We often have clients advise that they can no longer access their online banking or use their card and they do not understand why. And really, you shouldn't. BBVA. All in all it took about 24 hours to move money from my Canadian bank account to my Spanish one, and cost me approximately 1% in the process (or about $4 on $400). Unit When a foreigner wishes to open a new bank account in Spain, a distinction must be made between two groups: Residents and Non-residents. Blocked bank accounts in Spain are common unfortunately in Spain. Types of Bank Account: Resident Account With regards to bank accounts, any revenue obtained from funds held in these accounts, such as interest received on funds deposited, is subject to tax. One of the first hurdles you may encounter is opening a bank account. When you first relocate to Spain, you will be considered to be a non-resident and therefore eligible only to a non-resident account (“Cuenta para No Residentes”.) To set up the centralized account information service, clients are required to enter the pertinent account details in Garanti BBVA and place an order in the corresponding bank to authorize access to their information. Date and signature. Aside from the fees issue, some banks will only provide Spanish residents with credit cards. The Document Explained Your email address will not be published. Maybe you’d be interested in more articles on how to get a Golden Visa, or how to obtain the NIE (Identification number for foreigners), Your email address will not be published. Banks that open a non-resident bank account without asking for the NIE If you’re in urgent need of a Spanish bank account but haven’t obtained your NIE yet, there are a number of banks that allow you to get a non-resident bank account with the minimum paperwork required: Banco Sabadell, Caixa Bank, BBVA, Santander, Bankia, Banco Popular. HOW TO OPEN A BANK ACCOUNT IN SPAIN AS A NON-RESIDENT . • People with a spouse or underage children who are resident in Spain. Specifically, the following documents are obligatory when opening an account in Spain for non-residents: The certificate of Non-resident is an official document that must be requested at a Police Station, or at the consulate of your country. Non-Resident Certification (Certificado de No residente in Spanish). Non-resident accounts in Spain. This tax is to be satisfied in your country of residence, and hence if you are resident in Spain then the tax on this revenue is taxed by Personal Income Tax. The process is exactly the same, but it includes an extra step: you will be required to submit a non-resident certificate. Required fields are marked *. You can sign up for this account at any BBVA … – NIE Number You don't need to wait. BBVA has two main accounts: BBVA Online Account and BBVA Blue Online Account, which is for people aged 18 to 29. The information contained herein relates to certain aspects of formal residency and the tax implications thereof in relation to Spanish Bank Accounts and with a focus on the Declaration of Residence form. Non-residents will need: to be over 18 years old a valid proof of identity document with a photograph (e.g. There can be one or more account holders, who must comply with the previously explained terms and conditions. Specifically, the following documents are obligatory when opening an account in Spain for non-residents: NIF (for EU residents), or Passport Non-Resident Certification (Certificado de No residente in Spanish) The certificate of Non-resident is an official document that must be requested at a Police Station, or at the consulate of your country. The main benefit of these accounts is of course, the fact that there is no monthly fee to pay. This is a letter that states that you are NOT a resident of Spain. A document proving your employment status. BBVA Bank Spain . Mandatory documents to open a bank account in Spain for non-residents: Additional documents to open a bank account in Spain for Non-Residents. BBVA is affiliated with Spain's Deposit Guarantee Fund for Credit Institutions. 1. But there are certain advantages to having one sooner. It is essential to know what are the necessary documents and formalities to be able to open an account in one of the main Banks in Spain. ... showed up in my account, and was listed on the BBVA application. You gain nothing by waiting. a passport) from their country of origin proof of your professional status or activity (e.g. This document is merely informative and is not to be construed as legal or financial advice and the company and its lawyers will not be held liable by the client for any damages incurred by the latter resulting actions taken by the latter based upon the information provided in this document and actions should only be taken based upon personal advice after and individual study of personal particulars. Residencia. In order for the bank to assign such status to your bank account and in order to comply with their internal formal obligations with the Spanish authorities it is necessary for them to receive a formal declaration by the account holder in regards to their residence. Non-residents must present a series of documents certifying their employment status, their habitual residence and their identity. In Spain, more than 62,000 property purchase agreement operations were carried out by non-residents in 2019, according to data from the Spanish Land Registry. A document that proves your address in Spain, such as a utility bill that is less than three months old, or a recent bank statement from another Spanish bank. 4. 1 Interest income gained on current accounts by non-residents of Spain is not taxed. Passport: You will need a valid passport as proof of identity. papel1 Current accounts made with credit institutions in Spain are covered by deposit guarantee scheme up to 100,000 EUR per depositor. Types of bank account include Current Accounts (everyday banking), Savings Accounts (better returns for savers), Digital Accounts (online and mobile banking), and Non-Resident Accounts (some banks offer accounts for non-residents). Bancos & Cajas in Spain. Under normal banking procedures the bank will mail such form every 2 years to the registered address for the account holder who should simply verify the information contained, complete any additional personal information, sign the document and return the same to the bank. Withholding Tax. When opening an account, non-residents must prove their status (within 15 days). To open this account, all you need is to be over 18 years of age and to be non-resident in Spain. This is the internal document used by Spanish banks to formally ascertain the residency of the account holder, and therefore where their tax obligations lie. DOCUMENTATION NEEDED for a Spanish Bank Account. Spanish banks offer current accounts to both residents (resident accounts) and non-residents of Spain (non-resident accounts). You do not need to take out any other product or additional service. This BBVA account an online account option that, unlike most of its competitors, is backed by a traditional bank. There are two types of banks in Spain: Cajas de Ahorros and Bancos. A non-resident account is required, for example, when owning a property in Spain. The identifying details: all the information for thebank to uniquely identify you. © 2014 FOCUS LEGAL & PARTNERS. – Tax ID Number The Cuenta Mundo for non-residents is a non-interest bearing current account1 with a maintenance fee of € 10 per month (NIR 0%; APR: -0.82%). What documentation is required to open an account? You can apply for the BBVA Online Account if you are over the age of 18, are a resident of Spain and not currently a BBVA customer. Aviso legal y política de privacidad | Política de Protección de Datos Personales, PERMANECE CONECTADO CON NOSOTROS: , Este sitio web utiliza cookies para que usted tenga la mejor experiencia de usuario. – Passport Number Its a free account and can be opened same day. Spanish Bank Account, Tax Residency and the Declaration of Residence, THE DECLARATION OF RESIDENCE REQUIRED BY BANKS. Proof of home address, ie a recent utility bill or your Padron. 1. Interest gained on current accounts by residents of Spain is taxed at 21.00% rate. Type of declaration, the Country you declare as your Country of residence. If you are physically in the country and not working with an advisor, you may have to sit down and speak with a banker at several banks before you find one that is willing to work with you as a non-resident. This is your post. – Surname & Name – Country or Territory If you want to know how to open a bank account in Spain, but you are not a citizen of the European Union or you don’t have a residence permit in Spain. Some banks can offer to get this document for you against the payment of a fee. The maximum amount guaranteed is €100,000 per person for the total of all deposits established at BBVA. Cuenta Online (Banco Bilbao Vizcaya Argentaria, S.A.) Resident and Non-Resident Bank Accounts. How To Open a Bank Account in Spain as a Non-Resident. 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