Second residence in Spain. Is a Spanish bank account necessary?

We are often asked whether a Spanish bank account is necessary for the purchase of a second residence. After all, periodic bank charges can add up. In this post, we explain when a Spanish account is and is not necessary.

Why is a Spanish bank account necessary?

A Spanish bank account when buying a property is basically needed for two reasons.

  1. The final payment by deed should be made from a Spanish bank account. This way, anti-money laundering checks can take place and you can pay by bank cheque.
  2. For direct debit/automatic collection of fixed charges after purchase. Think utilities and municipal taxes. However, automatic payments can be made in most Spanish provinces via a Belgian or Dutch bank account.

If you work with our firm, payment of the purchase price can also be made through our third-party account. That way, you won't need a Spanish bank account.

In Spain, payment at the notary is made by bank cheque. Find more information on paying for a property in Spain here.

Payment of fixed costs

You can have the payment of certain fixed costs made by direct debit. Think of water, electricity, municipal tax, urbanisation, internet, television, etc. Traditionally, a Spanish bank account is also used for this purpose.

Read more about the cost of second residence in Spain.

Depending on region to region, these payments can also be made through a Belgian bank account. In Costa Blanca, for example, utilities and SUMA may deal directly with a Belgian bank.

Foreign bank account registration requirement

Forget your Spanish bank account not to be registered at the National Bank and to indicate this in the personal income tax return. After all, this is required by law.

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