What is the NIE and how do I get one?

The NIE (Foreigner Identity Number) is a tax identifier required for any procedure in Spain. Apply at the police station or Spanish consulate in your country. You need a passport, EX-15 form, photos, and justification of purpose. Processing takes 1-3 weeks.

How much tax does a non-resident property owner pay in Spain?

Non-residents pay IRNR (19% on imputed income), annual IBI (0.4-1.1% of cadastral value), and waste tax. If renting out, declare 19% of net income. Galicia offers 99% reduction on inheritance tax for direct family members.

Do I need Spanish tax residency if I own property?

Not necessarily. Tax residency is determined by presence (over 183 days/year), center of economic interests, or family. As a non-resident, you pay IRNR instead of IRPF. You can own property without being a tax resident.

What taxes apply when inheriting property in Galicia?

Galicia applies a 99% reduction on inheritance tax for groups I and II. The effective rate can be as low as 0.2-1% of value. Municipal capital gains tax also applies. It is advisable to make a Spanish will.

Legal & Fiscal 20 April 2025 2 min 352

Opening a Bank Account in Galicia as a Foreigner: Step-by-Step Guide 2025

Why do you need a Spanish bank account?

If you're buying property in Galicia, you need a Spanish bank account to pay taxes, utilities, mortgage and community fees. Without it, you cannot deed a property or set up direct debits for IBI, water, electricity or internet.

A Spanish account is also required to obtain your NIE, apply for a mortgage, and comply with tax obligations as a non-resident property owner.

Types of accounts available

Type	Description	Fee	Ideal for
Non-resident account	Basic account for foreigners without Spanish tax residency	€0-30/quarter	Property buyers
Resident account	Standard account with NIE and registration certificate	€0-20/quarter	Spanish residents
Online account	100% digital management	€0	Digital users
Premium/Gold	VIP services, personal manager	Variable	High net worth

Required documentation

For a non-resident account:

Valid passport (original and copy)
NIE or certificate of application
Proof of source of funds: Employment contract, home country tax returns, bank statements
Tax residency certificate from home country
Property purchase or reservation contract (if applicable)
Non-residency declaration: Form signed at the bank

Best banks for foreigners in Galicia

Bank	Non-resident	Fee	Languages	Opening time
Abanca	Yes	€0-15/qtr	ES, EN	1-2 weeks
Santander	Yes	€0-20/qtr	ES, EN, PT	1-2 weeks
BBVA	Yes	€0	ES, EN	3-5 days
CaixaBank	Yes	€0-18/qtr	ES, EN	1-2 weeks
Bankinter	Yes	€0	ES, EN	3-5 days
Openbank	Yes (online)	€0	ES, EN	2-3 days
Deutsche Bank	Yes	€0-15/qtr	ES, EN, DE	1 week

Anti-money laundering (KYC/AML) regulations

Source of funds declaration: For transfers over €10,000, you must justify the origin.
Beneficial owner declaration: Required for corporate accounts.
International transfers: Over €15,000 from outside the EU may be investigated.
Cash: Payments over €1,000 in cash are prohibited for business/professional transactions.

Typical fees

Service	Average cost
Account maintenance	€0-30/quarter
SEPA transfer	€0-1
International transfer	€15-40 + currency spread
Debit card annual	€0-15
Credit card annual	€20-45

International transfers

SWIFT/SEPA: SEPA is free/cheap within Europe. SWIFT costs €15-40 from outside Europe.
Wise: Up to 8x cheaper than banks. 0.5-1% + fixed fee.
Revolut: Multi-currency account with competitive rates.
CurrencyFair: Specialized in large property purchase transfers.

Tip: For property purchases, use Wise or a currency broker to save on exchange rate spreads. On €150,000, the difference can be €2,000-4,000.