What is considered a “non-resident”?
From a financial and tax perspective, a non-resident is any person who:
This also includes people who live in Spain but pay taxes in another country.
What do you need to buy property in Spain?
1. Get your NIE. The NIE (Foreigner Identification Number) is essential to sign any official document, including mortgage contracts. You don’t need it to start discussions with a bank, but it’s highly recommended to get it as early as possible.
2. Documents required to apply for a mortgage as a non-resident. Spanish banks will ask for the following documents to assess your application:
- Copy of your NIE, passport, or non-resident certificate.
- Proof of your assets in your country (bank accounts, properties, etc.).
- Employment contract and last 3 payslips.
- Last year’s tax return.
- Credit Report(solvency and creditworthiness record).
- Bank statements from the last 6 months (where your salary is deposited).
- Last 3 receipts of any outstanding loans or credit card payments.
- Certificate of tax residency.
- Down payment agreement (deposit contract for the property).
- Opening a Spanish bank account (optional, but very helpful for all transactions).
- Important: All documentation must be translated into Spanish by a sworn translator and may require an apostille (The Hague Apostille), depending on the country.
3- What do banks require from non-residents?
- Down payment: You’ll need to contribute between 30% and 50% of the property’s value. The exact amount depends on the bank, your financial profile (type of job, age, income), and risk level.
Why more upfront? Because if you default, it's much harder for the bank to seize assets in another country.
- Closing costs: Expect to pay around 12% extra of the property price for legal fees, taxes, and notary costs. This can vary depending on the region in Spain.
- Monthly mortgage limit: Your mortgage payment must not exceed 30%-35% of your net income, including any other loans or housing payments in your home country.
4. How much will the bank finance?
It depends on where your income comes from and what currency you earn in:
If your income is in euros:
- You may be eligible for up to 70% financingof the property price.
- If you earn in another currency:
Financing may drop to 50%-70%, depending on how stable and strong your currency
5. Commonly accepted currencies
Not all foreign currencies are accepted. These are commonly accepted:
British Pound (GBP)
US Dollar (USD)
Canadian Dollar (CAD)
Scandinavian Currencies: Danish (DKK), Norwegian (NOK), Swedish (SEK)
Czech Koruna (CZK)
Polish Zloty (PLN)
Swiss Franc (CHF)
Hungarian Forint (HUF)
Croatian Kuna (HRK)
Romanian Leu (RON)
Bulgarian Lev (BGN)
UAE Dirham (AED), Qatari Riyal (QAR), Saudi Riyal (SAR)
Israeli Shekel (ILS)
Japanese Yen (JPY)
Mexican Peso (MXN)
Icelandic Krona (ISK)
Singapore Dollar (SGD)
If you earn in a different currency, you may still qualify for a mortgage, but the process will be more strict and complex.
Can I change the mortgage currency later?
Yes. Once the mortgage is signed, you can request to convert it into:
a) The currency in which you earn most of your income or hold most of your assets, or
b) The currency of the country where you lived when the loan was signed, or where you currently reside.
This protects you from large exchange rate fluctuations.
7. Personal requirements: income and stability
Debt-to-income ratio
According to the Bank of Spain, your mortgage payment should not exceed 35% of your monthly net income, including other financial obligations such as rent or loans.
Employment stability
Banks will look for stable employment. Usually, they will require a permanent job contract and at least 1–2 years of experience with the same employer.
8. Mortgage terms
Mortgage terms for non-residents usually range from:
- 20 to 25 years.
The longer the term, the higher the interest rate, but the lower the monthly payment.
Need help?
At HipotecasPlus.es, we guide you through the entire process of getting a mortgage as a non-resident. We compare options, review your documents, and help you find the bank that best suits your profile — making the process smooth, fast, and secure.