How to Prepare Documentation to Buy Property in Spain

ITWhen an international client is certain about purchasing a property in Spain — whether in Marbella, Estepona, or Benahavís — it is common for their arrival to be planned for several weeks or even months ahead. Often, this buyer has already made the decision, even if they have not yet identified the exact property. At this stage, it is essential to understand that some procedures can be completed in advance to facilitate and speed up the process once the property has been chosen.

In this article, we explore which documentation to buy property in Spain is worth preparing in advance, what requirements lawyers and developers in Spain usually have, and how to avoid unnecessary delays that could cost a buyer a unique opportunity in the market. Many buyers lose the chance to purchase their desired home simply because they could not act quickly; consequently, preparing the documents from abroad provides greater flexibility and peace of mind.

What is KYC and why is it so important?

One of the first steps requested by the seller’s or developer’s lawyers is compliance with the Know Your Customer (KYC) protocol. In Spanish it translates to “conoce a tu cliente.” The aim of this process is to verify the buyer’s identity, the origin of their funds, and their economic activity. It is a legal requirement designed to prevent money laundering and ensure transparency in real estate transactions.

This procedure requires a set of documents, which typically include a passport, proof of economic activity, tax returns, and bank statements, among others. Taking care of this step from your home country can be decisive in ensuring the purchase process unfolds smoothly.

Obtaining the NIE: an essential step

The Foreigner Identification Number (NIE) is a mandatory requirement to buy property in Spain. Without this number, no notarial or registry transaction can be carried out. If the buyer does not yet reside in Spain, the best option is to arrange a power of attorney from abroad. Authorising their Spanish lawyer or representative to apply for the NIE on their behalf.

Currently, appointments to obtain the NIE can take between three and four weeks, therefore starting this process as early as possible is highly advisable. Having the NIE ready at the time of signing the deposit contract — or even earlier — can make a significant difference in timing and negotiation.

💡 Tip: To avoid delays, you can check how to apply for the NIE on the official website of the Spanish Ministry of the Interior or speak with your real estate lawyer.

Financing: the main bottleneck

Many international buyers decide to finance part of their investment with a mortgage from a Spanish bank. While this is entirely possible, it is also one of the factors that can require the most time. It is common for clients to arrive in Spain thinking they will only be asked for a payslip or income tax return, when in fact banks require far more documentation to buy property in Spain.

Among the most common documents requested by banks are:

• Proof of income: payslips, employment contracts, recent bank statements.
• Tax returns from recent years.
• Bank certificates regarding existing debts.
• Additional documentation about assets owned.

Furthermore, if these documents are in languages other than Spanish or English, the bank may require sworn translations and even apostilles for them to be legally valid in Spain.

📌 Suggestion: Contact your bank or a financial adviser in Spain before your trip to know exactly which documents you will need to present and in what format.

How much time can be saved by anticipating documentation?

If procedures such as obtaining the NIE, gathering financial documentation, and, if necessary, applying for financing are organised in advance, it is possible to save between four and eight weeks in the overall purchase process. This foresight can be decisive when it comes to unique properties, such as luxury villas or apartments in exclusive locations, which generate significant interest among international buyers.

In many cases, a client loses the chance to acquire the desired property simply because they were unable to act quickly. Preparing the documentation to buy property in Spain from the home country —with the help of a specialised lawyer— provides greater manoeuvrability and peace of mind when the time comes to make a decision.

What happens if the NIE or mortgage has not been processed?

In general, the NIE is not essential to sign a reservation contract or even a purchase deed, as long as there is a confirmed appointment to obtain it. However, this does not apply in the case of financing: many sellers are unwilling to commit to a property if the buyer does not yet have pre-approved mortgage financing.

This is especially relevant in a competitive market like the Costa del Sol, where the speed of transactions requires prompt action. Therefore, it is recommended to start the mortgage application process as soon as possible, even if the specific property has not yet been selected.

Final thoughts: doing your homework on time

Investing in a property in Spain is an exciting but also complex process. Knowing from the outset which steps can be taken in advance from your home country makes a real difference. Preparing the documentation to buy property in Spain not only saves time but also helps avoid setbacks, increases negotiating power, and, in many cases, secures the acquisition of a one-of-a-kind home.

If you plan to buy in the coming months, speak to a legal and real estate advisor as soon as possible. At FM Properties, we will be delighted to help you organise all the necessary formalities in advance, so you can focus on what matters most: finding the perfect property for you.

Frequently Asked Questions (FAQ)

1. How long does it take to obtain the NIE?
   Between 3 and 4 weeks, depending on the location and appointment availability.
2. Can I sign the deed without having the NIE?
   Yes, as long as you have a confirmed appointment to obtain it soon.
3. What documents will the bank require if I need a mortgage?
   Payslips, tax returns, bank statements, and other financial evidence.
4. Is it mandatory to translate the documents?
   Yes, if they are not in Spanish or English, they must be officially translated and even apostilled.
5. Can I grant a power of attorney from my home country?
   Yes, it is a recommended option to obtain the NIE and move forward with legal procedures without being physically present.