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For access to your online account please contact your personal account manager, alternatively email team@regencyfx.com.
Spain has been Europe's favourite second home for decades. What has changed is who is buying. The British share of foreign property purchases has fallen from around 22% in 2016 to under 7% today, while the Polish market has grown more than sevenfold over the same period.
If you are in Poland and thinking about a move south, the good news is that the path is far simpler for you than it is for a British buyer. Our full guide to buying a property in Spain covers the legal process in more depth. Moving to Spain covers life after the purchase. The part that catches people out is not the paperwork. It is the exchange rate between złoty and euros, which moves every day while your purchase is going through.
Yes, with no restrictions. Spain places no limits on foreign property ownership, for EU or non-EU citizens, resident or non-resident. You do not need to live in Spain to buy there. You do not need to live there to keep or later sell the property.
As an EU citizen you also have full freedom of movement. No visa, no work permit and the right to live, work, study or retire in Spain from the day you arrive, under the same rules that have applied since Poland joined the EU in 2004. For stays beyond 90 days you register with the local authorities, which is an administrative step rather than an immigration process.
Much more significant than the resident population suggests. Poles are a small community in Spain but a disproportionately large group of property buyers, because most are buying second homes and investments rather than relocating permanently.
The shift over the past decade has been dramatic. According to analysis published by The Olive Press, the Polish market for Spanish property is now more than seven times larger than it was in 2016. Over the same period the British share of foreign purchases collapsed from around 22% to under 7%, a fall of more than two thirds. No other major nationality has seen a reversal on that scale.
Figures from Registradores de España. CaixaBank Research puts the same trend another way: Poland went from 0.7% of foreign purchases in the decade before the pandemic to 4.7% across 2020 to 2024, climbing to fifth place in 2024 and overtaking both Sweden and France.
Climate and lifestyle are part of it, but the more specific driver is the war in Ukraine, according to both Spanish and Polish press. Spanish developers have seen a marked rise in demand from Polish, Ukrainian and Baltic buyers since 2022. Many want a second home for the usual reasons, but they are also looking for security and a way to keep money outside the region.
Polish buyers typically look in the €450,000 to €1.5 million range and concentrate on the Costa del Sol, where a visible Polish community has developed. Madrid, Barcelona, Malaga, Huelva and Valencia also host significant Polish populations.
Resident numbers tell a quieter story. Official registry data puts Polish citizens living in Spain at around 54,800, a fraction of Spain's 6.9 million foreign nationals. The gap between that figure and the buying statistics is the point: most Polish buyers are not moving to Spain, they are buying in it.
There are eight steps, from getting your NIE to registering the deed after completion. From accepted offer to keys is usually six to twelve weeks.
Three points from the table are worth expanding on.
This part surprises most buyers, because it is not how a purchase works in Poland, and it is the stage we are asked about most. In Spain the balance is usually handed over at the notary as a cheque bancario, a banker's draft drawn on a Spanish bank, which the seller takes away on the day. Some sales are settled by bank transfer instead, confirmed before anyone signs. Your lawyer will agree which it is with the seller's side in advance.
Either way the money has to be sitting in your Spanish account first, so work backwards from the completion date. Your złoty needs converting and the euros need to arrive with a few days to spare, not on the morning itself. Your bank will also need notice to issue the draft.
The notary records how every payment was made, so keep the paperwork showing where the money came from.
Confirm the account details by phone. Payment redirection fraud targets property purchases, because the sums are large and the emails are predictable. Before sending anything to a lawyer, notary or developer, confirm the account details by voice on a number you looked up yourself, not one from the email. Never act on bank details that changed by email, however plausible the explanation.
Have your source of funds ready. The notary records how every payment was made, and your bank, your currency provider and the receiving bank in Spain can all ask where the money came from on a transfer of this size.
Off-plan works to a different payment pattern. Instead of a deposit and a balance, you pay in stages: a reservation, then instalments as construction progresses, then the balance at completion, which may be a year or two away. Each instalment is a separate conversion at whatever the rate happens to be that month.
Spanish law requires the developer to protect every payment you make before completion, through a bank guarantee or an insurance policy, with the money held in a separate account. Ask your lawyer to see that paperwork before you pay anything.
This is also where fixing a rate for longer earns its keep. A forward contract can run up to twelve months, so the instalments can be matched to the payment schedule rather than converted whenever one falls due.
Budget 10% to 15% on top of the agreed price. The exact figure depends on the region and whether the property is new or resale.
Transfer tax varies between autonomous communities, so check the rate for the specific region you are buying in rather than assuming a national figure. Our guide to transferring funds for international property purchases covers how and when each payment is made.
Buying costs are one-off. Owning brings a yearly bill as well. As a non-resident owner you pay IBI, the local property tax set by the town hall, along with community fees if the property is part of a block or a gated development. Water, electricity and insurance carry on whether you are there or not.
