A question we frequently get asked by clients is if they should be paying 1 or 2 months’ security deposit on renting out in Spain. The short reply is it depends. There is no straight answer to this question because in Spain we have available several different types of rental contracts, each subject to their own regulations, both national and regional and even sectorial. A lawyer first needs to review a contract to determine what type of rental contract he is dealing with, and based on this, he can then figure out if one or two months’ deposit are required.
As a general rule, we can broadly distinguish between long term contracts (subject to very lenient tenant entitlements and protection) and all the rest.
1. Long term rental contracts: 1 month
If a tenant is going to make use of the property as his permanent abode, then it is legally considered as a long-term contract subject to Spain’s Tenancy Act (LAU). In such a case - by law - a landlord may not request more than one month’s rental deposit. This security deposit (fianza, in Spanish) must be lodged by law in the account of a regional public administration where the property is located for its safeguard (and refund). More details on this in our article: Rental deposit scheme: how to get your deposit back.
However, that said, a landlord is entitled to request additional guarantees which take the form of one month’s let.
- A physical landlord may ask for as many as he sees fit (i.e. 6 month’s rental as additional guarantee on top of the one month’s security deposit).
- A legal person (company) acting as landlord, may not request more than the equivalent of two month’s rental as additional guarantee, following the new changes in rental law of March 2019.
2. Other rental contracts: 2 months
Other rental contracts do not fall under the terms of the LAU and are subject to their own sectorial regulation. This is where we would include office lets, commercial premises, holiday rentals etc.
In such cases, where a property is not used as the tenant’s permanent place of abode, landlords must request by law a two-month rental deposit. On top of this, they are also free to request for additional guarantees, which once more are equivalent to a monthly let.
For example, on letting an office space, a landlord could request for a 2-month security deposit and on top of this also the equivalent of 12 month’s rental as an additional guarantee. More on this in our article: 10 tips on leasing commercial property in Spain.
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