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Buying a house in may

Posted: Tue Feb 20, 2024 7:01am
10 replies6 members subscribed
tracedarace

Posts: 6

Location: Arboleas

Joined: 19 Feb 2024

The house we are buying is a holiday home fir about 4 to 5 years do we still need to get a nlv before may when it all goes through thankyou

Lmj18

Posted: Tue Feb 20, 2024 8:59am

Lmj18

Helpful member

Posts: 397

453 helpful points

Location: Partaloa

Joined: 2 May 2019

Posted: Tue Feb 20, 2024 8:59am

An NLV is a resident visa, so no, if you’re not intending to be a resident yet. Be aware of the financial requirements. Plenty of information if you search the internet 

tracedarace

Posted: Tue Feb 20, 2024 9:26am

tracedarace

Original Poster

Posts: 6

Location: Arboleas

Joined: 19 Feb 2024

Posted: Tue Feb 20, 2024 9:26am

Lmj18 wrote on Tue Feb 20, 2024 8:59am:

An NLV is a resident visa, so no, if you’re not intending to be a resident yet. Be aware of the financial requirements. Plenty of information if you search the internet 

Thankyou we are just panicking if we needed one before May 

MitchellJWright

Posted: Tue Feb 20, 2024 10:31am

Posts: 2

1 helpful points

Location: Arboleas

Joined: 15 Jan 2024

Posted: Tue Feb 20, 2024 10:31am

tracedarace wrote on Tue Feb 20, 2024 7:01am:

The house we are buying is a holiday home fir about 4 to 5 years do we still need to get a nlv before may when it all goes through thankyou

You do not need a NLV to make the purchase. If you are planning on residing full time in the future, then it would be worth investigating this well in advance.

tracedarace

Posted: Tue Feb 20, 2024 10:53am

tracedarace

Original Poster

Posts: 6

Location: Arboleas

Joined: 19 Feb 2024

Posted: Tue Feb 20, 2024 10:53am

MitchellJWright wrote on Tue Feb 20, 2024 10:31am:

You do not need a NLV to make the purchase. If you are planning on residing full time in the future, then it would be worth investigating this well in advance.

Thankyou

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Alkazar54

Posted: Tue Feb 20, 2024 11:43am

Posts: 66

12 helpful points

Location: Tabernas

Joined: 5 Feb 2022

Posted: Tue Feb 20, 2024 11:43am

Hi, You will need an NIE to open a Spanish bank account so you can pay for the property and setup all the payments for Basura, IBI, Agua etc and anything you want to buy costing 1000 € or more cannot be paid for in cash so you will need a bank card. Thats to stop money laundering

tracedarace

Posted: Tue Feb 20, 2024 12:18pm

tracedarace

Original Poster

Posts: 6

Location: Arboleas

Joined: 19 Feb 2024

Posted: Tue Feb 20, 2024 12:18pm

Alkazar54 wrote on Tue Feb 20, 2024 11:43am:

Hi, You will need an NIE to open a Spanish bank account so you can pay for the property and setup all the payments for Basura, IBI, Agua etc and anything you want to buy costing 1000 € or more cannot be paid for in cash so you will need a bank card. Thats to stop money laundering

We have a wise account is this OK for bill etc

MitchellJWright

Posted: Tue Feb 20, 2024 2:25pm

Posts: 2

1 helpful points

Location: Arboleas

Joined: 15 Jan 2024

Posted: Tue Feb 20, 2024 2:25pm

tracedarace wrote on Tue Feb 20, 2024 12:18pm:

We have a wise account is this OK for bill etc

Yes, we are residents and we use Wise for some banking operations. However, the Wise account does not have a Spanish IBAN, which some establishments require.

You can get a Spanish IBAN with a Revolut account, also, it is worth looking into N26 which gives you a Spanish bank account. We use N26 for our day-to-day banking. They also do a savings account so you can get interest as well.

Note that if you earn interest, tax is deducted at source, there is no tax free savings like an ISA.

Hope this helps.

Geordiemark

Posted: Tue Feb 20, 2024 6:11pm

Geordiemark

Helpful member

Posts: 308

294 helpful points

Location: Arboleas

Joined: 22 Oct 2021

Posted: Tue Feb 20, 2024 6:11pm

Alkazar54 wrote on Tue Feb 20, 2024 11:43am:

Hi, You will need an NIE to open a Spanish bank account so you can pay for the property and setup all the payments for Basura, IBI, Agua etc and anything you want to buy costing 1000 € or more cannot be paid for in cash so you will need a bank card. Thats to stop money laundering

HaHa, 99% of Spanish traders specifically ask for cash or if it's a large project like building work or a pool, expect to be asked for half in cash.

NannieH

Posted: Wed Feb 21, 2024 2:12pm

NannieH

Helpful member

Posts: 525

301 helpful points

Location: Los Gallardos

Joined: 5 Nov 2019

Posted: Wed Feb 21, 2024 2:12pm

And a Spanish phone card to put in an old phone while you are here would be a good idea, as nothing is delivered without a Spanish number being given! We have a starling account which we used when we were just here part time. 

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