Can a Non-Resident Open a Savings Account in Spain?
Yes. Non-tax-residents of Spain (people living abroad with economic interests in Spain, or foreigners wanting access to the Spanish market) can open bank accounts and savings products in Spain, with some specific requirements.
Types of Account for Non-Residents
- Non-resident account: current or savings account for non-residents. Many banks (BBVA, Santander, CaixaBank) offer these with specific documentation (NIE or passport + non-resident form).
- Resident account with NIE: if the non-resident has a NIE (Número de Identificación de Extranjero), they can access the same products as a resident.
Best Options for Non-Residents in Spain
Neobanks Without Residency Restrictions
- Trade Republic: 3.25% on cash. Accepts residents from all EU/EEA countries. You only need an EU ID/passport and your home country tax number.
- Revolut: up to 2.50%+ on EUR Savings Vaults. Available across the EU without Spanish residency requirements.
- Raisin: European deposit platform. Accepts residents from multiple EU countries to access deposits from European banks, including some Spanish ones.
Traditional Spanish Banks
- BBVA: allows non-resident account opening with passport + non-resident tax form (mod. 030).
- Santander: non-resident accounts available at branches.
- Openbank: 100% online process, accepts NIE. Limited for non-residents without NIE.
Tax: Withholding for Non-Residents
Interest earned in Spain by non-residents is subject to the IRNR (Non-Resident Income Tax):
- EU/EEA residents: 19% withholding on interest.
- Non-EU/EEA residents: general rate of 24% (unless double taxation treaty applies).
- Countries with Spain double taxation treaty: rate may be reduced (e.g. UK: 10%, USA: 10%, Mexico: 10%).
More Efficient Alternative: Bank in Your Country of Residence
For many non-residents, the most efficient option is to open a savings account at a European bank in the country where they live (or a fintech like Trade Republic available across the EU), avoiding the complexity of Spanish IRNR tax.
Compare the Best Options at APYData
→ Compare savings accounts available for non-residents
Frequently Asked Questions
Can I open a bank account in Spain as a foreign non-resident?
Yes. You can open a non-resident account with a passport and tax declaration form (modelo 030). Some banks require a NIE; others only require a passport. Fully online processes usually require a NIE.
What withholding tax applies to my interest if I do not live in Spain?
The general IRNR (Non-Resident Income Tax) rate is 19% for EU/EEA residents and 24% for non-EU residents. If your country has a double taxation treaty with Spain, it may be reduced (e.g. UK 10%, USA 10%).
Is Trade Republic available for non-residents of Spain?
Trade Republic is available for residents in EU/EEA countries where it operates — not specifically for non-residents of Spain. If you live in Germany, France or another EU country, you can open it directly in your country without going through Spanish tax rules.
Do I need a NIE to open an account in Spain?
For some banks yes, for others no. BBVA and Santander allow non-resident accounts without a NIE, with passport only. Openbank and online neobanks usually require a NIE for tax identification.