Investment approach
Transferring Capital to Spain: Documents, Declarations, Deadlines
A non-resident buying property above €500,000 must file a declaration with the Registro de Inversiones. It is a record, not a tax: one month after the escritura, and usually the notary files it.
When a non-resident buys property in Spain for more than €500,000, besides the transfer itself a foreign investment declaration to the Registro de Inversiones (Spain's foreign investment register) is needed: under Real Decreto 571/2023 it is mandatory and is filed after the deal, and when the escritura (public deed) is signed before a Spanish notary, the notary submits it using the buyer's data. Cash of €10,000 or more is declared separately on entry, and in the escritura the notary records exactly what was paid with. The currency transfer itself is a topic for another article.
Exchange rates, fees and the choice of payment provider are covered in the article on transferring money for a purchase. This one covers only declarations, documents and deadlines.
Is a foreign investment declaration needed
Real Decreto 571/2023 classes among foreign direct investments, among other things, the acquisition of property in Spain by non-residents when the amount exceeds €500,000 (art. 4.h). The rules have applied since 1 September 2023.
| Situation | What is required | When |
|---|---|---|
| A non-resident buys a property above €500,000 | A declaration to the Registro de Inversiones | After the transaction, mandatory (art. 5.1) |
| Property up to and including €500,000 | Not required under this threshold | Not applicable |
| Investor from a jurisdiction on the non-cooperative list | A prior declaration | Before the transaction (art. 5.5) |
| A non-resident receives 10% or more of the capital of a Spanish SL, including at formation | Foreign investment declaration (art. 4.a) | After the transaction |
As a general rule the declaration is made by the non-resident owner (art. 5.2). But if the deal is executed before a Spanish notary, the notary passes the information to the Registro de Inversiones through the Consejo General del Notariado, and a buyer who has given the notary all the data is released from filing (art. 5.3.b). Orden ECM/57/2024 clarifies: form D-2A, a one-month deadline from the date of the transaction, and with notarial execution the date is the date of the escritura (art. 14). When the property is sold, form D-2B on desinversión (divestment) is filed in the same way (art. 15).
This is a record of the investment in a register; the declaration itself carries no tax.
Worked example: what and when
Worked example, not a forecast. A non-resident buyer acquires an apartment for 1.2 M€. The deposit on signing the arras is 10%: €120,000. The balance of 1.08 M€ is paid at the escritura.
- The deal amount is above €500,000, so D-2A is filed within a month after the escritura. The notary will ask for the completed form and the documents for signing.
- The law speaks of an amount that "supere" €500,000, that is, exceeds the threshold. A property priced at exactly €500,000 is not caught by it.
Whether the threshold is counted on the price in the contract or on another basis, if the deal is complex, ask your abogado (Spanish lawyer).
Cash and transfers: what the bank checks and the border
Bringing into or taking out of Spain cash and other means of payment of €10,000 or more per person per trip is declared in advance, wherever you travel from (art. 34 of Ley 10/2010, Agencia Tributaria). For trips from and to third countries forms E1 and E2 are used, for EU countries forms S1 and S2. For movements within Spain the threshold is €100,000, also with S1 and S2. A breach counts as serious (art. 52.3): a fine from €600 up to 50% of the amount (art. 57.3).
Cash is unsuitable for buying a home for another reason too: the notary must record the method of payment in the deed (art. 24 of the Ley del Notariado), and the limit on cash payments of €1,000 (€10,000 for a non-resident individual outside professional activity) is described on the tax agency's site. A bank receiving a transfer checks you at the same time under the anti-money-laundering rules, see the article on AML.
What to prepare before the transfer
- Documents on the source of funds (contracts, statements, tax returns): details in the article on source of funds.
- The recipient account details and a description of the purpose: "property purchase", the property number, the arras contract.
- An account: if an SL is buying, the company's account is needed, and the procedure is described in the article on a bank account for an SL.
- Copies of the transfer confirmations: the notary will need them, and so will the declaration.
- NIE (how to get one): without it the bank and the notary cannot move forward.
Deadlines: where the real figures are and where there is only practice
One deadline is set by regulation: a month for the declaration after the transaction (art. 14 of Orden ECM/57/2024). The others (crediting, bank checks, requests for extra documents) are not officially set: they depend on the banks and the route of the transfer. If the sum is large and comes from a third country, allow time for the bank's follow-up questions before the signing date, not after.
Limits of this article
The article describes the general procedure for a non-resident and does not replace a review of your structure. Buying through a foreign company, several investors taking part, a payment from a jurisdiction on the non-cooperative list and paying capital into an SL all need a separate assessment. The next step on the budget: the investor calculator and the full guide.
Questions and answers
Do I have to declare a money transfer to Spain to buy an apartment?
The transfer itself does not come with a separate declaration. But a purchase of property by a non-resident above €500,000 requires a foreign investment declaration to the Registro de Inversiones within a month after the deal (RD 571/2023, arts. 4.h and 5.1; Orden ECM/57/2024, art. 14).
How much cash can I bring into Spain without declaring it?
Less than €10,000 per person per trip, and this applies to entry from EU countries too. From €10,000 a declaration must be filed in advance; a breach counts as serious.
Who files the foreign investment declaration?
If a Spanish notary executes the purchase, the notary submits the declaration using the data you gave (RD 571/2023, art. 5.3.b). Without a notary, the non-resident owner files it (art. 5.2). Check with the notary and your abogado who files for your deal.
Is tax paid when filing the declaration?
No, it is a record of the investment in a register, and no tax is charged in the declaration itself. Taxes on the purchase (ITP, IVA) are calculated separately, see the tax map.
