Have you reviewed all the videos, photos, and listings about real estate in Spain? Have you gathered a mountain of information, but are unsure what to do with it? Where to start?
Now we will tell you how to take a step closer to fulfilling your dream for just 300 euros.
Buying property, especially abroad, is an exciting and important step that requires careful preparation and understanding of local laws and procedures.
In Spain, to complete a real estate purchase, you need to obtain a Foreigner Identification Number (NIE – Número de Identificación de Extranjero), as well as open an account in a Spanish bank.
What comes first? Granfield Estate Agency offers to take the first step toward your purchase, which includes obtaining the NIE and opening a bank account in Spain.
OBTAINING NIE AND OPENING A BANK ACCOUNT
Opening a bank account in Spain
An important step on the way to buying real estate in Spain is to open a bank account in your name. This is necessary to conduct all financial operations in the country, including paying taxes, fees, and, of course, completing the purchase transaction.
Opening an account for foreigners in a Spanish bank usually takes from one to three weeks; during this time, the bank is required to check the documents regarding the origin of your funds and may request proof of your residence. Often, documents must be provided with a sworn translation into Spanish (traductor jurado).
Obtaining a Foreigner Identification Number (NIE)
NIE (Número de Identificación de Extranjero) is a unique identification number required for foreigners to carry out certain legal actions and tax accounting in Spain, including buying real estate. Obtaining this number is a mandatory condition and the first step in officially registering ownership of your future property.
At the time of writing this article, the waiting period for a police appointment can be up to two months.
How can we help you?
We can help you prepare your documents in advance and send them to the bank to open an account. We work with the top 5 banks in Spain and will select a manager who speaks your language so that after the transaction you can comfortably stay in touch with your bank.
We will help you avoid waiting in line at the police to get your NIE. By booking an appointment in advance for you, we save your time and nerves. Our lawyers will accompany you to the police on the appointed day or obtain the number on your behalf by power of attorney (only by a power of attorney issued by a Spanish notary).
So, upon your arrival, you will have a bank account in Spain and an appointment for obtaining your NIE. These preliminary steps not only simplify the process of buying property in Spain but also allow you to focus on the most important thing – choosing a property that will become your new home or a profitable investment.
What Documents to Prepare Before Your Trip
Getting your paperwork in order before arriving in Spain saves time and avoids unnecessary delays at the bank and police station. Here is what you will typically need:
- Valid passport with at least one year of validity remaining and at least two blank pages.
- Bank statements for the last 3–6 months from your home country, showing a stable income or sufficient savings.
- Tax identification number from your country of residence (for example, your national TIN or equivalent).
- Proof of address — a utility bill or official document showing your home address, dated within the last three months.
- Two passport-sized photographs on a white background (for the NIE application form EX-15).
Some Spanish banks may additionally request a sworn translation (traducción jurada) of certain documents — we will advise you in advance which bank has the simplest requirements for your specific situation. If you are unsure whether your documents are complete, send them to us before you travel and our team will review everything and tell you exactly what is still needed.
How much does it cost?
The service for obtaining an NIE and opening an account costs 590 euros*, with the first payment of 300 euros, and the remainder after obtaining the NIE and opening the account.
*The price is valid for EU citizens with verified sources of funds; NIE for 1 person, with an additional +100 euros for each extra person.
These payments are credited if you subsequently purchase a real estate transaction service in Spain.
If you are ready to start your journey toward purchasing property in Spain, don't hesitate. Contact your manager at Granfield Estate for more information and to sign a service agreement for obtaining an NIE and opening a bank account in Spain.
Even if you still don't know which agency will help you find your property in Spain, this preparation will save you time.
Frequently Asked Questions
What is more important to obtain first — NIE or bank account?
They are interdependent: formally, obtaining a bank account in most Spanish banks does not require NIE, but many banks do require it. Granfield Estate works with banks that are ready to start the account opening process in parallel with obtaining NIE, which saves you time. We tailor the optimal sequence to your situation.
Can I obtain NIE and open an account in one trip to Spain?
With proper preparation — yes. Granfield Estate books an appointment with the police for you in advance and prepares the documents for the bank. Thus, in one visit (usually 2–4 days), you leave Spain with an appointment for NIE and an opened bank account. This is the scenario we implement as part of our service for €590.
Is the cost of the service credited towards a future property purchase?
Yes. If you subsequently purchase property through Granfield Estate, the cost of the service for obtaining NIE and opening a bank account (€590) is fully deducted from the agency's final commission. In other words, for future clients of the agency, this service is effectively free.
What if the Spanish bank refuses to open an account?
Refusals happen if the document package is incomplete or the bank is not satisfied with the proof of source of funds. That is why we check your documents in advance and select a bank with the most lenient requirements for your situation. If the first bank refuses — we apply to the next one on our list at no additional charge.
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