Buying Guide Details

Buying Property in La Gomera

Where to buy property in La Gomera

The almost-circular island of La Gomera is not developed commercially but buyers might find an authentic property bargain here as many of the indigenous population emigrate to find work elsewhere. As a bit of a backwater, some of the bureaucracy on the island may be a deterrent to all but the most determined buyer.

It can only be reached by ferry or hydrofoil from Los Cristianos on Tenerife – there’s no commercial airport here. This isolation means it’s not a holidaymaker’s destination, but there are some visitors, and home buyers, who come to appreciate the stunning natural beauty here. Ironically, there has been some limited newer development in order to accommodate those looking for a quieter home destination. Overall, though, it’s an isolated gem.

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The Process of Buying Property in La Gomera

Anyone wishing to buy (or sell) a property in La Gomera must first obtain from the state – in person – a fiscal number for foreigners known as NIE (numero de identificacion de extranjeros)
Once the buyer has received the NIE number, the buyer’s lawyers can make an offer on their behalf. When a price has been agreed, it is recommended that both parties sign a preliminary agreement which outlines details such as the completion date
A deposit of 10% is the normal amount placed to secure the deal. After this, if the buyer pulls out they lose the full deposit but, should the seller decide not to go ahead, he/she must return double the amount of the deposit – i.e. 20% – to the buyer
If a property in La Gomera is purchased off-plan, it is usual for payments to be broken into stages, the balance being paid when construction finishes
On completion, when all the necessary checks have been carried out, both parties sign the escritura (title deeds) in the presence of a notary. The buyer then pays the balance, plus all other fees and taxes. Copies of the deeds are sent to the Land Registry and the tax office.

Homes Overseas Property Club

Homes Overseas has joined forces with a collection of IFA specialists to form the Homes Overseas Property Club (HOPC), designed for existing and prospective overseas property homeowners.

The Club – which has access to international lawyers in no fewer than 43 different countries - has been set up in order to guide people through some of the various issues relating to buying and maintaining a property overseas. It offers advice on a range of topics, including financial, legal, insurance, taxation, property management and foreign currency matters.

For further information please telephone 0845 838 7142 or email info@homesoverseaspropertyclub.com

Fees & Taxes

Taxes and fees usually amount to around 10% of the total purchase price of the property in La Gomera
Taxes payable depend on whether the property in La Gomera being purchased is new-build or resale. Currently, transfer tax of around 7% is applied on resales, which includes stamp duty. For new-build property in La Gomera, VAT (IVA) of 7% is payable in addition to 1% stamp duty
On top of this there is also plusvalia (capital gains tax), which is set by the local authorities and depends on the area concerned and the amount of profit being made on the sale. This is usually paid by the seller
If the buyer is purchasing land or commercial property rather than residential, VAT is 16% as opposed to 7%. Stamp duty remains the same
Most Spanish lawyers charge around 1% of the final purchase price, and notary fees are around 0.5%
Agents’ fees can vary anywhere between 2% and 15% – so be careful not to be ripped off

Getting there

There are flights to Tenerife direct from all over the UK. Ferry from Tenerife to La Gomera 90 minutes, hydrofoil 30 minutes, approximately.

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