How to Open a Bank Account in Spain to Buy Property as a Foreigner
Can I Open a Bank Account in Spain to Buy a New Build Property?
If you want to open a bank account in Spain to buy property, the good news is: it’s possible even if you’re not a resident. In fact, it’s a required step for most foreign buyers.
If you’re planning to buy a new build property in Spain, one of the first things you’ll need is a Spanish bank account. The good news? Yes — foreigners can open a bank account in Spain for the purpose of buying real estate, even if they are not residents.
Is it mandatory to have a Spanish bank account?
Yes. To complete the purchase of a new build home, you will need a local bank account to:
- Pay taxes such as VAT (IVA) and Stamp Duty (AJD)
- Make transfers to the developer or seller
- Set up direct debits for utilities and community fees
- Receive mortgage disbursements (if applicable)
Can non-residents open a bank account in Spain?
Yes. You can open a special account as a non-resident. Many banks are familiar with this process, especially in regions like Alicante, where a large percentage of buyers are foreigners.
What documents do you need to open an account?
Each bank has its own criteria, but you’ll usually need the following:
- Valid passport
- NIE (Foreigner Identification Number) – mandatory for buying property
- Proof of income or economic activity (e.g., payslip, pension certificate, tax return)
- Proof of address in your home country
- Reservation or purchase agreement (optional, but helpful)
- Sometimes a certificate of non-residency, especially if opening the account from abroad
Which Spanish banks are best for foreign buyers?
The following banks are well known for helping international clients open accounts:
- CaixaBank – offers accounts for non-residents and English-speaking support
- Sabadell – very active in Costa Blanca and Costa del Sol
- Bankinter – solid option for mortgage-linked accounts
- BBVA and Santander – with large branch networks
- Some digital banks like N26 (limited functionality)
Can I open the account remotely?
Some banks allow you to begin the process online or via power of attorney through your lawyer in Spain. However, most will require in-person verification at some point, especially for large transactions.
Tips for a smooth process
- Work with a local real estate agent or legal advisor — they can help coordinate everything
- Open your account in the same bank that may offer you a mortgage (if needed)
- Choose a bank with experience working with your nationality
Final thoughts
Opening a bank account in Spain as a non-resident is a standard step in the buying process. It’s legal, straightforward, and highly recommended. With the right documentation and a good team supporting you, your account can be opened in just a few days.
At NewBuildAlicante.es, we help foreign buyers not only find the best new build properties in Alicante, but also connect with trusted banks and legal professionals to make the process seamless.
→ Need help opening a bank account in Spain? Contact us
