Purchasing property in Spain as a non-resident is an exciting opportunity, but it requires careful planning and preparation. One of the first steps is ensuring you have the correct documents. Below, we’ll guide you through the essential paperwork needed to make your property-buying journey in Spain smooth and successful.
1. Foreigner’s Identification Number (NIE)
The NIE (Número de Identificación de Extranjero) is mandatory for non-residents wishing to buy property in Spain. This unique identification number is essential for any financial transaction in Spain, including opening a bank account and signing property contracts. You can obtain an NIE at a Spanish consulate in your home country or through a legal representative in Spain.
2. Passport
A valid passport is necessary to confirm your identity. Ensure it is up-to-date, as you will need it at several stages of the purchasing process.
3. Spanish Bank Account
Though not legally required, opening a Spanish bank account is highly recommended. It facilitates property payments, utility setup, and local financial transactions. Most notaries and property sellers prefer transactions through a local account.
4. Proof of Funds or Mortgage Approval
If you’re financing your purchase through a Spanish mortgage, you’ll need a mortgage pre-approval from a Spanish bank. If you’re paying in cash, a proof of funds document from your bank shows your ability to complete the purchase.
5. Power of Attorney (if needed)
If you can’t be present in Spain to handle paperwork, granting a trusted lawyer or representative a Power of Attorney (Poder Notarial) allows them to manage key transactions on your behalf. This document must be notarized and specify which legal powers you’re granting.
6. Tax Identification from Your Home Country
In some cases, the Spanish authorities may request your tax identification from your country of residence, especially for tax purposes post-purchase.
7. Property Purchase Agreement (Contrato de Arras)
Once you’ve chosen a property, you’ll typically sign a preliminary contract, known as the Contrato de Arras, which reserves the property for you. This contract details the terms of the purchase, including deposit and timelines, and requires both parties’ signatures.
Ensuring you have the right documents in order will make buying property in Spain a much smoother process. Partnering with a local real estate expert or legal professional is also recommended to guide you through each stage and ensure full compliance with Spanish law. In Goldman Stark Real Estate we are always ready to give you a free consultation and help with purchase of the apartment.
