Step 9 of 48 Phase 2: Organize Your Finances
2.2 Get Your NIE & Consider Golden Visa
Understanding credit requirements, obtaining your NIE, and exploring Golden Visa eligibility are essential first steps for buying property on the Costa del Sol.
What You Need to Know
- Spanish banks assess your income and existing debts rather than a credit score
- Non-residents need an NIE (Número de Identidad de Extranjero) for all transactions
- You can apply for an NIE at police stations in Málaga, Marbella, or Fuengirola
- A gestoría can help you obtain your NIE more quickly
- If investing €500,000+, you may qualify for Spain's Golden Visa program
Pro Tips for Costa del Sol Buyers
- Start your NIE application early — it can take 2-4 weeks
- Open a Spanish bank account once you have your NIE (Santander, BBVA, CaixaBank all have Costa del Sol branches)
- For Golden Visa, the €500,000 must be your own funds (unmortgaged)
- Keep records of your income and employment for the mortgage application
- If self-employed, you will need 2-3 years of tax returns
Common Mistakes to Avoid
- Waiting until you find a property to apply for your NIE
- Assuming Golden Visa covers mortgaged amounts (it doesn't)
- Not keeping clear records of your deposit source (important for compliance)