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Do I Need a Bank Account in Spain to Buy a Property?

If you’re thinking about buying a property in Spain, you might be wondering: Do I need a Spanish bank account?

In the past, having a Spanish bank account was almost essential. For non-EU citizens, this is still the case. However, if you’re a citizen of an EU country, things have become much more flexible! You can now use an “Acta de Depósito” (Deposit Deed) or an escrow account managed by a notary. With this arrangement, you transfer the purchase amount directly to the notary’s account, and they handle the payment to the seller – or to the bank if the property has an outstanding mortgage.

When it comes to paying utility bills and taxes, you can often use your home country’s bank account, so a Spanish account isn’t strictly necessary. That said, having a local Spanish bank account is still recommended for convenience. Many banks even offer Spanish or Euro IBANs specifically for these situations.

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