Investment in real estate

Why do I need a Spanish bank account?

If you want to buy property in Spain, then you will need to open an account in a Spanish bank. You will also need it for the subsequent payment of utility bills and taxes.

There are two types of accounts in Spain: resident accounts and non-resident accounts.

A resident of Spain is a person (Spanish or foreigner) who meets the following requirements:

  1. Resides in Spain for more than 183 days in a calendar year;
  2. Has a center  of economic interests in Spain (business, real estate);
  3. In the event that his spouse and minor children dependent on him live in Spain.

The main criterion for assigning a person to the residence of a particular country is the first - the actual residence in the country for more than 183 days a year, but paragraphs 2, 3 are also essential.

These rules are universal. The legislation of other countries, including yours, provides for similar requirements for recognizing a person as a tax resident of his country.

Thus, if you are a permanent resident in Spain, then you open a  bank account on an equal basis with Spanish citizens, as a resident.

If you do not plan to live in Spain for more than 183 days a year, then you need to open a non-resident account, which is absolutely real and usually does not cause any problems if you prepare all the necessary documents. It is easiest to open an account in a large Spanish bank BBVA, if necessary, our staff will help you with this issue.


How to open a bank account?

There are several banks in Spain that open accounts for non-residents. These are banks: BBVA, Caixa, Santander, Bankinter  and some others.

Each of them has its own requirements for the package of documents, however, everything that the bank wants to know about you comes down to three questions:

  • Where do you get your money from? It is important for the bank to understand that you have earned or acquired your money honestly and, very importantly, paid taxes for it. Therefore, he will ask you to show where you got the money that you  are going to transfer to a Spanish bank. As a confirmation, certificate 2 of personal income tax (declaration of income of your country), tax returns, a gift agreement, a certificate  of inheritance are suitable.
  • What are you doing at the moment? You work, do business, are retired, or do not even do anything and do not plan to do anything in Spain (and therefore, for example, apply for a residence permit without the right to work). To do this, you can provide a certificate of employment, a certificate of OGRNIP for individual entrepreneurs, etc.
  • Why do you want to open a bank account in Spain? It is important for the bank to understand why a foreigner needed to open a bank account in Spain. Therefore, the purchase of real estate is just such a justification, and the real estate  reserve agreement you signed confirms the  need to open an account.

One of the most loyal banks to the citizens of the CIS is BBVA.

To open a BBVA bank account, you will need:

  • Real estate reserve contract. This is a document that has the value of a preliminary contract, which is concluded between the developer (seller) and the buyer, indicating the main terms of the transaction. At the time of signing the reserve contract, the buyer pays the seller a small amount of money (usually 5-10 thousand euros) in confirmation of the intention to buy the property.
  • Certificate of employment indicating the position held, length of service, salary.
  • Certificates 2-NDFL for the previous two years.
  • Individual entrepreneurs provide a Certificate of Registration of an Individual Entrepreneur (OGRNIP) and a tax return for the two previous years.
  • Passport 

Other banks may require you to:

  • A certificate stating that you are not a resident of Spain. This document can be obtained while in Spain - at the police station or the department for foreigners, or in your country at the Consulate of Spain. The production time is about 10 days.
  • NIE  is a foreigner's registration number that can be obtained from the Spanish Consulate in your country.

All documents must be translated into Spanish by a sworn translator. You can find such a service at the Consulate of Spain in your country, and our manager can also help you with the contacts  of a sworn translator in Spain.

How to avoid being recognized as a resident of Spain if you do not want to

Importantly. This information is relevant only for those who really need to maintain the tax residence of their country, if it provides a lower tax rate than in Spain. If this is not important for you, you can safely skip this section.


  • Comply with the rule of staying in Spain for less than 183 days. At the same time, the actual stay matters, not the planned one. For example: if you decide to fly out of Spain on the 183rd day, and your flight was delayed, and you actually spent 184 days in Spain, this is no longer good in your case. To control the number of days spent in Spain, there are convenient applications on the phone, for example, the free Schengen application
  • Since no one puts marks in the passport when crossing borders within Europe, in your case it will be useful to visit the police station in another country yourself and ask to put a stamp on entry and exit from this European country. Accordingly, you will be able to confirm to the Spanish authorities that you have been absent from Spain these days.
  • At the beginning of each new year, take a certificate from the tax office of your country confirming that you are a tax resident in your country.


