The Santander bank in Spain wants to attract more expat customers with a new plan that offers all kinds of products and services, from a specialist bank account to a non-resident mortgage, and even pet care.
Named the ‘Smith Plan’, it is aimed at ex-pats who already have a home in Spain and also at those who are looking to buy a second home in Spain. Above all, it is aimed at potential British and German clients, two of the main markets for the Santander group, which is chaired by Ana Botín.
Non-residents in Spain made up some 65,400 home sales in 2018, 11% more than the year before, representing more than 12% of the total property transactions. Given the upward trend in recent years, everything points to foreign demand in Spain remaining stable in the future. According to data from the College of Registrars, the British buy more homes in Spain than any other nationality (mainly in Andalusia, Murcia, Valencia and Asturias), while the Germans prefer to buy property in the Balearic Islands.
These are the products and services which the largest Spanish bank is launching in an attempt to attract more foreigners:
- Non-Resident Mundo Account: A non-remunerated account with a cost of 10 euro per month for maintenance. It comes with a free debit card which can be used to withdraw cash from any of Santander’s 30,000 ATMs around the world without paying commission.
- Mundo Mortgage: This mortgage is aimed at non-residents who want to buy a second home in Spain, although it has other purposes: to finance refurbishment work or building a new home.
- Siempre Contigo: This service, which translates to “Always with you”, is offered through an external company and includes such things as getting the house ready to live in, pet care and airport pickups for customers. It also offers administrative formalities, home delivery of medicines and translation of documents.
- Specialised managers: Another of the pillars of this plan is a specialised team to attend to the needs of non-resident clients in those offices where there is most demand. The idea is for the managers to be located throughout the Mediterranean and Madrid, among other areas in Spain.
From the original Spanish article: Santander lanza el ‘Plan Smith’ para los extranjeros con casa en España (Expansión)