Buying Property in Spain as an American

Can Americans buy property in Spain?

Yes. There are no restrictions on US citizens buying property in Spain. You do not need to be a resident, have a visa, or even speak Spanish. The Spanish property market is open to foreign buyers, and Americans are treated the same as any other non-EU buyer.

What you do need:

• An NIE (Número de Identidad de Extranjero) — a foreigner identification number. This is required for any property transaction in Spain and can be obtained at a Spanish consulate in the US or at a police station in Spain.
• A Spanish bank account — needed to pay taxes, utilities, and community fees. Most major Spanish banks offer non-resident accounts.
• A notary — all property transactions in Spain must be signed before a public notary (notario). The notary verifies the identity of the parties and ensures the deed is legally correct.

The entire process is straightforward and typically takes 6–8 weeks from accepted offer to completion.

Costa Blanca vs Costa del Sol — which is better for American buyers?

This is the question most American buyers ask first. Both are popular coastal regions, but they offer very different value propositions:

The bottom line: Whether you're watching the market from California or already planning a trip, Costa Blanca is the smarter choice for buyers seeking value, rental yield, and authentic Mediterranean lifestyle. Costa del Sol is better if you need international schools, a larger American community, or premium brand value. For investment-focused buyers, Costa Blanca wins on price-to-yield ratio.

The buying process — step by step

1. Obtain your NIE — Apply at a Spanish consulate in the US or at a police station in Spain. Takes 1–2 weeks. You will need your passport, a completed application form, and a small fee.
2. Open a Spanish bank account — Required for transferring funds, paying taxes, and setting up utilities. Non-resident accounts are available at most major banks (Santander, BBVA, CaixaBank, Sabadell). Takes 1–2 days with your passport and NIE.
3. Find a property and make an offer — Work with estate agents or search online (Idealista, Fotocasa). Once you find a property, make a verbal or written offer.
4. Sign a reservation contract and pay a deposit — Once the offer is accepted, you sign a reservation contract (contrato de reserva) and pay a deposit, typically 10% of the purchase price. This takes the property off the market.
5. Hire a lawyer for due diligence — Do not use the seller's agent as your lawyer. Hire an independent Spanish lawyer to check title, debts, planning permission, and legality. Takes 2–3 weeks.
6. Sign the public deed at a notary — On completion day, both buyer and seller sign the public deed (escritura pública) before a notary. You pay the remaining balance and receive the keys.
7. Register the property and pay taxes — After signing, your lawyer registers the property at the Land Registry and pays the applicable taxes (ITP or IVA). Takes 1–2 weeks.

Taxes and costs when buying property in Spain

Beyond the purchase price, you should budget approximately 11–13% on top for taxes and fees:

Mortgages for US citizens in Spain

Yes, you can get a mortgage in Spain as a US citizen. Spanish banks are accustomed to lending to non-resident buyers.

• Loan-to-value (LTV): Typically 60–70% of the bank's valuation (compared to 80% for Spanish residents)
• Interest rates: Typically 3–4% fixed for non-resident mortgages (2026)
• Repayment period: Up to 20–30 years, though most non-resident mortgages are 15–20 years
• Requirements: Proof of income (tax returns, pay stubs), credit history, bank statements, and a bank valuation of the property
• Currency risk: Your mortgage will be in euros, but your income may be in dollars. Factor in exchange rate movements

Some American buyers also use:

• Equity release from US properties (cash-out refinance or HELOC)
• Cross-border lenders that specialise in international property finance
• Cash purchases — many American buyers on the Costa Blanca buy outright, avoiding mortgage complexity

Due diligence checklist — what to check before buying

Always hire an independent lawyer (not the seller's agent) to conduct these checks:

US tax obligations — FBAR & FATCA

As a US citizen, you must report foreign financial assets to the IRS, even if you live in the US:

• FBAR (FinCEN Form 114): Required if your foreign bank accounts exceed $10,000 in aggregate at any point during the year. This includes your Spanish bank account.
• FATCA (Form 8938): Required if your foreign assets exceed $50,000 (single, living in US) or $200,000 (single, living abroad) on the last day of the tax year, or $75,000 / $300,000 at any point during the year.
• Rental income: If you rent out your Spanish property, you must report the income on your US tax return. You can claim a foreign tax credit for taxes paid in Spain.
• Spain–US tax treaty: Spain and the US have a tax treaty that prevents double taxation. Your Spanish tax lawyer or a US CPA with international experience can advise on your specific situation.

This is general information, not tax advice. Consult a qualified tax professional for your situation.

Do Americans need a visa to own property in Spain?

No. You can own property in Spain without a visa. US citizens can visit Spain visa-free for up to 90 days within any 180-day period under the Schengen agreement.

If you want to live in Spain permanently, you would need a residence permit. Options include:

• Non-lucrative visa: For retirees or those with passive income. Requires proof of sufficient income (€28,800/year for 2025, based on 400% of Spain's IPREM) and private health insurance. You cannot work in Spain on this visa.
• Golden Visa: Previously available for investments over €500,000. Spain's Golden Visa program ended on April 3, 2025 and is no longer accepting applications.
• Digital nomad visa: For remote workers. Requires proof of remote income from non-Spanish employers or clients.
• Work visa: Requires a Spanish employer to sponsor you.

Why the Marina Baixa is the best area for American buyers

The Marina Baixa is the comarca (county) on the Costa Blanca that includes Benidorm, La Nucía, Altea, and Alfaz del Pi. Here's why it stands out:

• Year-round tourism: Benidorm is one of the few Spanish coastal resorts that stays busy all 12 months, meaning rental income doesn't stop in winter.
• English-speaking community: The Marina Baixa has one of the largest English-speaking expat populations on the Costa Blanca. You can live, buy, and do business in English.
• Proximity to Alicante airport: 45 minutes from the Marina Baixa, with direct flights to the US (via Madrid/Barcelona connections) and major European cities.
• Lower entry prices: Compared to Costa del Sol, the Balearics, or Barcelona, property prices are significantly lower while rental yields are comparable or better.
• Strong rental yields: 5–8% gross for holiday rentals in Benidorm and Altea, compared to 4–6% in most of Costa del Sol.
• Euro–dollar advantage: The current exchange rate makes Spanish property significantly cheaper for dollar-earning buyers.

How long does it take to buy property in Spain?

• NIE application: 1–2 weeks (can be done at a Spanish consulate in the US)
• Opening a bank account: 1–2 days (in person in Spain)
• Property search: Variable (1 day to several months)
• Due diligence: 2–3 weeks
• Notary appointment and signing: 1 day
• Registration and tax payment: 1–2 weeks

Total: typically 6–8 weeks from accepted offer to completion, assuming no complications. If there are debts or legal issues on the property, it can take longer.

How to get started

If you're an American considering buying property on the Costa Blanca, the best first step is to talk to someone local who understands the process and can connect you with the right professionals.

SunSail Property Services is English-first, based in the Marina Baixa, and helps American and international buyers navigate the entire process. We can:

• Connect you with trusted, English-speaking lawyers
• Introduce you to reputable estate agents in the area
• Recommend banks that work with non-resident buyers
• Provide property management, cleaning, and concierge services after your purchase
• Produce professional listing videos and drone walkthroughs if you plan to rent

There is no cost or obligation for an initial conversation. Get in touch or email [email protected].