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About finances

Opening a bank account: Mortgages for foreigners

10 APR 2023
Opening a bank account mortgages for foreigners

Are you a foreigner looking for a mortgage in Spain? In that case, you may need a bank account in the country. Having one is one of the usual requirements to obtain a mortgage for foreigners in Spain.

But don't despair! It's easier than you think, although the procedures and documentation vary slightly depending on whether you are a foreign resident in Spain or a non-resident. Learn now what you need to do in each case.

Steps to open a bank account in Spain as a non-resident

You can obtain the Certificate of Non-Residency at a police station or the foreigner's office in Spain. However, it can also be processed remotely through the Spanish Consular Offices if you are not in the country.

This certificate is valid for three months and takes over a week to process. After that, you can open a bank account in Spain with your passport or ID card. Some banking institutions let you do it without setting foot in the country. 100% online!

In addition to the non-resident certificate and your passport, some entities may require additional documentation, such as:

• Evidence of solvency and income, such as a payslip.

• Documents that verify your residence, such as a bank statement or a recent invoice.

• Certificates from the bank you use in your country of origin.

However, these documents will depend on the financial institution. Not all of them require them!

Steps to open a bank account in Spain as a foreign resident

As a foreign resident in Spain, opening a bank account is much simpler. It does not differ much from what any Spanish national would follow.

In this case, you will have to provide:

• Your NIE or Foreigner Identity Number.

• Some document that proves your address in Spain, such as home supply invoices.

• Evidence of your employment situation, from a contract if you work to your registration with the SEPE if you are unemployed.

• Your passport or ID card if you are a citizen of the European Union.

A bank account will facilitate the necessary steps for obtaining an excellent mortgage as a foreigner. If you are a foreign resident, you will need it for your day-to-day expenses. If not, it will come in handy.

Today you can apply for a mortgage as a foreigner 100% online and even access green mortgages, self-promoting mortgages, and mortgages to buy and renovate a house. You will access all the mortgage loan offers in the country. However, you should also know that most mortgages for non-resident foreigners are fixed or mixed-rate, especially if they are from outside the European Union (EU). And why is that, you may ask? To avoid depending on European indicators when your residence is outside the EU. No more, no less.

Financial institutions often require opening a current account based in Spain. However, there are exceptions to this requirement. UCI Mortgages does not ask for it.

The UCI blog posts cover current issues that are intended to be useful to our readers. However, it is possible that some of the less recent posts contain out-of-date information, so it is necessary that you always check the publication date of the post.