Due Diligence, Banking & Money Transfers
*What your own lawyer checks, how to bring money into Spain safely and legally — and which reporting obligations international buyers overlook.*
Due diligence (legal-technical pre-review)#
To be checked before the contrato de arras or the escritura:
nota simple(owner, encumbrances, mortgages,embargos,servidumbres) → "libre de cargas"?- Urban-planning legality: building/first-occupancy licence, no open penalty proceedings
(infracción urbanística), status fuera de ordenación? (especially with rústico, → Ch. 09/10)
cédula de habitabilidadpresent/valid? (→ Ch. 09)- Freedom from debts: community (
certificado de la comunidad, → Ch. 05), IBI, utilities - Leases (existing tenants,
subrogación, → Ch. 13), right of way/access (
servidumbre de paso), water/well rights (→ Ch. 21)
Takeaway: Your own lawyer (not the seller's/agent's). The agent provides a preliminary check but is no substitute for a lawyer's review.
Bank account & identity#
Cuenta de no residente (non-resident account)#
Practically necessary for taxes, utilities and direct debits. Banks require the certificado de no residencia (Policía Nacional; valid for only 3 months, to be renewed every 2 years for account maintenance). Fees vary greatly by bank (~€40–140/year; online banks often €0). Details on NIE/TIE/residency → Ch. 19.
Proof of the source of funds (Ley 10/2010) ✅#
Several obliged parties (bank, notary, agent, lawyer) verify the source of funds. Typically accepted: salary/tax assessments, the deed of sale of a previous property, a certificate of inheritance/gift contract, a bank certificate; foreign documents possibly translated + apostilled. Stumbling block no. 1 in practice for foreign buyers — have a coherent chain (source → savings → transfer) ready.
Titularidad real / UBO (Registro de Titularidades Reales, RD 609/2023)#
Beneficial owner = a natural person holding > 25 %. When buying through a company, the notary/bank requires the acta de titularidad real; anonymity is effectively abolished.
Payment methods at the notary#
cheque bancario nominativo(a bank-confirmed cheque made out to a named payee): traditionally preferred, regarded as
secure; or a bank transfer (easy to evidence). The notary records the means of payment (mandatory).
- Cash limit (Ley 11/2021): €1,000 if one party is a business; €10,000 for
non-resident private individuals. The purchase price is never paid in cash. Penalty: 25 % of the amount paid in cash. ✅
Foreign-exchange / investment declarations#
🔎 Correction (common error): For the acquisition of property, the decisive form is Modelo D-2A (not D-1A — that concerns shareholdings in companies).
| Declaration | For what | Threshold |
|---|---|---|
| Modelo D-2A | foreign investment in real estate (Registro de Inversiones, via AFORIX) | > €500,000 per property (or regardless of the amount where funds originate from a tax haven); usually handled by the notary |
| Modelo S-1 | cash/means of payment across the border | from €10,000 (domestically €100,000) |
| Modelo D-1A | foreign investment in companies/SL | when buying through an SL |
Legal basis for foreign investments: RD 571/2023 + Orden ECM/57/2024.
Exchange rate / FX (for non-euro buyers)#
For GBP/CHF/USD/SEK buyers, the exchange-rate risk over the multi-month purchase process is real. Specialised FX brokers (margin often ~0.3 %) are frequently considerably cheaper than banks (2–4 %); at €500,000 the difference can be > €10,000. A forward contract fixes the rate for the later payment. (For euro buyers from Germany/Austria there is no exchange-rate risk.)
Sources (selection)#
- Ley 10/2010 (BOE-A-2010-6737) · Ley 11/2021 (cash limits) · RD 609/2023 (UBO)
- RD 571/2023 + Orden ECM/57/2024 (D-2A/D-1A) · Banco de España / AEAT