Spain has become an increasingly popular destination for American buyers, whether for second homes, relocation or long-term investment. At Portfolio Deluxe we have witnessed this trend first hand and have seen that we are getting the same questions coming up time and again from US nationals looking at purchasing here in Spain, therefore, we decided to create this guide to summarise the process and provide a simple overview of what to focus on. 

The process itself is relatively accessible. However, there are two parallel tracks that need to be understood clearly:

1. Buying real estate
2. Your legal right to live in Spain

These are not the same thing.

1. Can Americans Buy Real Estate in Spain?

Yes — and this is the easy part.

US citizens can purchase real estate in Spain with no restrictions, and have the same ownership rights as Spanish nationals.

You do not need:

• Residency
• A visa
• Spanish citizenship

However, you do need basic legal and administrative setup.

2. The Absolute Essentials Before Completing Your Purchase

NIE Number (Non-Negotiable)

The Número de Identificación de Extranjero (NIE) is required for:

• Buying real estate (important note, not required to reserve a property)
• Opening a bank account
• Paying taxes

Without it, you cannot complete a transaction.

Spanish Bank Account

Not legally mandatory, but in practice essential for:

• Completing the purchase
• Paying taxes and utilities
• Receiving rental income

Independent Lawyer

This is critical in Spain.

Unlike the US:

• The notary is neutral
• The responsibility for due diligence is on the buyer

This includes:

• Checking debts attached to the property
• Verifying legality
• Ensuring correct registration

3. Buying Process (Simplified)

The structure is quite different from the US:

1. Real estate selection
2. Offer and reservation deposit
3. Private purchase contract (usually 10%)
4. Legal checks and due diligence
5. Completion at notary (title deed signed)

You typically need 10–15% extra on top of purchase price for taxes and costs.

4. The Biggest Misunderstanding: Property ≠ Residency

This is where most American buyers get caught out.

Buying property in Spain does NOT give you the right to live there.

Without a visa, you are limited to:

- 90 days in any 180-day period (Schengen rule)

So you need a separate immigration strategy.

5. Visa Options for US buyers

1. Non-Lucrative Visa (NLV)

Best for:

• Retirees
• Passive income buyers

Requirements:

• ~€28,000+ annual income
• No Spanish employment
• Private health insurance

2. Digital Nomad Visa (DNV)

Best for:

• Remote workers
• Entrepreneurs

Requirements:

• Foreign income
• Approx. €2,200+/month
• Remote employment

3. Work / Business Visas

More complex:

• Requires Spanish employer or business setup

Golden Visa (Important Update)

The Golden Visa (property-based residency):

 - Closed in April 2025

This is a major shift.

Buying €500k property no longer gives residency.

6. Tax Considerations (US + Spain)

This is where Americans need to be careful.

You are dealing with:
 - Two tax systems

In Spain

Purchase taxes:

• Resale: 6–10%
• New-build: 10% VAT

Ongoing:

• Property tax (IBI)
• Non-resident income tax (even if not renting)
• Rental tax if applicable

In the US

You are still taxed globally as a US citizen.

This means:

• You must report Spanish property income
• You may need to file FBAR / FATCA

(You won’t be double taxed in most cases due to treaties — but it must be structured properly.)

7. Financing as an American

Mortgages are possible, but:

• Typically 60–70% LTV for non-residents
• Higher deposit required
• More documentation

Cash buyers are still common in this segment.

8. Key Differences vs the US Market

This is where US buyers often make mistakes.

No MLS System

The same property may appear with multiple agents at different prices.

Price Negotiation Is Less Transparent

Asking price ≠ final price.

Buyer Responsibility Is Higher

You must verify everything.

Off-Plan Purchases Are Common

Buying before completion is standard.

9. Common Mistakes American Buyers Make

• Assuming property gives residency
• Underestimating total costs
• Not using an independent lawyer
• Buying based purely on online marketing
• Not understanding tax exposure

10. What Actually Matters Most

From experience, successful buyers focus on:

• Location over property
• Long-term usability
• Access and infrastructure
• Resale demand

Not just price.

The roundup

Buying real estate in Spain as an American is straightforward structurally, but complex strategically.

The purchase itself is easy.

The combination of:

• visa
• tax
• long-term use

is where decisions need to be made properly. At Portfolio Deluxe our CEO Miles Barnett has studied a Masters in Real Estate at the Polytechnic University of Valencia and is an expert in Spanish real estate. If you are a US buyer needing more information on how best to invest in Spanish real estate, or to relocate to the country, contact us today.