Buying a property in Spain requires that you make certain prior arrangements to enable the purchase, for instance opening up a bank account and hiring a lawyer. If you are serious about buying property in Spain – if you are sure that this is what you want to do – then you should get these arrangements in hand at the very start of your property search. If you leave them until you have found a property you will have to act under pressure and in a rush.
Generally speaking people make poor decisions and incur higher costs when they are forced to take decisions and make arrangements in a rush. And even if it is just to avoid the stress, start making these arrangements at the beginning of your property search and continue making them as your search proceeds. You need to have everything in place so that when you find the right property you are ready to move with speed not haste.
The arrangements you will need to make will depend upon your particular circumstances. Nevertheless most people will need to make some or all of the following arrangements to enable their purchase.
- Find an insurance broker
- Open a foreign exchange trading account
- Pre-arrange a mortgage
- Request a foreigner identity number – NIE (Número de identidad de extranjero)
- Hire an independent lawyer
- Define an appropriate ownership structure
- Open a bank account