The one Polish buyers rarely expect is Spanish non-resident income tax. If you keep the property for your own use, Spain still taxes you on a notional rental value worked out from the cadastral value, declared each year on form Modelo 210. For EU residents the rate is 19%, and expenses are deductible against any rent you do receive. The bill is usually modest, but nothing arrives in the post to remind you, so it is easily missed. Ask your lawyer or a Spanish accountant to set it up in your first year.
Every one of these costs is in euros, but your income is in złoty. With regular transfers, the money moves across automatically on a set schedule, so the bills are covered and there is nothing for you to remember or arrange each time.
Non-resident buyers get less generous terms than Spanish residents. Expect loan-to-value of around 60% to 70%, meaning a deposit of 30% to 40% before purchase costs. Interest rates run roughly half a point to a full point above resident rates.
On a €500,000 property, that means borrowing €300,000 to €350,000 and putting in €150,000 to €200,000 yourself. Add purchase costs of around 10% to 12%, roughly €50,000 to €60,000, and you need €200,000 to €260,000 in cash before you complete.
Several Spanish banks run programmes specifically for foreign buyers. Apply to two or three at once, because even a small rate difference adds up over the life of the loan.
This is the part most guides skip. It is where Polish buyers lose the most money.
Poland is not in the eurozone, so every payment you make on a Spanish property involves converting złoty into euros. There are always several: the deposit, the balance at completion, then the running costs for as long as you own the property. Many buyers also pay for renovation or furnishing along the way.
Here is the problem. When you sign the deposit contract, the price is fixed in euros. What is not fixed is what those euros cost you in złoty. Completion is typically six to twelve weeks away. Throughout that window the rate moves, taking the złoty cost of your property with it.
On a €300,000 property, a 3% move in PLN/EUR changes the złoty cost by the equivalent of roughly €9,000. Nothing about the property changed. You simply converted on a different day. We track the daily moves in our market insights. Achieving the best euro rate for a property purchase covers the timing question in more detail.
If you do nothing, your bank makes the transfer and you take whatever exchange rate it offers. Banks in both Poland and Spain add their own margin to that rate. It is rarely disclosed, and it is usually the largest single cost in the transaction.
Currency exchange is not what banks specialise in. They make their money in other ways, so they have little reason to offer a competitive rate. Currency is all we do, and our rates are typically 3% to 5% better than the banks'. On €200,000 sent to Spain, that is €6,000 to €10,000 you keep.
Get a quote from us before you send anything. It is free, there is no obligation and you can talk your plans through with an account manager first.
Three options, each with a genuine trade-off.
Spanish property is everyday work for us. We move large sums for clients buying in Spain week in, week out, which means we are used to completion dates that slip, deposit contracts signed before anyone has a firm date and notaries who need cleared funds by a set morning. Most of what is in this guide comes from handling those payments alongside buyers and their lawyers.
We handle large transfers every day, and Spanish property purchases are among the most common. That is the practical difference. We know what a completion statement looks like, why the money has to reach your Spanish account days before the notary appointment and what happens when a completion date moves by three weeks. None of that is theory to us, which is why this guide reads the way it does.
Better rates than the banks. Being outside a major financial centre keeps our overheads lower than London-based competitors. That saving goes to clients. Our rates are typically 2% to 5% better than the high street banks, which on a property purchase is measured in thousands rather than hundreds.
Rates fixed for up to twelve months. A forward contract lets you fix today's exchange rate for a payment up to a year away. That is long enough to cover any Spanish purchase timeline. Most buyers cannot get this elsewhere: high street banks rarely offer it to private individuals, Wise does not offer it at all and Revolut only offers it to businesses. If your purchase is definitely going ahead, it is the ideal tool. You know what the property will cost in złoty from the day you sign, and it has saved our clients thousands when the rate has moved before completion. It is a binding commitment, so it is only right once you are certain.
A dedicated account manager, not a call centre. One person who knows your purchase, your completion date and your situation, which matters when a completion date moves.
An online platform to track transfers in real time or transfer yourself, 24 hours a day.
Your money is ring-fenced, with no upper limit. Client funds are safeguarded through FCA-authorised partners: The Currency Cloud Limited (FRN 900199, owned by Visa), Equals Connect Limited (FCA number 671508) and Sciopay Ltd (FRN 927951).
Your money sits in ring-fenced accounts that are legally separate from ours, with no upper limit on the amount protected. The protection works differently from a bank account, and that difference matters most at the sums a property purchase involves.
We are not a bank and we never hold client money on our own balance sheet. Payments run through FCA-authorised partners: The Currency Cloud Limited (FRN 900199, owned by Visa), Equals Connect Limited (FCA number 671508) and Sciopay Ltd (FRN 927951). Your złoty and euros sit in segregated safeguarding accounts at those institutions, apart from the firm's own funds, from the moment they arrive to the moment they are paid out to your notary, lawyer or seller.
