To buy a residence in Spain, you must open a current account for a non-resident. To this existing account, you will transfer money from your country or elsewhere to be debited with the contract to purchase the home.
Opening a current account to buy real estate in Spain is mandatory. You cannot simply transfer money from an account opened in another country to the history of a Spanish real estate seller. You must do this only from a Spanish account opened explicitly for this procedure. A deposit can be extended for a foreigner only after obtaining an NIE.
Spain has strict rules for the opening of current accounts by foreign nationals. This is done in the fight against money laundering. In the bank, they will ask about the origin of the funds you will be transferred to your account. Therefore, it is necessary to prepare all the required documents to prove the origin of the money: salary certificates, contracts of property sale in your country, tax statements, if you work as a private entrepreneur, and so on. If this procedure seems problematic, write us a chat to consult and settle this issue. The bank can refuse to open an account if it finds your papers and proof of transparency of funds unconvincing.
Bank Account in Spain
In addition, each bank has its requirements for Spanish translations of documents submitted. Some banks may even require attested copies and sworn translations of papers. We have been working with banks for over ten years, know the exact requirements of the documents, and assure you that our clients have never been refused an account.
We deal with opening an account for you if you plan to buy a home in Costa Blanca through our real estate agency. For this purpose, we will draw up a power of attorney for this procedure, and a few days after the signing of the preliminary agreement to buy a house, we will open an account for you for this transaction.
Later, this account will also be used to conclude contracts with the service and utility companies that will take care of your property in Spain. Usually, we complete all warranties with the services ourselves as part of the comprehensive services we provide to our clients. According to the service contracts, money for utilities, home insurance, and other payments will be automatically deducted from this account. Therefore, once or more a year, the bank may require proof of the legality of income received in your account. Failure to comply with the bank's conditions or late submission of documents threatens to block the account.
What You Need to Open an Account in Spain in the Case of Purchasing a Home
In addition to the documents listed above, you will need the following:
- A valid passport
- NIE certificate
- Real estate reservation contract.
For residents in Spain, other documents are required, and it is possible to open a current account remotely through the Internet. If you are going to get a residence permit in Spain, don't hesitate to contact us for help, write in a chat on the website, or fill out a feedback form indicating that you are interested in this option.
Lenovaz Real Estate Agency has more than ten years of experience in real estate on the Costa Blanca in Spain. You can contact our offices for an on-site consultation or ask questions about purchasing real estate in Costa Blanca through a chat on the site or via messengers. As part of the Help package when buying a house in Spain, we will give you all the services you need to conclude the deal, almost without your participation. We look forward to seeing you in Costa Blanca!
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