Essential Information if you are considering buying property in Mallorca

The idea of buying and owning a place in the sun is tantalising to many, but, if you are new to buying property abroad, there are some considerations before you even start to view any properties. Your first step to buying property in Spain is to obtain an NIE Number.

What is an NIE Number?

An NIE Number (“Número de Identidad de Extranjero”) is the basic identification with which you will be able to conduct any kind of legal procedure in the country, such as opening a bank account, buying a house or car, starting your company or getting your residence permit. 

What do I need to get an NIE in Spain?

The necessary documentation to receive the Spanish NIE number is the following:

• An official NIE application form.
  ● A passport photo.
  ● A document certifying the reason to be applying for a NIE.
  ● Identity document or Passport, the original and a photocopy of all pages.

How do I apply for an NIE?

You can apply via a Spanish consulate abroad, or through a representative in Spain. It can take a little while to get an appointment so allow plenty of time and if you use an agent to apply expect to pay approximately 150 Euros. If you apply yourself, you’ll need the EX-15 application form and the 790-012 form to pay the processing fee at a bank beforehand. You will need to take these forms along with your Passport and copies of all your other documentation to your appointment.

How long does it take to get an NIE?

This all depends on the immigration department that your application is made to and can vary.

An NIE is essential if you are buying property Mallorca, ensure you have this before starting your search for a property to avoid disappointment!

We’ll cover more about the NIE application process in a future post.

Opening a bank account in Spain

You’ll need to open a Spanish bank account and it’s important to know the different accounts available.

Spanish Residents Bank Account

As the name suggests, a Spanish Residents Bank Account is for those living permanently in Spain, these accounts usually offer better account conditions and fees. A residents account requires proof of residency so may not be an option for all.

Spanish Non-Residents Bank Account

If you don’t plan to live permanently in Mallorca, it makes sense to open a non-resident bank account. You usually only need passport, proof of address and employment details for a Spanish non-resident bank account.

How much does banking cost in Mallorca/Spain?

Be careful when opening any bank account as fees vary from one account to another. Bear in mind that, if purchasing or selling property in Mallorca, you will be moving large amounts of money in and out of your account so make sure you are fully aware of any transaction or withdrawal charges before signing up to any bank account.