New "kid on the block"

Hi All.....I am an ex Rhodesian but currently a US citizen looking into the possibility of retiring to Spain.

I have a number of questions but will pose them bit by bit ( as a process of elimination)......if one gets a negative response i may not need to proceed any further !!

Can any one tell me if  banks in Spain will open accounts for US citizens?  There are some banks in S America that will not.

 When in a Bank in UK told USA Law was issue and not to take US citizens.  Try on line first   camdirecto is in English  and Lloyds International  Barclays   Santander , but word is out to be wary of having funds in Spain . Must be US Banks in Spain.

The situation in South America is not relevant, there the issue is political as many countries view America as "an enemy" or unfriendly nation.  Spain, being part of Europe views the US as an allie, so holding US citizenship should not be an obstacle.

That said, the Spanish banking system is in chaos at the moment, with many banks being forced to merge and government bailouts being given to keep them solvent.  So I would seriously think twice about banking here.

Before you can open a bank account in Spain, you will need to apply for a NIE number, this is an identification number for foreign nationals that permits them to hold money and property in Spain.  NO transaction is possible without one.   They are usually applied for via the local police office in the town you intend to live, you can find more information on the website of the American embassy (which I believe is located in Madrid).

Migration from America to Spain may require a visa, (I moved here from the UK so the rules were different) again the US Embassy is the best place to start.

The only thing you need to open a bank account is your passport & money. If you have no address in spain they'll use an overseas one or eventhe branch office. The account will be a non-resident one until you become a resident, if ever,. To retire here as a US citizen you would be required to demonstrate an income of : I believe at present, $75k .

....thank you all for your comments and input.

pittstop.

The banking situation in S America doesn't have anything to do with whether a country considers the US as an "enemy"or not. The US introduced requirements from banks outside the US that required them to file assorted data on Americans who have accounts with them........it is supposedly so that the US can track "terrorist money" !!!!  Some banks decided that it wasn't worth the trouble to comply. I think i am correct in thinking that  banks in Europe are also required to comply.

I had a meeting with an employee of a bank (Santander) in a S American country.  It only took two sentances from me, one of which i explained that i was a US citizen interested in opening an account.......i was told that it was the policy of the bank not to open accounts for US citizens.......he the got up from his cahir and left. End of meeting !!!!!!!!!!!!!!!!!!!!!!!

guslopez

I have tried to check on your income figure of $75k, which seemed rather high to me. What i found on the internet is that people with a "retiree visa" need an annual income of 10,000 Euros plus 1700 for each additional person. I will have to contact a Spanish consul here in the US to confirm these figures.