How to choose a good option for real estate investment?

Formulate your goal.  You want to obtain an investor's residence permit and retain your tax residence; transfer children to a warm climate and earn money on the rental business; ensure the right to work in the European Union for adult children;  you want professionals to take care of your property in Spain and transfer your income every month, or you just want to "bury a golden bucket" in the European Union... Different objects are suitable for each purpose. So start with your goal.

Decide on the location. Go on a trip around the country, try on yourself, as a tourist, I every city or town. Will you feel comfortable here? Would you like to come to this  place? Put yourself in the shoes of a guest, your tenant or future buyer.  And do not forget also that life is not only about money, but  also about the quality  of life of your family. Your goals may change over time and you may want to use your investment property for your vacation.

Take your time with the choice.  Yes, good objects are "leaving", but some objects will be replaced by others. You will not find really interesting investment options in public databases. What is available to everyone is usually less profitable. Give us a task and we will look for what you need.

Consider.  Consider taxes, utility bills, transaction costs, rental income, inflation,  currency fluctuations.

Compare.  Compare the weather, sea temperature, traffic on the roads, the contingent of residents, the level of safety, the rating of schools in the district, the distance to the airport,  infrastructure and entertainment in the city. Compare the liveliness of the city  and the presence of tourists  both in summer and winter.

Contact a lawyer and accountant. The first thing to do in a foreign country is to get acquainted with a lawyer and a tax consultant.   Such a simple recommendation will allow you to find the right solution for the realization of your goals, save money and nerves. Timely consultation costs quite reasonable money, but allows you to avoid wrong actions. Ask all your questions. Experts will give detailed answers to those questions that you may not have immediately raised for yourself. If you need a recommendation and contacts from a lawyer and tax advisor who speaks your language, we will recommend you specialists who have been advising us and our clients for many years.

Make a decision based on your experience.  An agent is your representative on site, thousands of kilometers away from you. Therefore, it is important to choose a person or company that you will trust, who will not only show you real estate and attractions, but also   help you build a personal strategy depending on your task.  At the same time, if you have decided to invest in foreign real estate, this means that you already have your own accumulated experience and business intuition.

New building or resale?

The secondary housing is suitable for those who want to quickly start renting it out and earn money almost immediately after purchase. The quick launch of the facility is an undoubted advantage of investment housing.  However, such housing grows less in value and the opportunity to earn money is almost only on rent. At the same time, the secondary object is in a good location and does not fall in price over the years, which is also an advantage.

The advantage of a new building is that by the end of construction, the price of the object will increase by 10-20%, despite the fact that you invest  only  25-40% of your own funds in installments during the construction phase. New housing always attracts the attention of tourists, given modern technologies and construction standards, so it is easier to rent. With that said, over time, you can make money from both value gains and rentals.

By the way, it should be noted that in Spain it is customary to rent apartments with repairs. Therefore, when you receive the keys, you just have to order furniture and hang curtains. We will provide you with a complete preparation of the property for rent, including, if necessary, the services of a designer.

Why is it profitable to invest in a new building in Spain?

Ask any developer in the CIS about the procedure for paying for the property. The answers will not surprise you with variety: "Pay 100% of the cost and wait three years for the completion of construction." If you plan to raise borrowed funds, then all these three years, while construction is underway, you will pay the mortgage.

In Spain, the situation  is completely different, and it is worth taking advantage of. By law, the developer is prohibited from accepting 100% payment until the end of construction and commissioning of the house. Therefore, at the construction stage, the buyer pays 25-40% of the value of the object. As a rule, this amount is paid in interest-free installments  for up to 6 months. And only after the object is built, put into operation, all documents are drawn up and the developer completes the repair in the apartment,  the buyer must pay the rest of the amount. At this point, the buyer decides whether he will pay at his own expense or with a mortgage. You will start making mortgage payments only from the date of the transaction.

On the day of the transaction, the buyer makes the final settlement with the developer, receives the keys and can immediately move into his new home.


  1. The investor invests only 25-40% during the construction phase, not 100%.
  2. The situation is excluded when the house is still under construction, and the buyer is already paying the mortgage.
  3. You get a completely ready-to-move apartment with repair, kitchen furniture and appliances, as well as all plumbing fixtures
  4. You live in your house or apartment from the first day of final payment.


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