Buying a home with cryptocurrency like Bitcoin is becoming more common each day. In fact, some believe that cryptocurrency will revolutionize the future of real estate transactions. Caliber & Partners (SPAIN), understands the significance of Bitcoin and other cryptocurrencies in the real estate industry. As this type of transaction becomes a more popular and accepted option for homebuyers and sellers

How does it work
Just like any other normal and every day real estate transaction, the price would need to be set and agreed upon in EUR (Euros), but is payable and transferable in BTC (Bitcoin). At the moment of receiving the transaction, a 24 hour “volatility stop” will be applied for the seller, to be able to choose whether or not keeping the received payment in Bitcoin, or to exchange the equal amount into Euros.

KYC and AML
For all real estate transactions in cryptocurrency, a KYC (Know Your Customer) process is needed. This is a manual process that includes physical verification of document scans. It is important because it makes sure that the customer and the information provided by them are real. This is, and needs to be, the same information as the real purchaser, documented in the final Title Deeds.

By first verifying customers’ identities and intentions, financial institutions are able to more accurately identify suspicious activities. KYC in the cryptocurrency sphere is something that is increasingly important as the industry matures.

Also an AML (Anti-Money Laundering) application needs to be filled out in order to determine the origin of the funds. The AML concept is much broader than KYC, and refers to a set of policies, laws, and regulations to combat generating income in a fraudulent way.

Golden Visa
The Golden Visa program is a special type of residence created especially for all the citizens from outside the European Union who want to move to the Spanish territory and realizes an investment in Spain of at least 500.000€. This is a quick and easy way to obtain a Spanish residence permit.