Selling Property in Spain

gibboboy

Am in the process of selling a property which I've inherited in Spain. Being told by solicitor that we have to have a Spanish bank account & that funds cannot be paid into an account of our choice (eg, a Euro trading account). Does anyone have any advice on this & whether its true? If so, any advice on best Spanish bank account who won't charge the earth for facilitating the funds?

Caz3121

you may be better asking on an expats forum such as https://britishexpats.com/forum/spain-75/

xylophone

https://www.spanishpropertyinsight.com/2017/07/15/ten-tips-inherit-property-spain-inheritance-tax/

https://www.bbva.es/eng/general/finanzas-vistazo/cuentas/requisitos-para-abrir-una-cuenta/index.jsp

Above may be worth a look.

dave_wilson

we live in spain and like uk you can pick

dave_wilson

we live in spain, like in uk you can choose any bank you want for the funds to be paid into,then go to money transfer compant like money corp or the like ,recommended ones(look at reviews!!!) all banks mug you here,but yes go to websites for expats for more info,just be carefull,and check out everything your told

missile

Your abogado is correct. Just like in UK, this is to comply with money laundering regulations.

Some exchange companies e.g. Money Corp (or at least they did when I last checked) have an arrangement with a Spanish bank where the funds were accepted in euros then transferred to £ without bank charges.

Esie

A Spanish account may be easier for paying out the taxes due after a sale. Otherwise having to convert with exchange rates I’ve kept mine as waiting for (fingers crossed final impuesta / tax ) in June for 25% of difference in sale price and new house price ��