Cash-flowingAlicante · Casco AntiguoTop-floor 2-bed, Old Town
€129,000+€363
Net / month
9.1%
Gross yield
€55k
All-in cash
Financing + management ready
Better Rental Yields, Spain First
The key to property that actually cash-flows.
Cash-flowingAlicante · Casco Antiguo
Cash-flowingValencia · Benimaclet3 Studio Student Housing
€330,000+€1,700
Net / month
12.0%
Gross yield
€165k
All-in cash
Financing + management ready
TurnkeyMálaga · CentroBright 1-bed steps from Soho
€154,000+€364
Net / month
8.4%
Gross yield
€62k
All-in cash
Financing + management ready
Cash-flowingMurcia · CentroSpacious 3-bed near university
€138,000+€382
Net / month
9.0%
Gross yield
€57k
All-in cash
Financing + management ready
American investors are stuck: US mortgage rates have gutted rental yields. Llave opens the door to vetted, cash-flowing property in Spain, financed and managed end-to-end, with the lower rates and lighter carrying costs that make the math work again.
sub-2.5%
Non-resident mortgage rates in Spain
8–9%
Typical gross yields we surface
€200–800
Typical annual property tax (IBI), not thousands
The Math Nobody Runs
Same $150K. Wildly different outcome.
This isn't a hypothetical. It's two properties our founder owns right now, one in Spain and one in the US, bought for the same money. One pays him every month. The other bleeds.
Spain 🇪🇸
Apartment in a solid building
United States 🇺🇸
Single-family house
Purchase price
€150,000
$150,000
Mortgage rate (investor)
✓~2.4% fixed
~7.2% fixed
Effective leverage
✓~70% LTV at 2.4%, amplifies returns
~75% LTV at 7%+, erodes them
Monthly net cash flow
✓+€600
+$90
Annual property tax
✓~€500 (IBI)
~$3,000+
Out-of-pocket carrying cost
✓Effectively €0
Constant drain
Yes, Spain costs more to get in. A transfer tax of up to 10% and a larger deposit. You earn it all back, and then some, in the years you aren’t hemorrhaging on taxes, upkeep, and a rate that never made sense.
See deals like thisThe Market Is Moving
Americans are already pouring in.
This isn’t a contrarian bet anymore. US buyers are the fastest-growing force in Spanish real estate, and most are buying as non-residents. The early movers are already holding the keys.
0+
US home purchases in Spain in H1 2025, a first, up 14.3% year over year
3×
Growth in American buyers over the past six years
#1
Americans pay the highest price per m² of any foreign nationality
0
Homes bought by foreigners in 2024, 14.6% of the market
Source: Spanish notary and registry data (Consejo General del Notariado; Colegio de Registradores), via idealista and Reuters, 2025.
Live Deal Flow
All Spanish dealsVetted properties, run as investments first.
Every listing is underwritten for yield, not vibes. Numbers model a non-resident mortgage, the regional transfer tax, and real ongoing costs, so what you see is what you’d actually clear.
Figures are illustrative and model a ~70% LTV non-resident mortgage. Every deal is independently verified before you ever wire a euro.
From Ocean Away to Owned
Four steps. One turn of the key.
01
Discover underwritten deals
Browse Spain-first listings already screened for yield, location, and tenant demand. No portal noise, no guessing on the numbers.
02
Get financed as a non-resident
We connect you with mortgage advisors who lend to Americans, typically up to 70% LTV at rates that still make the math work.
03
Buy remotely, the right way
A vetted lawyer handles your NIE, due diligence, and notary. Most of our buyers never board a plane until the keys are theirs.
04
Hand it to a manager and earn
A trusted local property manager places tenants and runs the day-to-day. You watch the rent land, not the maintenance tickets.
Why Europe, Why Now
The upfront cost is the last cost.
American investors fixate on the 10% transfer tax and the bigger deposit. They’re looking at the wrong number. Spain front-loads the cost, then gets out of your way, while US ownership nickel-and-dimes you for as long as you hold.
6–10%
Transfer tax up front (ITP)
Varies by region: Madrid ~6%, Andalusia ~7%, Valencia ~10%. You pay it once, then stop paying.
