Educational and informational only. This guide reflects rules checked in October 2026 and is not credit, tax or legal advice. Amberlake Partners is not a mortgage broker or credit intermediary and does not arrange or offer loans; any financing is provided and decided solely by the lending bank. Tax rules, lending criteria and bank policies change, and each situation requires review by qualified professionals in the US and in the country concerned.
Who this guide is for
This page is for US citizens and green card holders who live in Spain, are moving there, or want to buy a Spanish home while living elsewhere. It covers the bank account, the investment portfolio, US and Spanish reporting, and how banks approach financing a purchase.
For the wider relocation questions, start with our guide for Americans moving to Spain. For a comparison of financing structures across Europe, see European property financing for Americans.
What has changed recently
Spain ended its investor residence permit, the so-called golden visa, for new applications on 3 April 2025. Buying property in Spain no longer creates a residence route on its own. Americans who want to live in Spain now look at other visas, such as the non-lucrative visa or the digital nomad visa, each with its own conditions; an immigration lawyer should confirm which applies.
This matters for financing as well. A buyer who will not become resident is treated as a non-resident borrower, with the documentation and deposit expectations that come with it.
Banking in Spain as a US person
Spain has a Model 1 FATCA agreement with the United States, in force since 2013. Spanish banks report US persons' accounts to the Spanish tax agency, which exchanges the data with the IRS. You will need an NIE, the foreigner identification number, to open an account, sign a purchase contract or take a mortgage; it can be requested at a Spanish consulate or in Spain, or through a representative with a power of attorney.
Everyday accounts are generally available to US persons. Investment advice and private banking credit are more selective, and policies differ from bank to bank. Our overview of European banking and FATCA for US expats explains the options, and our guide to US brokerage accounts after moving abroad covers what to keep in the US.
US reporting does not stop when you move
The United States taxes its citizens and green card holders on their worldwide income, wherever they live. Moving to Spain does not end US filing. It adds a second set of rules on top.
In practice, the US layer usually includes the annual federal return, the FBAR (FinCEN Form 114) when the combined balance of foreign financial accounts exceeds $10,000 at any time in the year, and Form 8938 (FATCA) when foreign financial assets pass the IRS thresholds. For a single filer living abroad, those thresholds are $200,000 on the last day of the year or $300,000 at any time; they are higher for joint filers.
If you become a Spanish tax resident, foreign assets above €50,000 in a category (accounts, securities and insurance, or real estate) are reported each year on Modelo 720, due by 31 March. The filing obligation survived the 2022 ruling of the EU Court of Justice, although the penalties were brought into line with the general regime. Spain also has a regional wealth tax and a national solidarity tax on large fortunes, and the inbound-worker regime known as the Beckham law changes several of these rules for those who qualify. The US–Spain treaty helps avoid double taxation on many types of income, but both sets of returns are still due.
The practical consequence is that every account, policy and fund you open locally has a US reporting cost as well as a local one. Planning the structure before you move is usually cheaper than unwinding it afterwards.
The PFIC problem with local investment products
Many products sold to residents, such as Spanish and Luxembourg investment funds, which residents often use because fund-to-fund switches can defer Spanish tax, invest through non-US pooled funds. For US tax purposes, most non-US mutual funds and ETFs are treated as Passive Foreign Investment Companies (PFICs).
PFIC treatment can mean punitive tax calculations on gains and certain distributions, interest charges and an annual Form 8621 for each fund. A portfolio that is efficient for a local resident can therefore be inefficient for a US person living in the same building.
The usual approach is to build the portfolio from instruments that work on both sides: individual securities, US-domiciled funds where the custodian and local rules allow them, and bonds held directly. Whether a given product is a PFIC depends on its structure, so it should be checked with a US tax adviser before you buy it. Our guide to PFIC rules for Americans living in Europe explains the mechanics.
How bank financing generally works for US persons in Spain
Spanish banks lend to non-residents, and some lend to US persons, but the number of willing lenders is smaller because of FATCA. Non-residents are usually asked for a larger deposit than residents, and dollar income is assessed with currency risk in mind. Rates can be fixed, variable (typically linked to Euribor) or mixed; compare the total cost and the conditions rather than the headline rate.
