If you are planning to purchase property in Spain — whether as a holiday home, investment, or permanent residence — opening a Spanish bank account is one of the most important practical steps in the process.
As a real estate agency based in Lanzarote, Optima Estate regularly supports international buyers through every stage of their purchase. One of the first questions we hear is:
“Do I really need a Spanish bank account?”
The short answer is: yes, in almost all cases, you do.
Below, we explain why it is necessary, how the process works, and how we assist our clients directly at the bank.
Why You Need a Spanish Bank Account When Buying Property
When purchasing property in Spain, payments are not typically handled through foreign bank accounts. A Spanish bank account simplifies — and in many cases enables — the following:
1. Paying Purchase Costs
Property purchases in Spain involve:
- Deposit payments
- Notary fees
- Land registry fees
- Property transfer tax or VAT
- Legal fees
These payments are usually made via bank transfer or banker’s draft from a Spanish account.
2. Setting Up Utilities
Electricity, water, community fees, internet, and local property tax (IBI) are generally paid via direct debit from a Spanish bank account.
3. Mortgage Payments
If you are applying for a Spanish mortgage, the lender will require repayments to be made from a Spanish bank account.
Resident vs Non-Resident Bank Accounts
Foreign buyers can open either:
- Resident account (if living in Spain full time)
- Non-resident account (for holiday home or investment owners)
Most international buyers in Lanzarote initially open a non-resident account, which is specifically designed for property owners who do not permanently reside in Spain.
Spanish banks will request a Non-Resident Certificate, which can be arranged locally and is usually valid for two years.
Documents Typically Required
While requirements may vary slightly by bank, you will usually need:
- Valid passport
- NIE number (Número de Identidad de Extranjero)
- Proof of address (in your home country)
- Proof of income or source of funds (anti-money laundering regulations)
- Contact details and tax identification number from your home country
Spanish banks are required by law to comply with strict financial regulations, so documentation checks can feel thorough. This is normal and should not cause concern.
Can You Open an Account Remotely?
Some banks allow remote account opening, but in practice:
- Many banks still require a personal visit
- Identity verification is stricter for non-residents
- English-speaking staff may not always be available
For this reason, many buyers prefer to open their account in person once they are on the island.
How Optima Estate Supports You
At Optima Estate, we go far beyond property viewings.
We are happy to:
- Arrange your bank appointment
- Accompany you personally to the bank
- Provide translation assistance (English–Spanish / German–Spanish)
- Help prepare the required documents
- Coordinate directly with your lawyer and notary
Our goal is to make every step feel simple and comfortable. You are never alone in the process — we are there with you, advising and supporting you in person.
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