€200–800
Annual property tax (IBI)
A typical yearly bill, not the thousands a comparable US home commands. It compounds in your favor.
sub-2.5%
Non-resident mortgage rate
Against US investor rates north of 7%, so your leverage works for you, not against you.
Lower
Ongoing carrying costs
Solid masonry buildings and community upkeep mean fewer five-figure repair surprises.
A note on the Golden Visa: Spain ended its Golden Visa in April 2025, the whole program, not just the property route. Llave is built for investors who want yield, not a visa, so nothing about our model depended on it. We track every rule change so you don’t have to.
One Vetted Network
Everyone you need, already vetted.
The hardest part of buying abroad isn’t the property, it’s trusting the people around it. We’ve pressure-tested every partner so you don’t inherit someone else’s bad referral.
Mortgage advisors
Brokers who actually lend to non-resident Americans, and know which banks say yes. We pre-match you to the right desk.
- ✓Up to 70% LTV
- ✓Fixed-rate options
- ✓Remote approval
Property lawyers
Independent, English-speaking abogados who handle your NIE, title due diligence, and the notary so nothing slips.
- ✓NIE & tax ID
- ✓Title & debt checks
- ✓Power of attorney
Property managers
Local teams that place tenants, collect rent, and handle maintenance, so your investment runs without you in the room.
- ✓Tenant placement
- ✓Rent collection
- ✓Full maintenance
Run a brokerage, firm, or management company in Spain? Get matched with serious, ready-to-buy American investors.
Partner with LlaveMembership
Start free. Unlock the whole keyring.
Browsing is always free. Members get to the deals before the portals do, with a team that handles the parts that scare people off.
Explorer
Free
Get the lay of the land and start underwriting from your couch.
- ✓Browse all public listings
- ✓Full yield & cash-flow breakdowns
- ✓Spain buyer's playbook & tax guide
- ✓Intro to one vetted partner
Most popular
Llave Key
$49/mo
The full keyring: off-market deals and vetted partners who help you close.
- ✓Everything in Explorer
- ✓Off-market & pre-portal deals first
- ✓Concierge intros to financing, legal & management
- ✓Remote-purchase coordination, end to end
- ✓Deal-by-deal underwriting support
On a deal you choose to close, any fee you owe is itemized for you in writing first. You only ever pay when you actually buy.
Straight Answers
The questions every American asks first.
No jargon, no offshore mystique. Just how this works for someone buying from the States.
Yes. There's no restriction on US citizens owning Spanish property. You'll need an NIE (a foreigner tax ID) and a Spanish bank account, both of which your Llave-matched lawyer handles. Many of our buyers complete the purchase without setting foot in Spain.
Typically yes, at 60–70% loan-to-value (70% for strong profiles), so you'll bring 30–40% down, more than a US investor usually does. With the right broker, strong non-resident profiles have secured fixed rates below 2.5%, a fraction of current US investor rates north of 7%, which is what makes leverage actually work in your favor. Rates vary with your profile, the bank, and the term; we match you with brokers who specialize in lending to Americans.
On a resale home you'll pay a transfer tax (ITP) that runs 6% to 10% depending on the region, Madrid around 6%, Andalusia around 7%, Valencia around 10%, plus notary, registry and legal fees of roughly 2–3%. All in, budget about 10–13% on top of the price, and a larger deposit. It's a real upfront cost. The trade is that ongoing taxes and carrying costs are dramatically lower, so the long hold favors Spain.
Non-residents file Spanish tax on their rental income through a return called Modelo 210. The rate and exactly what you can deduct depend on your residency status, so this is the one area where personalized advice genuinely matters. The US–Spain tax treaty is designed to keep you from being taxed twice. We pair you with a cross-border accountant who keeps you compliant on both sides.
Browsing and partner introductions are free. The only things you ever pay are the optional Llave Key membership and, on a deal you choose to close, a clear fee that's itemized for you in writing before you commit. No surprises, and never a euro you weren't shown first. You only pay when a deal is real and you decide to move on it.
Early Access
Get the keys before everyone else.
We’re opening Llave to a first group of American investors, Spain first, Europe next. Join the list for early deal flow and founding-member pricing.
No spam. Just deals worth your down payment.