US citizens buying property in Spain has remained strong after the Golden Visa was discontinued. Typical buyers today are retirees with NLV in perspective, professionals with remote work settling after the Digital Nomad Visa or NLV, and second-home investors on the Mediterranean coast and the Balearic Islands.
This guide covers the three operational blocks: obtaining the NIE (Foreigner Identification Number), Spanish bank financing for non-residents, and the document package translated for the bank and the notary.
Why Spain requires NIE to buy
The NIE is not a residence permit: it is a tax identification number that the Spanish State assigns to any foreigner with economic, professional or social interests in Spain. Without NIE you cannot:
- Buy property and register it in your name.
- Grant deeds before a notary.
- Open a Spanish bank account as a non-resident.
- Pay ITP or VAT on the transaction.
- Register the property at the Land Registry.
The NIE is free (except for the ~€10 administrative fee) and can be requested three ways:
- From the Spanish consulate in the US. Recommended if you haven't yet travelled to Spain. Timeline: 4-6 weeks depending on consulate.
- Directly in Spain at the provincial Immigration Office. Timeline: 1-4 weeks depending on province. Requires prior appointment.
- Through a representative (gestoría or lawyer) with notarial power granted in the US. Useful if you want to start house-hunting before travelling.
For route 3 you need a power of attorney granted before a US notary public, apostilled and sworn-translated to Spanish. We cover this in our power of attorney page.
Spanish mortgage for non-residents (US citizens)
Spanish banks offer mortgages to non-residents but with more restrictive conditions than to residents:
| Condition | For Spanish resident | For US non-resident |
|---|---|---|
| % financed (LTV) | Up to 80% primary residence | Up to 60-70% of appraisal |
| Maximum term | 30 years | Usually 20-25 years |
| Max age at end of loan | 70-75 years | 70-75 years |
| Maximum debt ratio (payment / income) | 30-35% net income | 25-30% net income |
| Savings to contribute | 20-30% price + 10-15% costs | 30-40% price + 10-15% costs |
| Interest rate | Variable (Euribor) or fixed | Usually fixed, slightly higher |
The banks most active with US buyers are Sabadell, Santander, BBVA, Bankinter and CaixaBank. Some have specific non-resident departments with bilingual staff.
Documents the Spanish bank requires from US buyer
To evaluate the buyer's solvency and approve the mortgage, the Spanish bank requires the following document package. All English documents must be sworn-translated to Spanish and apostilled where appropriate:
Identity and civil status
- US passport.
- NIE (once obtained).
- Marriage certificate apostilled and translated if buying jointly: marriage certificate fact sheet.
- Divorce decree apostilled and translated if there's an economic regime impact.
Solvency and source of funds
- Federal income tax returns (Form 1040) for the last 2-3 years. Sworn translation of income and assets pages.
- W-2 / 1099 for the last 2-3 years if main source is employment.
- Letter of employment from employer with salary, seniority and position. Sworn translation.
- Bank statements (Bank of America, Chase, Wells Fargo, etc.) for the last 6 months.
- Brokerage statements (Fidelity, Vanguard, Schwab) if savings are in investment portfolio.
- Source of funds justification for the down payment (sale of previous property, inheritance, prize, accumulated savings). Apostilled and translated documentation.
About the property
- Land Registry note (provided by seller or requested directly).
- Official appraisal by a tasador company approved by the Bank of Spain (commissioned by the financing bank).
Other (depending on profile)
- US credit report (Equifax/TransUnion/Experian). Some banks request it translated.
- Previous home insurance proof (if the purchase includes contracting one with the financing bank).
Step-by-step process
| Step | What to do | Timeline |
|---|---|---|
| 1 | Request NIE via consulate / power of attorney / Spain trip | 1-6 weeks |
| 2 | Open bank account at Spanish bank as non-resident | 1-2 weeks |
| 3 | House-hunting (ideally with Spanish agent specialised in US clients) | 1-6 months |
| 4 | Sign arras contract (10% of operation, binding) | Same day |
| 5 | Mortgage application with apostilled and translated US package | 4-8 weeks |
| 6 | Official appraisal commissioned by bank | 1-2 weeks |
| 7 | Binding offer from bank (FIPER and FEIN under Law 5/2019) | 1 day |
| 8 | Mandatory reflection period of 10 natural days before signing | 10 days |
| 9 | Pre-notarial act before notary (declaration of understanding of clauses) | 1 day |
| 10 | Signing of deed of sale + mortgage deed before notary | Same day |
| 11 | Tax payment (ITP or VAT + AJD) and gestoría | 30 days |
| 12 | Land Registry registration | 30-90 days |
Total timeline: 4-8 months from start.
Associated costs (orientative on purchase price)
| Concept | Approximate % |
|---|---|
| ITP or VAT (purchase tax) | 6-10% (varies by region and new build vs second hand) |
| AJD (Documented Legal Acts — if mortgage) | 0.5-1.5% |
| Notary | 0.1-0.5% |
| Land Registry | 0.1-0.3% |
| Gestoría | €300-500 |
| Appraisal | €200-400 |
| Mortgage opening | 0.5-1% of financed amount |
| Bank commission | Variable |
| Total costs on price | 10-14% |
Budget this extra margin on the purchase price when planning savings.
Cash purchase (no mortgage)
If buying for cash, the process simplifies: no bank, no official appraisal nor reflection period. But the Spanish bank is still necessary to open a current account from which funds are transferred to the notary.
Anti-money-laundering banks (Law 10/2010) will require justification of source of funds with the same documentation as mortgage: US 1040s, brokerage statements, etc. — apostilled and sworn-translated.
The Spanish notary: what they need translated
The Spanish notary is a public official with legal responsibility for the transaction. They need to identify the parties and verify conditions. For a US buyer, the notary expects to see translated:
- Passport (biographic page).
- NIE.
- Power of attorney if purchase is by representation (common if buyer doesn't travel for signing).
- Marriage certificate if buying jointly and wanting to reflect the US economic regime.
- Pre-nuptial agreement (if any) — affects the registered economic regime.
- Source of funds documents if notary requests for AML (rare but possible for large operations).
Common mistakes we see
- No NIE when signing arras. Some buyers sign arras before having NIE and then don't make it to deed signing in time. Request NIE from day one, before even making offers.
- Pre-nuptial agreement not translated. If the US married buyer has a pre-nup, the US economic regime affects the Spanish property title. The notary wants to see it translated.
- Confusing US certified translation with Spanish sworn translation. An ATA-certified translation is not valid in Spain. Only MAEC-accredited sworn translation counts.
- Underestimating non-resident mortgage timeline. If your purchase deadline is tight, don't assume the bank will approve in 2 weeks. Plan 6-8 weeks.
- Not apostilling solvency documentation. Some banks require apostille of federal 1040 — depends on bank. If yours does and you don't have it, you'll have to apostille (federal Department of State) and re-translate including apostille.
Related pages
- Sworn translation of power of attorney — companion document for purchases via representative.
- Sworn translation of marriage certificate — for matrimonial economic regime.
- Sworn translation of notarial deeds — for foreign notarial acts recognition.
- US apostille: federal vs state — main rule for US documents.
- Complete catalogue of documents we translate
→ Request my sworn translation
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