove ownership of one or more immovable properties in Spain with an overall net investment value above €500,000, or have evidence of other the aforementioned investments.
•    Proof of the investment in property must be made via a Registered Property Certificate attesting ownership. Or, if the ownership title is not yet registered, via a copy of the acquisition deed and proof of filing the deed in the Land Registry.

The key points of the new law are as follows:

Spanish Residency, and the ability to travel freely in Europe as a consequence, will be a major attraction for many non-EU investors. Added to which, Spanish property prices have fallen into bargain territory, creating some excellent investment opportunities. This offers an attractive combination of Residency and bargain prices for investors from outside the EU.

The Residency visa will be a formality for investors who satisfy the criteria, although investors should take care to hire professional legal help to make sure they understand and fulfill all requirements before they invest.
Obtaining Residency in Spain will give the holder a number of benefits:

Visa-free access to all 26 Schengen Zone countries
The Schengen zone is a group of 26 European countries that have abolished passport and immigration controls at their common borders. It functions as a single country for international travel purposes, with a common visa policy. The current eurozone has a population of approximately 400 million people and consists of Spain, France, Germany, Austria, Belgium, Denmark, Estonia, Finland, Greece, Hungary, Iceland, Italy, Latvia, Lithuania, Czech Republic, Liechtenstein, Luxembourg, Malta, The Netherlands, Norway, Poland, Portugal, Slovenia, Slovakia, Sweden and Switzerland.

Residency in a desirable European country
Spain consistently ranks as one of the world's most desirable places to live. Its excellent quality of life, enviable year-round climate, historic cities, renowned gastronomy and beautiful beaches are just some of the reasons why investors choose to buy here. The country's health system is widely regarded as one of the best in the world and, according to a recent survey by leading medical journal The Lancet, its population has the highest life expectancy in Europe. Spain also has sts one of the world's largest economies, an excellent infrastructure and good travel links to the rest of Europe.

The opportunity to establish a business within a modern and competitive corporate taxation system
Corporation Tax in Spain is currently 30% - the lowest rate since 2008. For small and medium sized companies, there is a reduced rate: Small firms - 20% for profits up to €300,000, 25% for profits above this; medium-sized companies - 25% for profits up to €300,000, 30% for profits above this. Non Resident corporations or legal entities are not subject to Spanish Corporation Tax but to Income Tax as for Non-Resident Taxpayers. In this respect, a corporation is deemed to be Resident in Spain if any of the following criteria apply:

•    They are incorporated according to Spanish law.
•    Their Registered Office is situated  in Spain.
•    The centre of effective management is situated in Spain.

Invest in a country with a stable political and economic climate
Spain's economy is the 5th largest in the European Union and in October 2013 finally emerged from a 2 year recession. Exit from recession was mainly down to exports - a strong area of growth; and a record tourist season as holidaymakers shied away from resorts in politically-troubled countries. Borrowing costs are also down - the Ibex-35 Index has so far risen more than 20% in 2013. The current ruling party in Spain is the Partido Popular, which actively encourages foreign investment.

Opportunity to benefit from the single currency (Euro)
On January 2, 2002, the new European currency, the euro (€), became official in 12 countries, known collectively as the Eurozone. The Euro is now used in 17 EU member states (currently Belgium, Germany, Ireland, Spain, France, Italy, Luxembourg, the Netherlands, Austria, Portugal, Finland, Greece, Slovenia, Cyprus, Malta, Slovakia and Estonia). Use of the Euro means that not only are fluctuation risks and exchange costs eliminated and the single market strengthened, but there can be closer co-operation among member states leading to a stable currency and economy.

Other benefits of the single currency include:
•    More choice and stable prices for consumers and citizens.
•    Greater security and more opportunities for businesses and markets.
•    Improved economic stability and growth.
•    More integrated financial markets.
•    A stronger presence for the EU in the global economy.

The scale of the single currency and the euro area also brings new opportunities within the global economy. A single currency makes the euro area an attractive region for other countries (eg Brazil, China, India etc) to do business, thus promoting international trade and investment.

Easy renewal process for new Residency Permit
The process for renewal of the planned new Residency Permit is quick and straightforward. Minimal presence in Spain is required, allowing Tax Residency outside Spain. There is no limit to the amount of times this 2-year Residency can be renewed.

Family re-unification allowed
Spouses and children under 18 can apply for Residency at the same time as, or after, the initial application.

Some FAQs:
The following is a selection of questions recently asked, together with replies. If you have a question, please contact us.

Q:  Is it compulsory to be fully resident in Spain to be eligible? How many times a year do I need to travel to Spain? There is no minimum stay to obtain the permit. The law does mention the need to have travelled to Spain at least once within the period of validity of the permit to obtain renewal.

Q:  With the Residency, do I get a work permit?  Not under the current law.

Q:  Is it possible to buy several properties with a total cost of €500,000?  Yes, it is.

Q:  Is it possible to lease the property/properties?
  There is no restriction on this point and no reason to believe it should not be possible.

Q:  Can I invest by opening a business?
  Yes, this is an option contemplated in the bill.

Q:  Can I invest in a commercial property?
Yes, there is no restriction as to the kind of real estate purchased.

Q:  When do I lose my Residency? 
Once the property which entitled the purchaser to opt for the Residency is sold, the purchaser may no longer opt to renew the permit upon expiry of the initial residency term.

Q:  Can I get citizenship through this Residency?
  Yes, after 5 years of continuous residence, applicants can apply for an unlimited Residence Permit, and after 10 years, they can apply for Spanish nationality.

Q:  Do non-EU property investors need to have Health Insurance?  Yes, potential investors, their spouses and children under the age of 18 need to prove that they have either public or private health insurance from an entity that has been authorised to operate in Spain.

Q:  Will children be entitled to Residency also?  Yes, children under 18 years of age, or who are disabled, will be granted Residency.

Q:  Does my partner get Residency if we are not married?  The law uses the word conyuge (spouse), but it will probably be recognize the de facto partner if registered in the country of origin.

Q:  What is the time period for Residency? Lifetime, or limited to an exact number of years which may need to be extended?  Initially you will be granted a Residency visa for 1 year. After this first year you can apply for a permit of 2 years which can be extended for further periods of 2 years as long as the beneficiary maintains the legal requirements.





 

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