Are You A Resident of Spain for Mortgage purposes?

Residency falls into two categories; fiscal and official residency. When an individual spends more than six months of the year in Spain they are classed as ‘fiscal residency’ automatically. Although this title is given, there is no documentation provided to confirm this fact.

To become an ‘official resident’, you must apply to the relevant authorities and if successful you are issued with a Tarjeta de Residencia, a residency identification card. 

An NIE number (foreigner’s identification number) has to be obtained in order to purchase a property. It is important to note that this does not qualify you for official residency in Spain. 

In Spain, it is normal for banks and financial institutions to treat persons with a Tarjeta de Residencia as a resident. Individuals who do not hold this will be treated as non-resident for mortgage purposes. 

Do not assume that the Tarjeta de Residencia will guarantee you more favourable terms. More and more lenders are taking an overall view of personal circumstances. This means that even if you are fiscally resident, dependant on your personal situation, you could be deemed resident for mortgage purposes.

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