How to open an account with a European bank to buy real estate?
June 3, 2021
Most of the countries of the European Union allow you to purchase housing on their territory only if you have an account with a European bank. Not every investor has one, so it is worthwhile to familiarize yourself with the conditions for opening it in advance. It should also be noted that if you have a European account you can count on a number of additional benefits. These include the following:
- cheap transfers within the eurozone;
- deposit insurance;
- additional benefits when making transactions in Europe.
During the COVID-19 pandemic many European banks offer an opportunity to open an account remotely. If there is such a need, then you must make sure in advance that the chosen bank accepts documents remotely. All that is left after that is to make a minimum deposit and provide the required documents. In the event that it is not possible to open an account remotely in the selected bank, the decision then might be better to consider choosing another financial institution or visit the country in person.
What documents need to be prepared?
The list of documents that must be submitted to open an account with a European bank includes the following:
- international passport;
- a document confirming registration;
- proof of the legality of the origin of funds.
Different institutions may request additional documents. For example, it may be a recommendation from a bank whose client is a resident of another country in his current location. For legal entities, the list of documents will be somewhat bigger, since they will have to submit all corporate papers - charter, memorandum, etc. You will also have to provide a full description of the company's activities, its structure, etc.
All documents submitted must be translated into English, or into the language of the country where the bank is located. The faster all papers are submitted, including those that the institution requests additionally, the more chances you have to get a quick approval and successfully open an account.
