Hello there,
I need a bit of advice and I'm surprised that I couldn't already find an existing thread about this topic, but, as the title states, I'm an American expat living in Munich with a residence permit, who would like to buy a flat in Valencia, Spain for future retirement.
Is there an expat out there with experience with living in Germany but purchased property in another EU country?
Some questions I have are:
Would it be better to get a loan in Germany or Spain?
Would I need to file taxes in Spain if I own a home there? I would assume yes, if it's a rental property and no if I don't rent it out?
I currently don't file income taxes in Germany. I make very little and have no assets or deductions so I was told it wasn't necessary. But if I purchase a flat in Spain, would that mean that I would need to start to file income tax returns in Germany (weather it's rental property or not)?
What are the biggest challenges of making a purchase abroad?
Are there any hidden fees, higher interest rates, etc. as a non-EU citizen when purchasing property in the EU?
I'm sure there are some questions that I have not yet thought of but I have never done this before so I'm not 100% sure of what to ask. I'm just starting my research.
Any advice would be greatly appreciated.
Many thanks in advance,
Mia
