I am an American non-resident of Spain and I want to buy an apartment for my daughter who is a legal resident. She is currently renting an apartment, so the new place would be for a vacation home. She has a Spanish bank account + I wanted to transfer the money to her for the purchase. I do not need to take out a mortgage. I thought this approach would be easier than buying it in my name and letting my daughter use it……right? I would like to put both of our names on the deed, but I didn’t know if this was possible since I am not a legal resident. Are there any special legalities I need to know of in regards to the money transfer to her bank account? Anything else?
I too am American and I bought a Spanish property last year to use as a holiday home. There is no problem adding your name to the deed along with your daughter, but you will need to get an NIE number to do so. This is a number issued by the Spanish government that allows you to transact in Spain. Assuming you are currently in the US, the best way to do this is to go through the closest Spanish consulate. If you are in Spain, there are places in most major cities where you can go to get your NIE.
If you look elsewhere on this website, you will find quite a bit of discussion about the NIE…including some very good instructions on what exactly you will need to do.
As far as transferring the money, it is not a difficult process. You can use any number of reputable international transfer companies (I use WorldFirst) to move the dollars from your account, and convert to Euros for her account. You and/or your daughter WILL likely be required to show that the money is of legitimate origin…to satisfy money laundering laws. But the whole process is fairly straightforward and easy.
Best of luck,
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