Mortgage for Non-Residents in Spain

Toscanolex > News > SUCCESS STORY > Mortgage for Non-Residents in Spain: Complete Guide to Buying on the Costa del Sol

If you are thinking about purchasing a property in Spain from abroad, getting a mortgage for non-residents in Spain is entirely possible — and right now, with interest rates at historic lows, it is a real opportunity. At Toscanolex, a legal boutique specialising in international real estate law, we guide foreign buyers through the entire process: from obtaining the NIE to signing before a notary.

What Is a Mortgage for Non-Residents in Spain?

A non-resident mortgage is a financial product offered by Spanish banks to people who do not have their tax residency in Spain. The conditions differ slightly from resident mortgages: the loan-to-value ratio is generally somewhat lower (around 60–70% of the property value), but they remain highly competitive and accessible products for citizens of any country.

Requirements to Get a Mortgage for Non-Residents in Spain

To apply for a mortgage as a non-resident in Spain, you will generally need:

NIE (Foreigner Identification Number): an essential document for any real estate transaction in Spain.
Spanish bank account: most banks require mortgage payments to be debited from a Spanish account.
Financial documentation: payslips, tax returns or proof of income from your country of origin, apostilled and translated if necessary.
Property valuation: carried out by a company approved in Spain.

At Toscanolex we handle all these formalities on behalf of our clients, so they don’t need to travel more than necessary.

Interest Rates for Non-Resident Mortgages: What Can You Achieve?

Right now it is possible to obtain non-resident mortgages with very competitive interest rates. In one of our recent success stories, we secured for two international clients a fixed rate of 3.20%, which with applied bonuses came down below 2%. These are exceptional conditions for foreign buyers on the Costa del Sol.

Rates may vary depending on the client’s profile, the bank, the mortgage amount and contracted bonuses (insurance, direct debits, etc.). That is why it is essential to work with a specialist law firm that negotiates directly with financial institutions on your behalf.

The Complete Buying Process for Foreigners in Spain

Buying a property in Spain as a foreigner involves more steps than a transaction between residents. The full process includes:

Obtaining the NIE for all buyers.
Opening a bank account in Spain.
Legal analysis of the property (charges, registry, planning status).
Negotiation and signing of the reservation contract.
Application and approval of the mortgage.
Signing of the public deed before a notary.
Registration at the Land Registry and payment of taxes.

At Toscanolex we manage the entire process from start to finish, so our clients only need to worry about choosing their future home.

International Real Estate Law on the Costa del Sol: Why Specialisation Matters

The Costa del Sol is one of the most sought-after destinations for international real estate investment in Spain. Buyers from all over Europe, the Americas and the Middle East choose places like Marbella, Torremolinos, Fuengirola or Estepona to purchase a second home or start a new life.

These transactions frequently involve elements from multiple jurisdictions: the matrimonial property regime of the country of origin, applicable inheritance law, international taxation or the existence of assets in several countries. Working with a law firm specialising in international real estate law is not a luxury — it is a guarantee of legal certainty.

Buying a Property in Spain as a Foreigner: Frequently Asked Questions

Can any foreigner buy a property in Spain? Yes. There are no nationality restrictions on purchasing real estate in Spain. Both residents and non-residents can buy freely.

Do I need a NIE to buy a property in Spain? Yes. The NIE is mandatory for signing any deed of sale and for opening a bank account in Spain. At Toscanolex we handle this on behalf of our clients.

How long does the buying process take for non-residents? It depends on whether mortgage financing is involved. With a mortgage, the process usually takes between 6 and 10 weeks from the signing of the reservation contract. Without a mortgage it can be considerably faster.

What taxes do you pay when buying a property in Spain? For second-hand properties, you pay the Property Transfer Tax (ITP), which varies by region. For new builds, VAT (10%) plus Stamp Duty applies. In Andalusia, the ITP is currently 7%.

Can I get a mortgage in Spain if I live outside the European Union? Yes. Spanish banks offer mortgages to non-EU citizens. Conditions may vary depending on your country of residence, but it is entirely possible. We have achieved this for clients from Switzerland, Turkey, the United Kingdom and many other countries.

Is it a good time to buy on the Costa del Sol? Mortgage interest rates have dropped significantly and international demand on the Costa del Sol remains very strong. From a legal and financial perspective, the current moment is favourable for non-resident buyers.

Toscanolex: Your Real Estate Law Firm in Torremolinos and the Costa del Sol

Toscanolex is a legal boutique specialising in international real estate law and international family law, based on the Costa del Sol. We work with clients from all over the world who want to buy, sell or manage properties in Spain, offering a complete, personalised and direct service with no intermediaries.

Every case is handled directly by our specialists. No referrals. Full transparency from day one.