NIE, Spanish bank account and mortgage as a Swede

NIE — your Spanish number

The NIE (Número de Identidad de Extranjero) is needed for the purchase, taxes and utilities. Apply at the Spanish consulate in Sweden or at a police station in Spain with form EX-15, your passport and a paid fee. Processing takes from a few days to a few weeks depending on where you apply, and your lawyer can handle it under a power of attorney.

Spanish bank account

A Spanish account makes it easy to pay property tax, community fees and utilities by direct debit. The bank usually wants your passport, NIE, proof of address and income documentation. Non-resident accounts carry a fixed annual fee, often a few tens of euros a month.

A Spanish mortgage

Spanish banks typically lend up to around 70 per cent of the lower of price and valuation to non-residents, over 15–25 years. Rates can be fixed or tied to Euribor. The bank wants your Swedish tax returns, payslips, a credit report and a list of existing loans.

Borrowing in Sweden instead

Many buyers finance the purchase at home by increasing the loan on their Swedish property. That is often simpler and cheaper in fees, but fixed Swedish loans and the exchange rate are two things to work through first.

The order to do it in

This order is usually fastest and safest.

• 1. Apply for the NIE.
• 2. Talk to a bank about pre-approval, in Sweden or Spain.
• 3. Go on the viewing trip.
• 4. Open a Spanish account once you have chosen a town.
• 5. Hire a lawyer before signing anything.