Iranians Banned From Spanish Banks
A document circulated within certain Spanish banks concerning dealing with citizens of “troubled countries” is tagged as strictly confidential, and so it should for its silliness when addressing the controversial issue of dealing with nationals from Iran or companies domiciled there.
The reason is none other than the embarrassingly sweeping generalization that some banks have made of the Council Regulation (EU) No 267/2012, by prohibiting by way of an internal circular the opening of accounts or the provision of lending to Iranian nationals, even if related to the desperately needed foreign investment in Spain.
It is not clear whether it is a cowardly attitude, the result of taking the “easy route” or, rather plainly, dire ignorance or stupidity for not properly understanding the Council Regulation but, whatever the reasons, such actions are putting off hundreds of Iranians who wish to start a new life in Spain for which the purchase of property is the first step.
The circular says:
RESTRICTIONS ON INVESTMENT:
The following shall be prohibited:
- (a) the granting of any financial loan or credit to any Iranian person, entity or body.
- (b) the acquisition or extension of a participation in any Iranian person, entity or body.
- (c) the creation of any joint venture with any Iranian person, entity or body.
The Council Regulation, on the contrary, says:
RESTRICTIONS ON FINANCING OF CERTAIN ENTREPRISES
Article 17
- The following shall be prohibited:
- the granting of any financial loan or credit to any Iranian person, entity or body referred to in paragraph 2;
- the acquisition or extension of a participation in any Iranian person, entity or body referred to in paragraph 2;
- the creation of any joint venture with any Iranian person, entity or body referred to in paragraph 2.
- The prohibition in paragraph 1 shall apply to any Iranian person, entity or body engaged:
- in the manufacture of goods or technology listed in the Common Military List or in Annex I or II;
- in the exploration or production of crude oil and natural gas, the refining of fuels or the liquefaction of natural gas; or
- in the petrochemical industry.
Actually, after re-reading I am comfortable with what really is the most obvious conclusion to the above mistaken transposition of the regulation: the undeniably brainless Spanish bankers’ (yes, it’s them again) who think that every Iranian passport holder wanting to buy a property is in reality a disguised horrible “Mullah”, or some Basiji thug, intent on smuggling nuclear warheads into the Spanish Costas…
!Viva Spanish Banks!
At times like this one can only think #fuckSpain. Why don’t people get mad?
Thanks for the sympathy and I hope these tough times will end for everybody.
To dear Chris: there is no F*** Spain or Iran or anywhere else. It’s all just politics. I’m kinda mad that they make these decisions, but let’s face it, we all somehow choose our governments, so shame on me to let a Mulla rule my country! (or someone who rules you banks or gov.)
Anyway, back to legal stuff, not opening a bank account, will it make a big trouble to buy properties , specially will it make a dead-end to getting the residential permit?
And do you see the legal potential that someday, the government even try to cease the property or ask the owner to sell or withdraw or anything like that??
It would be against the laws for the Spanish Government to prevent Iranians from buying property in Spain since there are no restrictions in this country, currently, preventing any national from any country to buy property.
The inconvenience of not having a bank account is clear though, more so when you have a property and need to pay your utilities. A way round this is to get a friend, or even the lawyers, to pay the bills every month.
Hello,
so basically, there is no way for the iranians to buy property in Spain? To buy any property it is not necessary to open the bank account if it is a problem. The money transfer can be sent directly to the account of property owner and not necessarily from Iran but from Turkey, where they are allowed to have an account.
Please, comment that point, if possible.
@Antonio Flores
Yulia, Iranians are fully entitled to purchase property in Spain. The only issue they have is with some Spanish banks who may choose to decline an application for a bank account.
With regards to the purchase of a property, please note that a bank account is not required as they can use a lawyer’s client account for this purpose.
Finally, we have at least 3 clients who don’t have bank accounts in Spain, but they have property and, when having to pay water and electricity bills, they pay them directly to the companies concerned (just as they do with the IBI tax and Community fees).
Dear Antonio,
thank you for the comment.
To close any deal of real estate in Spain the foreigner has to get so called NIE. For that the Spanish Visa is requiered. I am wondering if they can enter freely in Spain, after getting Spanish Visa? Or there is also a kind of embargo for them?
If you know about that, obviously.
Thank you!
Yes, the NIE is necessary to complete on real estate transaction but also to get a mobile phone, buy a car and a few other important things.
Regarding a visa, this is not connected to the NIE and so, you can get a visa without an NIE number and you can get an NIE without a visa. Only when you are in Spain applying for an NIE, you will be required by the police to show that you have not extended your visa stay in Spain.