Can you buy a property in Spain without becoming a Spanish Resident? The one-word reply is ‘Yes!’
Spain is one of those amazing countries, which is always on the hit-list of travel enthusiasts. Be it the enthralling mountain ranges, picturesque blue flag beaches, delectable food, amazing culture and heritage, hospitable people, and soothing climate . . . Spain ticks all the boxes to be one of the most beloved tourist destinations.
Apart from Spain’s scenic beauty, what attracts people to this beautiful nation is the lower cost of living and rich quality of life. These reasons are enough to attract numerous potential buyers, including foreigners, to invest in Spanish property.
It not only gives them an option to enjoy a vacation in Spain without worrying about a place to stay, but property in Spain can also give them revenue, as it can be easily rented to other tourists.
Can You Purchase A Property In Spain Without Residency?
Yes, you can. If you are an ex-pat, foreigner, or an immigrant, you can purchase your dream house in Spain without worrying about having a residency. Basically, you need to apply for Spanish residency only if you wish to stay for more than 90 days.
However, if you wish to stay in Spain for less than 3 months (every 180 days), you will get a short-stay visa. Therefore, in this scenario, you don’t have to apply for residency, and you can still enjoy your stay on your Spanish property.
Is It Easy For Foreigners To Purchase A Property In Spain?
Good News! If you are a foreigner and you want to buy a holiday home in Spain, you don’t have to sweat a lot. In fact, you don’t need to do any special paperwork to purchase a property in Spain.
You will be delighted to know that the Spanish Government encourages foreign nationals to invest in their country. Consequently, they have not set any special rules or requirements for foreigners to purchase property on Spanish soil.
Documents Required
If you are a foreigner, then the most important document you need to purchase a property in Spain is the NIE number, which is the ‘Non-national resident Identification number’. Once you land in Spain, you get 90 days to apply for your NIE number. For this, you need to visit the Non-nationals’ office (Oficina de Extranjeros) or a local police station to get registered in the Central Register of Non-nationals (Registro Central de Extranjeros).
You will be required to show your passport and pay a fee. After completing these formalities, you will be provided with your unique NIE number, which is a must if you want to purchase a property in Spain.
This number will be linked to your financial transactions and taxes, and, thus, is compulsory. Kindly note that if you are a non-EU citizen, then getting your personal NIE number can take some days.
You can also purchase a property in Spain through the Golden Visa scheme, which is especially for foreigners. Under this scheme, if you purchase a property, whose worth is more than 500,000 Euros, you can easily get a residency visa!
How Much Does It Cost To Purchase A Property In Spain?
The answer is simple. Like any other country, the property’s cost depends on its location. If you want to purchase a house in metropolitan cities like Barcelona and Madrid, the prices would be high, compared to other cities. But if you still wish to live in any of such cities, you can probably try to find a property in the suburbs, away from the city center.
Do You Need An Account In A Spanish Bank To Purchase A Property In Spain?
It is not compulsory, but it will be beneficial for you if you open an account in a Spanish bank. A bank account will make your life easier, especially when you need to make mortgage payments.
