German Real Estate Banking

Non-citizens, who purchase real estate in Germany, have the right to open accounts in any bank in the country. However, to become an account holder, a person must meet all the criteria that a bank sets for foreign clients which include:

1. A presence of a German residence permit –  The foreigner has the right to register at the address of the property he/she acquired.
2. Availability of income to the account – Transparency in receiving income of a foreign client is also important because banks strictly monitor compliance with German legislation.

The personal presence of a person when opening an account with a German bank is mandatory. To apply for an account opening, the following documents are usually required:

• A passport;
• Confirmation of registration at the place of residence in Germany;
• A certificate of income;
• A contract of sale of the acquired property.