Yes, you can—but it’s important to understand what “non-resident” means for mortgage purposes.
A non-resident is someone who does not have tax residency in Spain, meaning:
-They spend less than 183 days per year in the country, and
There are specific conditions and requirements to consider:
-Financing: Most Spanish banks offer up to 60–70% of the property’s value for non-residents (compared to up to 80% for residents).You’ll need to contribute 30–40% as a down payment, plus cover taxes like the Property Transfer Tax (ITP), which rangesfrom 6% to 10%, depending on the region.
-Documentation: You’ll need to provide your passport or NIE, proof of income (payslips or tax returns), and recent bank statements.
-Income source: Banks require proof of financial stability and sufficient income to support mortgage repayments.
-Interest rates: Terms may be stricter, and interest rates may be slightly higher than those offered to residents.
-Currency risk: If your income is in a foreign currency, banks may apply extra conditions to account for exchange rate risk.
-Country restrictions: Some banks may limit mortgage approvals based on your country of residence, especially if it's considered high-risk or subject to international restrictions.
In summary, non-residents can get a mortgage in Spain, but the requirements are more demanding. Comparing offers and working with specialized advisors can help you find the best deal.
