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Apply early for NIE, investors in Spain told

Article Date : Friday, March 23, 2007       Bookmark on Facebook   Bookmark on Del   Bookmark on Digg   Bookmark on Facebook   Bookmark on Reddit   Bookmark on Spurl   Bookmark on Furl   Bookmark on Yahoo   Bookmark on Magnolia   Bookmark on StumbleUpon   Bookmark on BlinkList

British investors who are considering making a purchase in Spain should ensure they understand the importance of applying for a 'Numero de Identificacion de Extranjero' (NIE) ? an identification number for non-residents, Banco Halifax Hispania has said.

Recent changes in Spanish law mean that all foreign property buyers must obtain an NIE and an accompanying letter before completing a purchase. However, it can take up to six weeks for an NIE to be processed, so it is best to apply for the number as soon as possible, the bank advised.

Ian Smith, head of European operations, commented: "For many people, buying a property abroad is a very exciting time, but it is important to plan well in advance for your purchase.

"You need to get your NIE as soon as possible, as any hold-ups later down the line may mean that you miss out on your dream home."

The NIE is also useful for setting up utility connections for electricity, gas and telephone and has to be used during all substantial financial transactions. It is also necessary for inheriting any Spanish assets or applying for a business permit.

The advice follows a warning from the European Estate Agents Union, which urged investors to make sure that their newly-acquired property in Spain has planning permission.

Furthermore, it is recommended that buyers hire an independent solicitor who is familiar with the regulations.
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