If anything happened to us or to a partner, that money is not available to creditors. It is identified as client money and returned to clients. There is no cap, because there is no compensation scheme involved. The whole amount is segregated whether it is €50,000 or €5 million.
Safeguarding is a legal requirement for every FCA-authorised payment and e-money institution, set out in the FCA guidance on safeguarding requirements for payment and e-money institutions. Every regulated currency specialist in the UK works this way, as do the payment apps most people have heard of, Wise among them. The model is less familiar than a bank account rather than unusual.
Where the money sits is the first difference. With us it is in segregated client accounts, separate from the firm's own funds. In a bank it sits on the bank's balance sheet.
What protects it. Ours is protected by legal segregation, so creditors cannot reach it and client money is identified and returned. A bank account is protected by a compensation scheme that pays out if the bank fails, capped at €100,000 in Poland through the Bankowy Fundusz Gwarancyjny and £120,000 in the UK.
For a €300,000 purchase that difference is the whole point. A €100,000 compensation limit leaves two thirds of your money uncovered while it is in transit. Segregation covers all of it. To be fair to the banks, deposit protection is the better model for money you are leaving somewhere for years. Safeguarding is the better model for a large sum passing through on its way to a notary.
You have three choices for getting your money to Spain: a currency specialist, an app or your bank. Each suits a different situation.
This is what we do. We move large sums for property buyers every day, with a rate agreed in advance and one person looking after your purchase from deposit to completion.
We are built for your purchase if:
Every transfer we handle is checked by a person before it goes. On a six-figure payment to a notary, that check is the point rather than a delay.
Apps are great for what they are built for. Sending a few hundred euros to family or a friend abroad, splitting a bill on holiday, paying for something small online. They are quick, they sit on your phone and the rate difference on those amounts is tiny. If that is what you need, use one.
An app is the better choice if:
Your bank can send a large payment to Spain, and for many buyers it is the default. It is also the most expensive way to do it. Currency exchange is a sideline for banks, so the margin they add to the rate is wide. Our rates are typically 3% to 5% better, which on €200,000 is €6,000 to €10,000. Banks also rarely let private customers fix a rate in advance.
Your bank is the choice if:
Do Polish citizens need a visa to move to Spain? No. As an EU citizen you have full freedom of movement and can live, work, study or retire in Spain without a visa or work permit. Registration with local authorities is required only for stays beyond 90 days.
Can a Polish citizen buy property in Spain without living there? Yes. Spain places no restrictions on foreign property ownership for EU or non-EU citizens, resident or non-resident. Residence is not a condition for buying, owning or later selling.
What is an NIE and why do I need one? The NIE is Spain's identification number for foreigners and also serves as your tax number. It is required to buy property, open a Spanish bank account or pay any Spanish tax. The notary will not sign the deed of sale without it. Arrange it before making an offer.
What else should I know before moving to Spain? Our 10 essential rules for living in Spain covers the practical side: residency registration, healthcare, tax residency and the admin that catches new arrivals out.
How long does buying a property in Spain take? Usually six to twelve weeks from accepted offer to completion, with the deposit contract typically closing within 30 to 60 days of signing.
How much should I budget on top of the property price? Between 10% and 15%, covering transfer tax or VAT, notary fees, Land Registry fees and legal costs. The exact figure depends on the region and whether the property is new or resale.
How do I pay the balance on completion day? Usually by cheque bancario, a banker's draft drawn on your Spanish bank and handed to the seller at the notary. Some sales settle by bank transfer instead. Either way the euros need to be in your Spanish account several days beforehand, so convert in good time rather than on the day.
What are the ongoing costs of owning a property in Spain? IBI, the local property tax, plus community fees, utilities and insurance. Non-resident owners also file Spanish non-resident income tax each year on form Modelo 210, charged on a notional rental value even when the property is not let. The rate for EU residents is 19%.
How do I protect my budget from złoty to euro exchange rate movement? A forward contract lets you fix the rate when you sign the deposit contract, so the złoty cost of your property is known from that day rather than on completion. Given that completion is typically six to twelve weeks away, that removes the main financial uncertainty in the process.
Is my money protected if something goes wrong? Client funds are held in ring-fenced safeguarding accounts through FCA-authorised partners, legally separate from our own money and unavailable to creditors in an insolvency. Unlike bank deposit protection, which is capped at €100,000 in Poland, safeguarding has no upper limit. On a property purchase that matters, because a compensation cap would leave most of your money uncovered while it is in transit.
The best time to speak to us is before you make an offer. Just let us know your budget and timescale, and we will give you a free quote. If you already have one from your bank or another provider, tell us what they offered and we will beat it.
Our team moves money for Spanish property purchases week in, week out, so we know how notaries, lawyers and completion dates work and what to do when a date slips. You get your own dedicated account manager, who will answer your questions and guide you through the whole process, and rates that are typically 3% to 5% better than the banks.
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