Necessary paperwork for buying a property in Spain for non-residents
Buying a new home in a foreign country could be a challenge and being prepared and well informed in advance will save you loads of time and unnecessary frustration. As long as you have a power of attorney to a lawyer of your choice he/she can manage everything else on your behalf and you don’t have to be physically present in Spain to deal with what comes next and could communicate through email or phone with your estate agent and legal representative. You can obtain the power of attorney in your country of residence, however, it will be quite more costly and the process will be longer compared to organizing this locally while you are in Spain viewing properties – it takes an hour and the notary fee is usually under 100EUR.
All non-residents will be required to obtain the following:
- Power of attorney
It is essential to grant a Power of attorney to your lawyer so he/she can sign contracts, deeds and all documentation related to your purchase process. You could do this in Spain or in your country of residence.
- N.I.E. (Spanish ID for foreigners)
Without this ID number, it is impossible to buy a property in Spain or obtain service contracts for utilities. Applications for a N.I.E. number tend to take certain time to process, so it is very important to present your application at the beginning of the buying process. You can apply for a N.I.E. number yourself but as well your lawyer will do that for you as it is included in their service.
- Bank account
It is essential to have an account in a Spanish bank in order to contract utility services and to pay them by direct debit. Your lawyer will able to open a bank account in Spain on your behalf.
- Spanish will
Although it is not compulsory to have a Will in Spain, we strongly recommend you to have one – it usually makes procedures easier and quicker in Spain. Without a Spanish Will, finalizing an inheritance procedure can take up to one and a half or two years. Spanish authorities apply tax penalization if these matters are not dealt with promptly.You can also check out this free guide for buying a property in Spain where you will find information about the purchase costs and annual taxes if you are considering to buy a new or resale apartment in Spain. Find out why it is essential to use a lawyer to check all paperwork of your new home before you proceed with the purchase and what would be the fees associated with this service.