Opening a bank account in Spain

A Spanish bank account is often needed earlier than a person expects. A deposit for property, payment of government fees, proof of financial means for a residence permit — all of these depend on having a local IBAN. Let us examine how Spanish banks work with non-residents and how a non-resident account differs from a standard one.

How can a non-resident open an account in Spain?

Spanish banks offer two different products: a resident account and a non-resident account. The latter is available without a residence permit, but requires separate proof of status — a non-resident certificate issued by the National Police or, abroad, by a consular office.

Formally, the law does not require a foreigner identification number to open an account: a valid identity document is sufficient. In practice, most banks request it as part of their internal policy, so it is advisable to start with obtaining this number.

The following documents may be required to open an account:

• a valid international passport;
• a foreigner identification number or confirmation that an application for one has been submitted;
• a non-resident certificate issued by the police or consulate;
• proof of residential address in the country of residence, no more than three months old;
• proof of income: an employment certificate, tax return or agreement.

Can an account be opened online in Spain?

Traditional Spanish banks allow applications to be submitted remotely, but the identification of a non-resident is almost always completed at a branch: original documents are presented in person and copies are made on site. Some online divisions of major banking groups are an exception, although they may limit transactions until the client’s status has been fully verified.

A fully remote option is offered by neobanks with a Spanish IBAN — an account can be opened using a passport and without a foreigner identification number. This is sufficient for rent, utilities and everyday expenses. It is generally not sufficient for a notarised property transaction, where payment is usually made by a bank cheque issued specifically by a Spanish bank.

Which bank is best for opening an account in Spain?

The choice depends on whether the account is merely a supporting tool or the basis for a major transaction.

If you are planning to apply for a mortgage, it is advisable to open the account with the same bank that will consider the mortgage application: an established history of incoming payments makes the affordability assessment easier.

Account in Spain for an individual

A non-resident account is functionally comparable to a standard account but has its own servicing features:

• it is more expensive: in addition to account maintenance fees, there is the periodic renewal of the non-resident certificate;
• after obtaining a residence permit, the account is converted into a resident account, usually with better terms;
• an IBAN is required for utilities, insurance and payment of non-resident income tax;
• large incoming transfers from abroad may trigger a bank request for evidence of the source of funds;
• property owners file an annual non-resident income tax return even if they receive no rental income.

Account in Spain for a business or company

For a limited liability company, the account is needed at the incorporation stage: the share capital is deposited into a special account, and a bank certificate confirming the deposit is required by the notary. The minimum share capital is one euro, although until the company accumulates three thousand euros it must allocate one fifth of its profit to a reserve.

The sequence of steps is strict, and each subsequent step depends on the previous one:

• a certificate confirming the uniqueness of the company name from the Central Commercial Registry;
• an account for depositing the share capital and a bank certificate confirming the deposit;
• the company’s tax identification number and identification numbers of the founders and administrator;
• a notarised deed of incorporation and registration with the Commercial Registry;
• a description of the business activities and documents relating to ultimate beneficial owners for compliance purposes.

More information about the corporate procedure and preparing a company for operations is available on the page on company registration in Spain.

Foreign currency account in Spain

Spain is part of the eurozone, so the main and usually only account is opened in euros. Multi-currency solutions are uncommon in retail banking: accounts in US dollars or pounds sterling are mainly offered through private banking or neobanks with multi-currency cards.

There are no restrictions on capital movements, but controls still apply. Cash transactions above the established threshold and cross-border transfers are subject to declaration requirements, and the bank may request supporting documents. Those who become Spanish tax residents are also required to declare foreign assets — this does not apply to non-residents, but any change of status should be reported to the bank promptly.

Experience of Prikhodko & Partners in supporting account opening in Spain

Spanish cases are almost always deadline-driven: signing a preliminary property purchase agreement, submitting documents for a residence permit, or registering a company. The bank account becomes a bottleneck precisely when there is no longer enough time to open it.

The Prikhodko & Partners practice in international corporate law follows the reverse approach: first, the sequence is built — identification number, non-resident certificate, bank — and only then are dates set for the main transaction. Our lawyers prepare the documents, coordinate the requirements of the particular institution and support the client at the signing stage.

For corporate projects, the work covers the full company formation cycle: from reserving the company name and opening the capital account to obtaining the tax number and coordinating with the notary. This approach avoids losing weeks by having to return to a missed step.

Do you need to open a personal or corporate account in Spain? The lawyers at Prikhodko & Partners will help determine the appropriate type of account, prepare the documents, pass bank compliance and coordinate the account opening with a property purchase, residence permit application or company registration.