Investment approach
Do you need a Spanish bank account to buy property?
Legally, you can complete a purchase without a local account. Owning the property without one is inconvenient, though: IBI, utilities and tax returns are easier to pay from a Spanish account.
Spanish law does not require a foreign buyer to have a Spanish bank account: you can pay the seller directly from an account abroad or through a deposit with the notary. Owning a property without a local account is inconvenient, though, so if you plan to hold it, it is better to open one in advance.
Buying without a Spanish account
The money can go straight from your foreign account to the seller's, or through a notarial deposit, and formally there is nothing wrong with either route. The difficulties start later, once the recurring payments begin: IBI (the local property tax), utilities, tax returns (Modelo 210) and gestoría fees.
What you need to open an account
Spanish banks ask for your NIE, your passport and proof of the source of your funds, as part of their anti-money-laundering requirements. Sometimes they also want proof of your address abroad.
For a non-resident, opening an account usually takes anything from a few days to a couple of weeks. Much depends on the bank and on how complete your documents are when you apply.
AML checks are routine, not a sign of suspicion
Spanish banks apply strict compliance procedures when a non-resident opens an account and on large international transfers. Expect questions about where the money comes from, how the deal is structured and who the related parties are; they do not mean there is a problem. The process moves faster if you have the documents on the source of your capital ready in advance.
When to open an account, and when you can manage without
If you are buying to hold the property and later let or sell it, open a Spanish account early: it will save you time on every recurring payment that follows. For a quick one-off deal you can manage without one and settle through a notarial deposit or a direct international transfer overseen by a gestoría.
Questions and answers
Can I pay for the whole purchase by transfer from abroad, without opening a Spanish account?
Technically, yes. But for transfers like these the sending bank usually asks for more supporting documents, and the money can take longer to arrive. Allow extra time before the completion date.
Can a Spanish bank refuse to open an account for a non-resident?
Yes. A bank may refuse on the strength of its own compliance review, particularly if the origin of the funds or the structure of the deal raises questions and there are not enough supporting documents to answer them.