Why choose Spain?
It is obvious that this is one of the most popular jurisdictions — favorable tax regimes for non-residents and integration into the international EU market seem very attractive. Whether you consider Spain for living and working, or you plan to start your own business, opening a bank account is a must. It makes local payments much easier (rent, utilities, taxes, or salary). Without it, it is very difficult to buy real estate and manage related expenses. A local account also simplifies residency procedures and doing business.
Overview of the Spanish banking system
The Spanish banking system has an important advantage — it is closely connected with the international financial world and gives entrepreneurs access to different financial tools, including stock markets. Local banking giants — Santander, BBVA, CaixaBank, and Sabadell forming the core of retail and corporate services, providing reliability and stability. They also have many targeted offers for foreigners and non-residents, which makes opening an account in Spain much more convenient.
Spain encourages international investment through several incentive programs. For example, innovative startups that meet specific criteria may qualify for a reduced corporate tax rate of 15% during their first years of activity, instead of the standard 25%. There are also other tax benefits and softer rules that help the growth of foreign companies.
At the same time, Spain applies strict compliance to all banks and their clients. This is done to avoid financial risks both for the country and for people who invest in Spain’s economic development.
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Requirements for opening a bank account
All financial institutions in Spain must comply with EU rules on AML/CFT (Anti-Money Laundering and Countering the Financing of Terrorism) as well as KYC (Know Your Customer) requirements. A bank cannot open an account until it has collected full information confirming the client’s identity, legal status, and financial situation. The requirements differ for residents, non-residents, and legal entities.
For non-residents
The main requirement is to confirm their status (a person is considered a non-resident if they live in the country for less than 183 days). This is important because once the status changes, other tax and financial rules will apply. Another important requirement for non-residents is proof of the legal origin of funds.
How to open an account?
Step-by-step guide for non-residents
Step 1. Choose the bank and the type of account you want to register
Step 2. Prepare all required documents. Note that banks often require official translations of foreign documents
Step 3. Fill out the form and submit the application online or in person at a bank branch
Step 4. Go through the identification process
Step 5. Wait for the result and receive your banking details to start using the account
How can a foreigner open an account online?
Today non-residents can easily start the process of getting an account in Spain online. To do this, you must choose a financial institution that offers this option and prepare to submit a full electronic application. However, it is important to note that most banks still require physical presence at the final stage of registration.
What documents to prepare?
A legal entity is required to provide the following:
Company registration documents, including certificate of registration, charter, memorandum
NIF number of the legal entity
Business plan describing the company’s planned activities.
Proof of legal and actual addresses
Information about all beneficiaries and directors of the company (together with the corresponding documentation of each)
Recommendation letter or financial statements of the company for the last 2 years from the previous bank, if activity was carried out before
The list of documents may differ depending on the bank or the purpose of obtaining the account.
Best banks for foreigners
Santander — the largest bank in Spain, offers a large list of services, including online. In particular, you can get Cuenta Online para No Residentes — “online account for non-residents,” as well as a corporate account without a maintenance fee, if the income does not exceed established limits
Banco Sabadell — also offers a separate type of account for non-residents and financial benefits for corporate accounts
BBVA — in addition to financial advantages for personal and corporate use, the bank offers convenient online services, especially for business accounts
CaixaBank — offers its clients step-by-step digital identification for opening an account in many languages to make the process accessible for everyone
International banks in Spain
ING
Barclays
HSBC
Citibank
Deutsche Bank
How to choose the right bank?
The Spanish banking market is attractive for foreigners and companies thanks to its branch network, digital services, and special offers for non-residents. However, conditions differ between banks, so choosing the right institution is essential.
Carefully review the terms of use, especially account maintenance fees after promo periods (some banks offer 0% commission only for the first one or two years). The official Client Portal of the Bank of Spain has a fee comparator with data from banks and export to Excel — a practical tool beyond advertising
Define what type of account you need and whether a Spanish IBAN is required, as this affects both process and timing
Evaluate digital onboarding. Some banks allow full or partial online registration, though in many cases certain services are available only to residents
Consider the specifics of your business if you are opening a corporate account. Such services as SEPA transfers and instant payments, acquiring, turnover requirements may have different limits and fees depending on the financial institution
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