Thursday, October 01, 2015

Purchasing: Real Estate in Spain (II). NIE, NIF and bank account

Today our lawyers will cover the preliminary steps before going into the purchase of Real Estate in Spain. When a foreign person is purchasing, it will be necessary to get the NIE (Foreigners´Identification Number). When purchase is going to be made by a company, it will be necessary to get a CIF or NIF (Tax Identification Number). Besides, it is necessary to get a Spanish bank account.

The Foreigners’ Identification Number (NIE) is a personal, fixed and unique number that is used to identify foreign taxable subjects. All foreigners with economic, professional or social interests in Spain are under obligation to apply for a NIE at the relevant body of the Spanish Home Office.

The NIE must figure on all public documents that the interested party signs or which are issued in Spain, so the client will have to have this number before signing the deed of purchase.

In order for you to be assigned a NIE you should hand in the following information:

-          The EX15 handout properly completed and signed
-          Original and photocopy of the passport or identity card, or travel or registration certificate in force
-          Economic, professional or social reasons which justify the application

It is not necessary for you to apply personally. Our lawyers are able to do this on your behalf with a power of attorney (even undersigned abroad).

When a foreign company is purchasing, this company must apply the CIF (Tax Identification Number) at the Spanish Inland Revenue Agency (tax authority in Spain is AEAT). In addition, it is mandatory in Spain that all companies should get a electronic certificate for addressing and receiving all communication with the tax authority. Our lawyers are able to fulfil both procedures and to be in charge of receiving communications with the tax authority, taking care of the electronic certificate. For this purpose it is necessary to undersign a specific power of attorney to cover this issue.

Once this is got, we can face the opening of the Spanish bank account, that will be necessary for subsequent expenses and taxes. To open the bank account, the bank will ask the customer, the NIE or the CIF and the passport in force of the empowered person who will manage the bank account.

 Every bank is obligated to cover a compliance and anti-money laundering (AML) due diligence procedure, in order to justify the legal source of the funds on the bank account. Our lawyers are specialist in compliance and AML and can successfully guide you throughout this step. Besides, we are happy to assist you and be with you in all negotiations and meeting with bank branches.