Frequently Asked Questions - Commercial.
Q. What is a traspaso?
A. A traspaso is an old Spanish term for a lease contract that includes the right of the leaseholder to sell the business on in the future. This is important as all the goodwill and trade you build up over the years can be sold for profit when you move on rather than just handing the keys back to the Landlord when you depart.
With all traspasos/leases there is also a monthly rent due to the owner, varying from as low as 600 euros per month to 2000 euros plus.
Q. How long are the leases on bars and commercial property?
A. Most leases are for a 5-year period although leases of 3 or 10 years can be found.
Q. What is a rent only contract?
A. Rent only contracts are rare to find with bars and commercial properties. Although they provide a cheaper way to start your business they do not give you the all-important ability to sell on your business when you choose to leave.
Q. How long will it take to find a bar or commercial property.
A. We recommend setting aside 4-5 days if possible to allow time to familiarise yourself with the areas, look at a range of properties, make your choice and begin the legal process. It can be done in 2-3 days if required and you have the stamina!
Q. Can I have karaoke and live entertainment in my bar?
A. For these activities a music licence is required. Certain parts of the Costa del Sol are no longer issuing new music licences so it is important that the bar you choose already has one in place for these activities. Our Lawyer will check this for you.
Q. I don't want to run a bar - are there other types of commercial property available?
A. We have a wide selection of hairdressers, car hire companies, florists, gift shops and the like. Please contact us for details or browse our commercial section.
Q. What kind of deposit is required when I find a bar or commercial property?
A. Normally a reservation deposit of 10% will take the property off the market with the balance payable on completion.
Q. What happens when I pay a deposit for a bar or commercial property.
A. Apartsol always holds your deposit in the office until all the necessary checks have been carried out: ensuring the owner has the right to sell, there are no debts against the property and all licenses are in place.
Only after we have been satisfied of this will the deposit be handed to the owner.
We are always working to protect your interests.
Q. How long does it take to buy a commercial property or bar?
A. The legal process to buy a lease on a commercial property is quite quick - normally around two weeks although it can happen sooner if the money is in place and all parties are keen to get things moving.
Q. How much are the lawyer's fees when buying a commercial property or a bar?
A. Lawyers fees when buying a bar or a commercial property in its most common leasehold form vary between 1500-3000 euros depending on the size of a property.
Q. What paperwork do I need to buy a commercial property or bar in Spain?
A. It is essential to have an NIE number (similar to a National Insurance number in the UK) and a Spanish bank account. We can help you with both of these.
Q. Can I get finance for a commercial property or bar?
A. Banks will not lend on leasehold properties, only on freehold transactions. Other options are personal loans in the UK or remortgaging a property.
Q. What is a Gestoria?
A. A Gestoria is a cross between a solicitor, property conveyancer and accountant in the UK and will carry out all the necessary checks against the property so it is free of debt and has the correct licences in place before your deposit is handed over to the owner.
Q. How do I pay tax and social security?
A. We can recommend an excellent range of Gestoria's whose job it is to ensure you are compliant with all aspects of Spanish taxation and employment laws.
Q. Can I sell my bar or commercial property on in the future?
A. Most commercial properties are taken on a lease (traspaso) basis that means they can be sold on in the future. It is common though for the Freeholder to be entitled to 10-20% of the declared value when sold
Q. What is the declared value?
A. When property is bought and sold in Spain not all of the monies paid are declared to the taxman. This is the normal procedure in Spain although it can take a little bit of getting used to. If you were to buy a property at 80,000 euros for example you could expect to declare only around 50,000 of this.
Q. Can you find me somewhere to live as well?
A. Apartsol also specialise in long-term rentals allowing you to settle into comfortable surroundings in your new country.