The bank will typically ask for your NIE, passport, recent US tax returns, income evidence, bank statements covering the deposit and reserves, and a credit report. Documents issued in the US may need an apostille and a sworn translation, which takes time. Start before signing the contrato de arras, because the deposit paid with it is usually lost if the buyer withdraws.
For buyers with significant investments, portfolio-backed financing from a private bank can be an alternative or a complement to a Spanish mortgage. It avoids selling investments, but the loan depends on the value of the portfolio and must be sized with a margin of safety.
Process: from first call to the escritura
1. Obtain the NIE and decide whether you will become a Spanish tax resident, and under which regime.
2. Map your position. Assets, custodians, income, existing debt and the US and Spanish treatment of each holding.
3. Choose the financing route. Spanish mortgage, portfolio-backed credit, cash, or a combination.
4. Prepare the file. Apostilled and translated documents where required, US returns, statements and evidence of the origin of funds.
5. Approach suitable lenders and obtain written indications before the arras contract.
6. Sign the deed (the escritura) before the notary, then structure the portfolio for both US and Spanish reporting, including Modelo 720 if you are resident.
How Amberlake Partners works with US persons
Amberlake Partners SAM is a wealth management firm in Monaco, licensed (agréée) and regulated by the Commission de Contrôle des Activités Financières (CCAF) and registered with the US Securities and Exchange Commission (CRD 322274). You can verify the registration on the SEC's Investment Adviser Public Disclosure website and read our Form ADV brochures, linked at the foot of this page.
We work on an external asset manager model: your assets stay in your name at a custodian bank, and we advise on and coordinate the portfolio across the institutions you hold. Booking centres available through our partner banks include Monaco, Geneva, Luxembourg, Madrid, New York, Miami, Dubai and Singapore. There are no in-house products to place.
Amberlake Partners is not a mortgage broker or credit intermediary and does not arrange, negotiate or offer mortgages or loans. Around a property purchase, our role is limited to advising on the wealth and portfolio side, for example the liquidity, currency and portfolio consequences of paying cash or borrowing, and assisting with banking relationships, as described in our Form ADV. If a client asks a partner bank about financing, any loan is offered and decided solely by that bank, at its sole discretion and under its own onboarding, compliance and credit criteria. We cannot promise that a bank will open an account or extend credit.
Common questions
Can a US citizen get a mortgage in Spain?
Yes, some Spanish banks lend to US citizens, including non-residents. Expect a larger deposit than for residents, detailed income and tax documentation, and fewer willing lenders because of FATCA.
Does buying property in Spain still give residency?
No. Spain stopped accepting new golden visa applications on 3 April 2025. Americans who want to live in Spain need another visa route, which an immigration lawyer can confirm.
What is Modelo 720 and does it apply to Americans?
It is the Spanish annual declaration of foreign assets for tax residents, required when a category exceeds €50,000. A US citizen who is Spanish tax resident generally files it in addition to US FBAR and Form 8938, unless a special regime exempts them.
Do I need an NIE before opening a bank account?
In practice yes. The NIE is required to open an account, buy property and take a mortgage. It can be requested at a Spanish consulate, in Spain, or through a representative.
Should I invest in Spanish funds as a US person?
Check first. Most non-US funds are PFICs for US purposes, which can create punitive taxation and extra filings even when they are tax-efficient in Spain.
Does Amberlake Partners arrange mortgages?
No. Amberlake Partners is a wealth manager, registered with the SEC and licensed by the CCAF. It is not a mortgage broker or credit intermediary and does not arrange, negotiate or offer loans. Any financing is provided and decided solely by the lending bank, at its sole discretion.
Sources checked for this guide
Rules and figures quoted on this page were checked on 25 October 2026:
FinCEN: Report of Foreign Bank and Financial Accounts (FBAR)
IRS: Do I need to file Form 8938?
Spanish Ministry of Housing: end of the golden visa from 3 April 2025
Agencia Tributaria: Modelo 720 filing periods
US Treasury: FATCA intergovernmental agreements by jurisdiction
Important information. This page is educational and informational only. It is not credit, tax or legal advice, and it is not an offer or solicitation for any loan or financial product. Amberlake Partners SAM is a wealth manager registered with the US Securities and Exchange Commission and licensed by the CCAF in Monaco. It is not a mortgage broker or credit intermediary and does not arrange, negotiate or offer mortgages or loans. Any financing is provided and decided solely by the lending bank, at its sole discretion.