banks - Page 2

Yes, it's about controlling people's funds, imposing higher taxes and removal of civil liberties while we gradually move towards worldwide digital currency and authoritarian regimes.

Please advise how exactly you have gotten around this (opening an ES bank account) and whether your holiday home was a recent purchase?

It seems like rules have changed lately.

We bought the house in May 2021. We transferred the funds to our lawyer in Spain to buy the house. The lawyer set up all our direct debits through our WISE account. No issues at all. 

That sounds easier that the ordeal my lawyers are forcing me though.

May I ask which lawyers you used?

Thanks!

no names are advisable

The details can always be sent by private message if there is any confidentiality issue.

Rgds,

Aitch

My one observation in the link provided ("Do I need to open a bank account in Spain?") is that it makes no refence to any legislation which supports this.

I would expected an article that is stating quite firmly that you have to have a Spanish bank account would reference the appropriate legislation that requires it.

I could see more of an argument that you would need a Spanish bank account if you were also taking out a Spanish mortgage.

I did set-up a Spanish bank account (but that was when you could get the Sabadell account for free even as a non-resident if you paid in 700 Euros per month). but have now closed that and moved across to N26 (fee free - subject to similar Wise criteria around withdrawals etc - but N26 does also has a ES IBAN. 

I did have to do an AMLR declaration around where the money came from for the house purchase but I had to transfer it into my solicitors client account and I'm not sure they'd know the IBAN of the sending bank - for example whether it was an ES one or a BE or GB one.

Well observed, the article doesn't give any reference to a legislation.

After more online research in German language, I have come to the same realization that when opening an ES bank account there is an assumption of a mortgage. In my case, there is no need for a mortgage.

Also I have come across N26 as a suggestion on a German speaking forum. Apparently N26 does provide you with an ES IBAN and has been recommended by German speaking lawyers in Spain.

I can 100% confirm that if you open an account with N26 in Spain then you get an ES IBAN.

However, if I remember correctly the app now asks various questions about your residency etc before allowing you to open an account.

It might be different for someone based in DE rather than GB (I don't know where you are based but given other comments you've made on the thread I've assumed you could be living in Germany rather than the UK).

I think if you are a UK resident seeking to open an N26 account in Spain you would have to tell an "untruth" about your residency status - i.e. that you are habitually resident in Spain rather than the UK - to get it opened. 

Certainly, when I looked to open the savings account element that N26 now offer to earn interest on any balances held by them on your behalf you have to confirm you're a Spanish resident (for tax reporting reasons). 

That is true; N26 webiste now asks for a Spanish phone number, address and Spanish ID or NIE, which I am still waiting for.

While I do have 3 different passports and connections to other countries, I am currently based in UK. Online research in German does provide different results. When you type in English, you are provided only with information relevant to UK citizens and Brexit. 

But I am comfortable telling a small untruth, after all politicians and executives do without any guilt, so why not. 

Today I have found a Spanish lawyer who has confirmed I can open ES N26 bank account for property purchase :)