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Sabadell Bank

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Re: Sabadell Bank

Postby jpeg » Tue Sep 19, 2017 8:11 am

Cash transactions between private individuals are not affected by the governments ruling I believe

The information below is copied and pasted from: https://welex.es/accountant-marbella-ne ... nts-spain/


What is the limit of cash payments in Spain?

In 2012, a series of tax reforms were introduced to prevent and fight tax fraud. These reforms limit cash payments and certain transaction to the sum of 2,500 € or more, or their equivalent sum in foreign currency, provided that one of the parties is a professional businessperson.

Nevertheless, it has been predicted that measures will soon be approved to limit cash payments to 1,000 €, although it is not known when the limit will be diminished to this sum.

This limit might be adjusted up to 15,000 €, or its equivalent sum after conversion, provided that the payer is non-resident and we are not dealing with a professional transaction. In other words, a payer might be requested to prove he is not acting as a businessperson or a self-employed entity, and to prove that his tax residency is abroad. It has not been guaranteed that this limit will also be lowered.

The non-fulfilment of these obligations may involve penalties equalling up to 25% of the cash payment.

Must cash payments be justified?

In a case of exceeding certain sums in payments or transfers, the Spanish tax office might be vigilant and require you to accredit the origin of the cash payment.

It is recommended that all parties involved in the transaction keep receipts, payment documents and invoices that accredit all payments made in cash for a period of at least five years after the date of the transaction.

For more information, please send anyenquiries to our team of professional lawyers, accountants and tax and financial advisors.

Welex, lawyers and economists in Marbella, Malaga, Spain.

Please read here additional information on the subject Mercantile obligations of a SL company in Spain
jpeg
 
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Re: Sabadell Bank

Postby maria elena » Tue Sep 19, 2017 10:07 am

[quote="jpeg"]Cash transactions between private individuals are not affected by the governments ruling I believe

The information below is copied and pasted from: https://welex.es/accountant-marbella-ne ... nts-spain/

:text-goodpost: :text-thankyouyellow:
Thank you to everyone who has replied. From reading all the posts, it seems that each Branch (not even each Bank!) uses its own discretion. I'm sorry if some Spanish businesses are evading their tax liabilities; but it still sticks in my throat that I have to tell a 3rd Party (i.e. a Bank) how I'm going to spend my own money.
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Re: Sabadell Bank

Postby Paul Uden » Tue Sep 19, 2017 11:39 am

If you don't use cash e.g. use direct debit, card, borrow etc you tell the bank exactly where you are spending your money all the time. I quite like the idea that they have a duty of care to customers to avoid scams and obviously the law will engage them in preventing tax avoidance and money laundering etc. On the other hand our first reaction is often to protect our own privacy. Personally I use cash rarely so they know pretty much everything about me!
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Re: Sabadell Bank

Postby GA Insurances » Tue Sep 19, 2017 1:01 pm

:text-goodpost:



marcliff wrote:A limit of €2500 was placed on all cash transactions in, I think, 2012 for all residents. You can't pay for anything above that in cash, You can't split the cost into smaller payments as it is the total cost that counts. So, if you buy something for €3000 then you can't pay in 3 instalments of €1000.
Non-resident cash limits were €15,000 but that has been reduced to €3,000.
The government have proposed that this be reduced to €1,000 in Spain, France and Italy with Greece lowering it to €500.
Even in UK when I sold my old car, I paid £3,000 in cash into the bank and they asked me to show where the money had come from.
Obviously your builder is asking for cash so he doesn't have to pay IVA on it, something they are trying to crack down on but appears to be failing (hands up, I've just paid a builder €1050 for some work in cash. He did say I would have to pay 21% IVA if I used a card).
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Tel. (0034) 966 390 830 - Mobile (0034) 637 307 930
Email: [email protected]
Website: www.granalacantinsurances.com
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Re: Sabadell Bank

Postby tonyhobbs » Tue Sep 19, 2017 3:57 pm

Even in my Uk Barclays account if I move money between my OWN accounts I have to give a reason, any thing seems to be ok, but have not tried the reply, just robbed a bank!
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